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Life InsuranceLife insurance helps secure your family’s financial future after the death of you or your spouse. It also helps ensure that the estate that you have worked to build over your lifetime will be allocated to the beneficiaries you have chosen. When purchasing life insurance, you should ask yourself several questions to help lay out your life insurance needs:
· What financial responsibilities will your family immediately inherit - such as a mortgage or car loan? · What long-term goals will your family still have - such as your spouse’s retirement or your children’s education? · How much of the family income do you provide? · Who else besides your family depends on you financially? · How will your family pay for your final expenses and repay debts after your death? |
Term Life vs. Whole Life Policies
If you decide that you need more coverage, you should then determine whether you need Term Life insurance or a Cash Value policy. It is important to know which type of policy you own, and how the benefits are paid if something happens to you or your spouse:
Term Life Insurance covers you for a term of years – as short as one year or as long as 30 years. Term policies generally have lower premiums in the early years, but do not build up a cash value that you can access.
Whole Life Policies come in the form of Whole Life, Universal Life or Variable Life insurance and contain Cash Value. Each of these products usually offers coverage as long as you live. An important difference between these products and Term Life insurance is that once you have paid your premiums for a number of years, the policy will have a cash value attached to it.
Term Life Insurance covers you for a term of years – as short as one year or as long as 30 years. Term policies generally have lower premiums in the early years, but do not build up a cash value that you can access.
Whole Life Policies come in the form of Whole Life, Universal Life or Variable Life insurance and contain Cash Value. Each of these products usually offers coverage as long as you live. An important difference between these products and Term Life insurance is that once you have paid your premiums for a number of years, the policy will have a cash value attached to it.
We recommend long-term care insurance for most people
Published: Monday, 2 Dec 2013 | 10:09 AM ET
By: Andrew Osterland, Special to CNBC.com All three financial advisors interviewed say the wild card—and potential budget killer—is health care. According to Ward, a couple over age 65 can expect to spend $600 per month each between contributions to Medicare, any Medicare supplemental plan and out-of-pocket medical costs. "It's the biggest expense for retirees," he said. If a health crisis necessitates long-term care, the expenses can be crippling. Long-term care insurance costs approximately $200 per month per person; people should determine whether they want coverage now or will pay for potential costs out of their own pockets should the time come. Wealthy, poor and single people may choose the latter option, but insurance is probably a good idea for the bulk of middle-class married couples. "We generally recommend long-term care insurance for most people," Edelman said. "It's usually health care that causes a crisis for people in retirement." —By Andrew Osterland, Special to CNBC.com |
#1 Physician Gets MS; So Grateful He’d Gotten Disability InsuranceDisability Insurance Helps Physician/Ex-Marine Fight Back From Stroke |
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 Homeport Office336 Gifford Street Falmouth, MA 02540
tel: 508-540-2601 fax: 508-457-1715 |
 North Falmouth Village121 County Road North Falmouth, MA 02556
tel: 508-564-5188 fax: 508-563-7304 |
Arthur D. Calfee Insurance Agency, Inc. is proudly serving primary home, vacation home, auto, collector car, business, general liability, property, professional liability, contractor's liability, worker's comp, key man, whole life, term life, group or personal disability, & long-term care insurance policies to patrons in the following Cape Cod, Massachusetts towns, communities and villages: Barnstable, Bourne, Brewster, Buzzards Bay, Centerville, Chatham, Cotuit, Craigville, Dennis, Eastham, Falmouth, Hatchville, Harwich, Hyannis, Hyannisport, Marstons Mills, Mashpee, Orleans, Osterville, Provincetown, Sandwich, Truro, Wellfleet, Woods Hole, Yarmouth, and Yarmouthport.
