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What Are The Types of Life Insurance
Life insurance is like pizza — it comes in many styles and the customization options are practically endless. But unlike pizza, it’s cost-prohibitive to sample life insurance policies to pick the one you like. And that means you’ll have to know your options and clarify your financial goals to land on the type of life insurance that’ll work for you.
Coronavirus Prevention Tips for Elderly People
There’s a lot of questions and uncertainty about the ongoing coronavirus situation, but we do know that one group is especially at risk and needs to take extra precautions: seniors. The Chinese Center for Disease Control (which has been studying the virus since the outbreak began in Wuhan) found the fatality rate for people under 50 was 0.5%, but this number rose to 3.6% for individuals aged 60-69, 8% for elderly people 70-79, and 14.8% for people 80 years old and above.
Can You Sell a Term Life Insurance Policy for Cash? (2025 Guide)
Term life insurance, also known as pure life insurance, provides coverage during a specified length of time and guarantees the payment of a death benefit during that period. The shortest term policy available is for one year, and you can typically buy policies with terms that last up to 30 years, or until you reach a specified age.
What is an Accelerated Death Benefit?
Accelerated death benefits are life insurance policy riders or provisions that can be added to your insurance and allows you to access death benefits while you’re still alive. The accelerated death benefit is common and can often be included in your policy at no additional cost.
What Is Universal Life Insurance?
Universal life policies are a great coverage option that also allows you to plan for retirement if utilized properly. Although the various forms can be confusing, we’ve broken down everything you need to know about this type of policy in our comprehensive guide.
What Is a Modified Endowment Contract?
A modified endowment contract (MEC) is an overfunded cash value life insurance policy that has more restrictive tax rules than standard life insurance. The MEC came into being in the late 1980s, when the IRS moved to close a tax loophole involving permanent life policies.
5 Tips on Caring for Elderly Parents
Providing care for an aging parents can be hard. Getting older comes with emotional, physical, and sometimes, financial stress. As each generation gets older and we are faced with the issue of caregiving, we start thinking about how we can help our parents live happy and fulfilled lives.
What is Medicaid Spend Down and How Does it Work?
Medicaid spend down is a financial strategy used to qualify for Medicaid nursing home coverage. In short, “spending down” involves reducing one’s income or assets to the point of eligibility. Medicaid law allows you to do so under some complex guidelines. You would typically pursue a spend down on behalf of a family member who needs pricey, long-term care.
Cash Value Life Insurance: Part Insurance, Part Investment
Try calling up your auto insurance provider and asking for a loan. You’ll likely get a big chuckle in response. That’s because your car — and home and health — insurers are only in the business of paying on claims. Cash value life insurance, on the other hand, allows you as policyholder to benefit from your premium payments even without an insurance claim.