Christian Insurance

What is Christian Insurance?

Today most people understand that it is necessary to carry home insurance, rental insurance, and auto insurance to protect their property in case of accident, theft, loss, or other damages.

So, I would like to focus on life insurance and how each type of plan protects you and your loved ones. There are three main types of life insurance... term, whole, and universal.

Term Life is for a set period of time and if the insured person dies the beneficiary named on the policy receives a lump sum of tax-free money. This type of insurance is ideal for young families with a limited budget. This enables young families to buy as much insurance as possible to ensure that the family is cared for when the insured passes away.

Whole Life is a permanent coverage with set premiums and a guaranteed death benefit. This type of insurance is perfect for people who think long-term and want to have financial security, as this type of insurance is not subject to investment gains and losses. Usually this type of policy gains cash value over time and allows for flexible cancellation choices. This insurance is generally purchased in predetermined amounts and number of payments, although the shorter the pay period is, the larger the discount is.

Universal Life is a permanent insurance that has the added benefit of having a tax sheltered investment portion built into the plan. It pays to have Universal Life insurance when significant cost and tax implications for retirement are triggered, as it pay off precisely at that time. Besides the tax savings, this is a great tool for estate planning and preservation, leveraging, buying and selling agreements, charitable giving, and for maximizing your pension options.

Now that you are aware of the types of insurance available to assist you and your family with future planning, I suggest you contact a reputable insurance agent, or a financial institution you are comfortable with and discuss the options and payment plans available to you.