Ever wonder what type of life insurance is best for you? It depends on various factors, including how long you want the policy to last, how much you’re willing to pay, and if you wish to use the policy as an investment vehicle. Let’s look at some options.
Term Life Insurance
- Pros: It’s often the cheapest option for buying life insurance
- Cons: If you outlive your policy, your beneficiaries won’t receive a payout
Whole Life Insurance
- Pros: It covers you for your entire life plus builds cash value
- Cons: It’s typically more expensive than term life and some other permanent policies
Guaranteed Universal Life Insurance
- Pros: Due to the minimal cash value, it’s cheaper than whole life and other forms of universal life insurance
- Cons: Missing a payment could mean the policy lapses and could be costly to reinstate
Indexed Universal Life Insurance
- Pros: You can access cash value, which grows over time, and you may see considerable gains if the stock market performs well
- Cons: Due to interest rate caps, participation rates, and other limitations, the cash value doesn’t take full advantage of stock market gains
Variable and Variable Universal Life Insurance
- Pros: There’s potential for considerable gains on your investments, and you can take partial withdrawals from the cash value or borrow against it
- Cons: It behooves you to be diligent at managing your policy as the cash value can change daily based on the market, and any administrative fees are deducted from your payment before going toward the cash value
Simplified Issue Life Insurance
- Pros: There isn’t a medical exam required for coverage
- Cons: Despite no medical exam, you’ll have to answer some questions and could be turned down based on those answers
Guarantee Issue Life Insurance
- Pros: You can’t be turned down for coverage if you’re within the eligible age range, which is typically 40 – 85
- Cons: This is an expensive way to buy life insurance, and coverage amounts are generally low
There are several different types of life insurance, so it’s best to talk through policy options with your financial professional. Call us at (540) 720-5656 and let’s have a conversation.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.