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Give the life insurance gift this holiday season



have! You laugh when they open their presents and find ugly sweaters. Have you ever considered giving the gift of life insurance?

It pays bills and obliterates debts when your loved ones need it most. In addition, your children or grandchildren can use a cash value policy for college expenses or their first home.

Show them how much you care. Call in the new year with the life insurance’s magical gift. We show you three ways to use this amazing gift.

Option 1: Designate a charity as a beneficiary


Here are two simple options for creating a charity gift with life insurance:

  1. Help a charity buy a policy for your life, with the charity named as owner and beneficiary.
  2. Buy the policy and name the charity as the beneficiary.

Why would you do this?

To begin with, it allows you to help something you are passionate about. In addition, you can reduce your taxable property after you pass away.

Everyone wins!

Option 2: Buy a life insurance policy for your children or grandchildren


Feel free to give gag gifts and life insurance. There is no rule against mixing silly and serious gifts!

In addition, most insurance policies are for children for life.

This means that the child can:

  • Borrow from the insurance̵
    7;s cash value
  • Qualify for more life insurance later

Loans give you another reason to think about life insurance for children or grandchildren.

Most federal student loans are left behind when someone passes away, but most private loans are not. Young buyers usually need cosigners for large items because they have not established their credit.

The co-signatory is responsible for the remaining balance of a private loan when the borrower dies.

Option 3: Buy a life insurance policy for yourself


Here’s how a life insurance policy works when you buy insurance for yourself:

  • You pay the life insurance company for coverage.
  • You mention a beneficiary or a few beneficiaries.
  • The recipients will receive a payment after you die. This payment is called a benefit.

Do you know how much life insurance you need? We will help you calculate that amount.

Think first about what you need to pay for now and in the future:

  • Mortgages
  • Car payments
  • Cost of living
  • Disbursements of university loans
  • Funeral costs

How much would it cost to cover these things?

While you’re at it, think about how much money you want to give to your children or grandchildren. Sit down with them and talk about their finances (if they are old enough to worry about them).

Combine your financial responsibility with how much you want to leave behind. It should give you a fun figure for your insurance amount.

You also have the option of adding more insurance to your life insurance, such as:

  • Long-term carewhich helps to pay for home care facilities, stays in nursing homes and home care assistants.
  • A benefit in the event of an accidentwhich provides extra payment for deaths caused by accidents.
  • Disability income to reimburse part of your income when an illness or injury prevents you from working.
  • Identity theft coverage to help stop fraudulent bills and fees. Identity theft coverage is included free of charge for all Pekin Life Insurance Company policyholders!

What is the difference between longevity and whole life?

It’s like the difference between renting (period) and making a monthly payment to own (whole). There is more to it than that.

With term life, you have insurance for a certain period of time such as 10 years.

Lifespan benefits

  • Cheaper than life
  • Payments guaranteed for the period you signed up for
  • Can be converted to life

Term Life Disadvantages

  • Lasts for a limited time if you do not convert it to another type of policy
  • May not work for you if you plan to cover lifelong needs

The benefits of a lifetime

  • Builds tax deferred cash value
  • Provides lifelong coverage
  • Premiums do not increase
  • Offers the opportunity to borrow from the insurance’s cash value
  • Does not change with market fluctuations

The disadvantages of a lifetime

  • More expensive than longevity

Do you want more life insurance answers? Your local, licensed Pekin insurance agent will tell you more about what this insurance can do for you!

have! You laugh when they open their presents and find ugly sweaters. Have you ever considered giving the gift of life insurance?

It pays bills and obliterates debts when your loved ones need it most. In addition, your children or grandchildren can use a cash value policy for college expenses or their first home.

Show them how much you care. Call in the new year with the life insurance’s magical gift. We show you three ways to use this amazing gift.

Option 1: Designate a charity as a beneficiary


Here are two simple options for creating a charity gift with life insurance:

  1. Help a charity buy a policy for your life, with the charity named as owner and beneficiary.
  2. Buy the policy and name the charity as the beneficiary.

Why would you do this?

To begin with, it allows you to help something you are passionate about. In addition, you can reduce your taxable property after you pass away.

Everyone wins!

Option 2: Buy a life insurance policy for your children or grandchildren


Feel free to give gag gifts and life insurance. There is no rule against mixing silly and serious gifts!

In addition, most insurance policies are for children for life.

This means that the child can:

  • Borrow from the insurance’s cash value
  • Qualify for more life insurance later

Loans give you another reason to think about life insurance for children or grandchildren.

Most federal student loans are left behind when someone passes away, but most private loans are not. Young buyers usually need cosigners for large items because they have not established their credit.

The co-signatory is responsible for the remaining balance of a private loan when the borrower dies.

Option 3: Buy a life insurance policy for yourself


Here’s how a life insurance policy works when you buy insurance for yourself:

  • You pay the life insurance company for coverage.
  • You mention a beneficiary or a few beneficiaries.
  • The recipients will receive a payment after you die. This payment is called a benefit.

Do you know how much life insurance you need? We will help you calculate that amount.

Think first about what you need to pay for now and in the future:

  • Mortgages
  • Car payments
  • Cost of living
  • Disbursements of university loans
  • Funeral costs

How much would it cost to cover these things?

While you’re at it, think about how much money you want to give to your children or grandchildren. Sit down with them and talk about their finances (if they are old enough to worry about them).

Combine your financial responsibility with how much you want to leave behind. It should give you a fun figure for your insurance amount.

You also have the option of adding more insurance to your life insurance, such as:

  • Long-term carewhich helps to pay for home care facilities, stays in nursing homes and home care assistants.
  • A benefit in the event of an accidentwhich provides extra payment for deaths caused by accidents.
  • Disability income to reimburse part of your income when an illness or injury prevents you from working.
  • Identity theft coverage to help stop fraudulent bills and fees. Identity theft coverage is included free of charge for all Pekin Life Insurance Company policyholders!

What is the difference between longevity and whole life?

It’s like the difference between renting (period) and making a monthly payment to own (whole). There is more to it than that.

With term life, you have insurance for a certain period of time such as 10 years.

Lifespan benefits

  • Cheaper than life
  • Payments guaranteed for the period you signed up for
  • Can be converted to life

Term Life Disadvantages

  • Lasts for a limited time if you do not convert it to another type of policy
  • May not work for you if you plan to cover lifelong needs

The benefits of a lifetime

  • Builds tax deferred cash value
  • Provides lifelong coverage
  • Premiums do not increase
  • Offers the opportunity to borrow from the insurance’s cash value
  • Does not change with market fluctuations

The disadvantages of a lifetime

  • More expensive than longevity

Do you want more life insurance answers? Your local, licensed Pekin insurance agent will tell you more about what this insurance can do for you!




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