April 3, 2020

Understanding Insurable Interest in Life Insurance

What do insurable interest and gravity have in common? Both are fundamental concepts that impact our lives daily, and yet we hardly think about either one. Gravity keeps your feet on the ground, and insurable interest underpins every insurance policy you've ever owned. ...
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April 1, 2020

What is Whole Life Insurance?

Whole life insurance, sometimes called “straight life” or “ordinary life,” is a type of permanent life insurance and is the most well-known form of life insurance. Whole life insurance policies last the whole life of the policyholder and are paid out to the policyholder’s beneficiary or be...
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March 30, 2020

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 ...
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March 26, 2020

How Do Life Insurance Payouts Work?

Most people don’t think about how life insurance payouts work unless they’re filing a life insurance claim. If you’re in that situation right now, we feel for you. To make this difficult time a little easier, we’ve put together the information below to help you understand how the process wor...
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March 11, 2020

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....
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March 10, 2020

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....
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February 26, 2020

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....
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February 13, 2020

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 b...
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February 13, 2020

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...
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