Your premium goes toward a cash value growth component that grows at a rate determined by the performance of your underlying investments. This can increase your death benefit over time if the policy's investments perform well, but there is no guarantee.
You can borrow against your cash value if you need to and the interest you pay is tax-deferred. However, it's important to understand your options and costs before you invest in a variable life insurance policy. Work with a fee-only financial planner to make sure you have the best understanding of this nuanced product. A qualified one can also help you determine whether a variable life insurance policy is right for your needs.
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Long-Term Care Insurance
Long-term care insurance protects your assets from being eroded by future long-term care costs. It can also be a good way to preserve your financial independence.
Most stand-alone long-term care policies pay benefits when you can no longer perform two or more of the six activities of daily living, such as bathing, dressing, eating and toileting. Most also include inflation protection to help your coverage keep up with rising costs.
You should choose your policy carefully. Make sure the agent is well-trained and understands your financial situation. Ask about their commission arrangements and the insurers they represent to make sure they have no conflicts of interest. Some agents may receive higher commissions from certain insurers. This is a potential red flag. Some people may prefer a hybrid policy that offers life insurance and long-term care in one.
Critical Illness Insurance
A serious illness or medical condition can bring a lot of stress and expense. It can also deplete any savings safety net you’ve been able to build up.
Critical illness insurance can help by providing a lump sum payment that you can use however you want. This can help cover expenses like deductibles and copays, mortgage or rent payments, groceries, child care, utility bills, and more.
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You may be able to get this coverage as part of your employer’s health insurance plan through a “critical illness rider” or as an independent policy. Many times, employers offer this coverage as an employee benefit during open enrollment or in the event of a qualifying life event, Baechle says. Standalone policies typically cost more but may offer broader and more comprehensive protection. A financial professional can walk you through your options and help you find the right solution for your needs.
Umbrella Insurance
Umbrella insurance is one of the most cost-effective ways to get extra liability coverage. It protects you against a loss from a lawsuit that could significantly exceed the liability limits in your home, auto, and other personal policies.
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