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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.
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 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.
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.
Viatical Settlements vs Life Settlements: Definitions and Differences
Are you considering selling your life insurance policy, but not quite sure how a viatical settlement differs from a life settlement? The two are often mistakenly used interchangeably, but there are several key differences you should be aware of when trying to determine your eligibility, and what option is best suited for your unique needs.
How to Cash Out Life Insurance While You’re Alive
Most people buy life insurance to leave money for family members when they die, but there are also ways to get cash out of a
Requirements to Sell a Life Insurance Policy
A life settlement is recognized as one of greatest ways to acquire cash for life insurance policies for various reasons. Whether the premium payments are