Indexed universal life insurance is a lot like universal life insurance. Universal life insurance comes in many different forms, from your basic fixed-rate policy to variable models that allow the policyholder to select various equity accounts in which they can invest. An indexed universal life insurance policy gives the policyholder the opportunity to allocate cash value amounts to either a fixed account or an equity index account. Indexed policies offer a variety of popular indexes to choose from, such as the S&P 500 and the Nasdaq 100.
Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy are active – or in force – then a death benefit will be paid.
Whole life insurance refers to a policy that provides lifetime protection by paying a lump sum death benefit. Whole life policies differ from term insurance in that they have a savings component with earning accruing referred to as cash value. With this type of insurance, a policyholder may take loans against the cash value which usually has a minimum guaranteed rate of interest. As with most life policies, whole life may be participating or non-participating.
Universal life insurance is permanent life insurance with an investment savings element and low premiums like term life insurance. Most universal life insurance policies contain a flexible premium option. However, some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums).
Variable universal life (VUL) is a permanent life policy with a built-in savings component. The plan allows for the investment of the cash value. Like standard universal life insurance, the premium is flexible. (Anil Patel is a Registered Representative offering investments through Lincoln Financial Securities Corporation. Lincoln Financial Securities Corporation and Anil Patel are not affiliated. Anil Patel is authorized to offer securities products in the following States: CA, OH, TX, OK).
Long-term care (LTC) insurance is coverage that provides nursing-home care, home health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs.
A mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors to invest in securities such as stocks, bonds, money market instruments, and similar assets. Mutual funds are operated by money managers who invest the fund’s capital and attempt to produce capital gains and income for the fund’s investors. (Anil Patel is a Registered Representative offering investments through Lincoln Financial Securities Corporation. Lincoln Financial Securities Corporation and Anil Patel are not affiliated. Anil Patel is authorized to offer securities products in the following States: CA, OH, TX, OK).
Successful investors and business people understand the wealth-creating power of leverage. For those with an established need for life insurance, premium financing can take advantage of leverage to potentially reduce out-of-pocket costs and preserve capital for more lucrative investments. Premium financing arrangements also may offer significant gift and estate tax benefits.
An insurance product that provides supplementary income in the event of an illness or accident resulting in a disability that prevents the insured from working at their regular employment. Benefits are usually provided monthly so that the individual can maintain their standard of living and continue to pay their regular expenses.
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees. The cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free.