11 Types Of Small Business Insurance You Need As a small business owner, you tend to have a lot going on. You’re responsible for everything from developing and marketing your products or services to managing your finances and employees. It but it’s important to make sure that you’re taking care of all the important details.…
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Waiver of Premium Rider: What it is and How It Works A waiver of premium rider is an optional add-on to a life insurance policy that allows the policyholder to stop paying premiums if they become disabled. The life insurance company will continue to pay the premiums while the policyholder is disabled, and the death…
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Distribution by Order of Succession Primary Beneficiary: The primary beneficiary is the first or principal person in line to receive income tax-free policy proceeds. A policy owner may designate multiple primary beneficiaries and choose different or equal amounts for each beneficiary (or example, 50% to my son Tom, 25% to my grandson Joe, and…
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Uses of a Policy Loan – Life Insurance Policy loans can be used for a variety of purposes, including: To pay for unexpected expenses: If you have an unexpected expense, such as a medical bill or car repair, you can use a policy loan to access cash quickly. To consolidate debt: If you have high-interest debt, you…
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Lump Sum (Cash Payment) Life Insurance Lump sum life insurance, also known as cash payment life insurance, is a type of life insurance policy that pays out a lump sum of money to the beneficiary upon the death of the insured. This type of policy is different from term life insurance, which pays out a…
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Medicare Supplement Plan K and Plan L: What’s the Difference? Medicare Supplement Plan K and Plan L are two of the most popular Medicare Supplement plans. Both plans offer comprehensive coverage for Medicare gaps, but there are some key differences between the two. Plan K Plan K has a lower monthly premium than Plan L,…
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Life Income Option: A Guaranteed Income Stream For Life A life income option, also known as a lifetime income option, is a way to convert a life insurance death benefit into a guaranteed income stream for life. This can be a good option for retirees who want to ensure that they have a steady source…
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Bronze Health Plans: Ideal Option For Those On A Budget Bronze health plans are the type of health insurance plan with the lowest monthly premiums. However, they also have the highest deductibles and cost-sharing. This means that you will have to pay more out-of-pocket for medical expenses before your insurance starts to pay. Bronze health…
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Common Disaster Provisions A common disaster provision is a clause in an estate planning document or insurance policy that specifies how assets will be distributed if the insured and the primary beneficiary die simultaneously or within a short period of time. This can be important to avoid probate costs and estate taxes, and to ensure…
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What Is A Modified Endowment Contract? (MEC Insurance) A modified endowment contract (MEC) is a type of cash value life insurance policy that has exceeded certain tax limits. When a cash value life insurance policy meets the definition of a MEC, it loses its tax-advantaged status. This means that withdrawals and loans from the policy…
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