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What factors should be considered when deciding whether or not to purchase cash value life insurance?
Cash value life insurance also called permanent life insurance has two different types: Whole Life Insurance, and Universal Life Insurance. They are pretty similar to the extent that both accumulate cash value that can be used for different purposes like: increase the death benefit, can be used as loans for personal use, etc.
The permanent life insurance is designed to last until age 100 - 121 if premiums are paid according to the schedule.
In comparison, Term Life Insurance will last for a determined amount of years (10, 20, 30) or until age 65 - your choice. With term insurance there is the risk of outliving your policy and the contract ends. At the end of the contract you are not covered and there is no cash value normally. If you had the Return of Premium feature, you will receive cash back for all the premiums paid, which you can use to get a new term policy, or convert to a permanent life insurance policy, or use the premiums returned for any purpose and the coverage terminates.
You have to figure for how long do you really need the coverage, if you want to have life insurance for a certain amount of years (say, until kids get out of college and get on their own), or if you want to leave a legacy or protect your assets from taxation after death.
You should consult with a good life insurance broker who can provide you with multiple options.
What else can I help you with?
Should I purchase term life insurance?
Whether or not to purchase term life insurance depends on your individual financial situation, dependents, and long-term goals. Term life insurance can provide financial protection for your loved ones in the event of your death during the term of the policy. Consider factors such as your age, health, income, and family needs when deciding if term life insurance is right for you. Consulting with a financial advisor can help you make an informed decision.
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You can typically refinance a home after purchase as soon as six months, but it's important to consider factors like your credit score, equity in the home, and current interest rates before deciding to refinance.
When can I refinance my house after purchase?
You can typically refinance your house after purchase once you have owned it for at least six months. However, it's important to consider factors like your credit score, equity in the home, and current interest rates before deciding to refinance.
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