Coverage and Affordability
Term life insurance is designed for a specific purpose and lasts a specific number of years. Term life is a great option for those who need a large amount of coverage at a surprisingly affordable rate to cover any outstanding debts such as a mortgage, business loans, unsecured loans or preparing for college funding for your children should the unexpected happen.
For What Matters Most: Your Family
At Knelson Financial, we view life insurance as a versatile tool for financial planning as part of a well-diversified portfolio. Life insurance enjoys many tax advantages that other financial products simply don't have. With life insurance, you can preserve and transfer wealth, cover outstanding debt on a business or a mortgage so your family doesn't lose their home, fund college for your children, cover final expenses or plan for your retirement with it's many tax advantages.
Below are the different types of life insurance and how these types of life insurance can help protect you and your family.
Permanent and Flexible Coverage
Universal life is designed to be a flexible option for coverage. Depending on the face amount of the policy and how the policy is funded, it can provide coverage for a set time period, or build a large cash value inside the policy over a set number of years to help fund a retirement or to actually fund itself.
Coverage For Life
Whole life is designed to be a permanent product to last your “whole life” and have coverage when you need it. Most of the time, whole life is used as a final expense product to cover funeral costs and any remaining debt as a result of medical bills toward the end of life. Because of liberal underwriting, coverage may be available to applicants where they have been declined before for issues such as diabetes, cardiac issues, stroke, cancer (with no recurrence in the past two years) and certain brain disorders.