Single Premium Whole Life Single premium whole life insurance (SPL) is a type of life insurance that allows you to pay the entire premium upfront, in exchange for a guaranteed death benefit that lasts for the rest of your life. Whole life insurance is a type of permanent life insurance, which means that it provides…
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The 4% Rule The 4% rule is a popular retirement withdrawal strategy that suggests retirees can safely withdraw an amount equal to 4% of their savings during the year they retire and then adjust for inflation each subsequent year. The rule was developed by financial advisor William Bengen in 1994, who analyzed historical stock and…
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What Does Building Cash Value Mean? Building cash value in insurance means accumulating money in a permanent life insurance policy. Permanent life insurance policies, such as whole life and universal life, have a cash value component that grows over time. This cash value can be accessed by the policyholder while they are still alive, and…
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Understanding An Integrated Deductible An integrated deductible is a type of deductible where both prescription drug and medical expenses contribute towards your medical deductible. This means that you only have one deductible to meet, regardless of whether you are seeing a doctor or filling a prescription. Integrated deductibles are most commonly found in high-deductible health…
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Medicare Open Enrollment Period: What to Know and How to Make Changes The Medicare Open Enrollment Period is a time each year when people with Medicare can make changes to their coverage. This includes choosing a new Medicare Advantage plan, changing Medicare drug plans, or dropping one or both types of coverage altogether. The Open…
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Spendthrift Clause Spendthrift clause is a provision in a trust or will that protects the assets of the trust or estate from the creditors of the beneficiary. It prevents the beneficiary from assigning or transferring their interest in the trust or estate, and it also prevents creditors from attaching or garnishing the assets. Spendthrift clauses…
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Graded Whole Life Graded whole life insurance is a type of whole life insurance policy that has a graded death benefit. This means that the death benefit is not paid out in full if the policyholder dies within a certain period of time, typically the first two or three years of the policy. The death…
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Things to Consider When Buying Physician Disability Insurance Physician disability insurance is an important financial planning tool that can help you maintain your income if you become unable to work due to illness or injury. With the high cost of medical school and the high-stress nature of the job, physicians are particularly vulnerable to disability.…
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What New York Homeowners Should Know About Flood Insurance. Flood insurance is not covered by standard homeowners insurance policies. People who live in flood-prone areas are usually required by their mortgage lenders to buy flood insurance. However, if you own your home outright or rent it, you need to weigh the costs and benefits of…
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Health Reimbursement Arrangements (HRA) A health reimbursement arrangement (HRA) is an employer-funded health benefit plan that reimburses employees for qualified medical expenses. HRAs can be used to reimburse employees for the cost of health insurance premiums, deductibles, copays, coinsurance, and other out-of-pocket medical expenses. HRAs are a tax-advantaged way to pay for medical expenses. Employees…
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