Tim Vendt
Financial Security
"Securing Your Future" 

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Life Insurance

Life Insurance can be a solution or part of the solution in many retirement planning situations.  And if you already own a Life Insurance policy, you should routinely have your coverage reviewed to make sure you are getting the most for your money. 

If you do not want your loved ones or business associates to experience financial hardships because of your death… Life Insurance might make sense for you.  If you believe that you will be transferring a portion of your wealth at your death… Life Insurance might make sense for you.  If you want to accumulate cash value for a future need… Life Insurance might make sense for you.  If an income tax free benefit for your beneficiaries is important to you… Life Insurance might make sense for you.  So how do you decide what type of policy is right for you.  Following is some basic information about the three main types of Life Insurance.

1) Term:
Term Life Insurance, as the name implies, is designed to last for a specified term (5 years, 10 years, 15 years, 20 years, 30 years).  Many people use Term Life Insurance for protection from premature death during the wealth accumulation phase of the life, so that loved ones or associates have enough money to meet their obligations (home mortgage, college for the kids, to cover expenses associated with the death of a business partner, etc).  For many polices, if you don’t die during the term the coverage ends at the end of the term.  Some policies have provisions in them where after the initial term the coverage can continue… but understand that continuation is usually very, very expensive.  Some of the policies have provisions that allow you to convert the policy to some type of permanent coverage without any additional proof of insurability.  Term life insurance, in most cases, is the least expensive type of coverage.  However, it is probably no surprise that many people do not like the “use it” or “lose it” approach that straight term life insurance has.  If that is something that would bother you, then you might want to look at what is called “Return of Premium Term”.  In most cases with this kind of policy if your coverage lapses during the initial term, you get a percentage of your premiums back, if you keep the coverage for the full initial term then you get back 100% of the premiums you paid.  If you die while the coverage is in force then your beneficiaries get the entire death benefit.

2) Whole Life:
 Whole Life insurance, as the name implies, is designed to last for your whole life.  In most cases Whole Life insurance is the most expensive type of coverage.  This type of insurance builds cash value that you can access through policy loans or if you were to surrender, or partially surrender, the policy.  Many people use this type of policy to provide for their final expenses, still others use this type of policy to build a cash value that they plan to use at a later date (retirement, college funding, etc).

3) Universal Life:
Universal Life Insurance is designed with some flexibility.  In most cases, like Term Insurance you can fund it so that it will last for a portion of your life, or, like Whole Life Insurance you can fund it so that it will last your entire life.  This type of insurance can build cash value that you can have access to through policy loans or policy surrender.  Universal Life Insurance tends to be more expensive than Term and less expensive than Whole Life.  Some Universal Life Insurance policies are designed to maximize cash value accumulation, still others are designed to maintain a lower cost permanent death benefit.

The information I have included here is only intended to be the basics.  For many people the best course of action is to have a couple of policies, thereby having a mix of permanent and semi-temporary coverage.  In addition to what type of coverage you want, you should also think about if you want an on-going premium (Monthly, Quarterly, Semi-annual, or Annual), or if you would rather have a Single (one time) premium, or if you would rather have limited pay premium (10 years, 20 years, to age 65, etc).

I hope you will find this information useful, however the best approach is for us to discuss your particular situation.  If you live in Missouri or Arkansas and would like a Life Insurance quote or would just like to understand your options, just fill out the "I Want Information About Life Insurance" form, call, or email me.

Important Money Saving Note

To figure out which company has the best priced Final Expense / Whole Life & Term Life Insurance plans for you I have pricing tools.  After entering some basic information, the tools will instantly show me which company has the best deal for your situation.   In other words, we do the shopping for you to save you time and money.


I Want Information
About Life Insurance

Enter your contact information and indicate what you are looking for. Tim Vendt will contact you as soon as possible. If you want to reach Tim right away, you can call him at the office: (417)732-4306, toll free (866)465-7317, or on his cell (417)839-7193.

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