Understanding the Different Types
of Life Insurance
Weekly Update – 8/31/22
Ever wonder what type of life insurance is best for you? It depends on various factors, including how long you want the policy to last, how much you're willing to pay, and if you wish to use the policy as an investment vehicle. Let's look at some options.

Term Life Insurance
  • Pros: It's often the cheapest option for buying life insurance
  • Cons: If you outlive your policy, your beneficiaries won't receive a payout

Whole Life Insurance
  • Pros: It covers you for your entire life plus builds cash value
  • Cons: It's typically more expensive than term life and some other permanent policies

Guaranteed Universal Life Insurance
  • Pros: Due to the minimal cash value, it's cheaper than whole life and other forms of universal life insurance
  • Cons: Missing a payment could mean the policy lapses and could be costly to reinstate

Indexed Universal Life Insurance
  • Pros: You can access cash value, which grows over time, and you may see considerable gains if the stock market performs well
  • Cons: Due to interest rate caps, participation rates, and other limitations, the cash value doesn't take full advantage of stock market gains

Variable and Variable Universal Life Insurance
  • Pros: There's potential for considerable gains on your investments, and you can take partial withdrawals from the cash value or borrow against it
  • Cons: It behooves you to be diligent at managing your policy as the cash value can change daily based on the market, and any administrative fees are deducted from your payment before going toward the cash value

Simplified Issue Life Insurance
  • Pros: There isn't a medical exam required for coverage
  • Cons: Despite no medical exam, you'll have to answer some questions and could be turned down based on those answers

Guarantee Issue Life Insurance
  • Pros: You can't be turned down for coverage if you're within the eligible age range, which is typically 40 - 85
  • Cons: This is an expensive way to buy life insurance, and coverage amounts are generally low
There are several different types of life insurance, so it's best to talk through policy options with your financial professional.
Call us at (843) 400-3022 and let's have a conversation.
Adapted from Nerd Wallet1
On average, recessions last 11 months, according to Lindsey Bell, chief markets and money strategist for Ally. Check out these tips to help you be a bit more prepared if another one comes our way:

1.    Don't fear the bear
a.    Focus on companies that have strong balance sheets, strong cash flow, and products that consumers need to use
b.    Take advantage of dollar-cost averaging

2.    Don't try to time the market
a.    If you're adequately diversified, just weather the storm
b.    Historically the S&P stocks tend to return above average

3.    Eliminate your credit card debt
a.    When the market's down, interest rates rise, so pay off as much as possible
b.    Consider transferring balances to a credit card with 0% rate

4.    Cash is king; stockpile your savings
a.    If your savings are low, cancel planned purchases to save for the short term
b.    Aim to increase your emergency fund to closer to a year's worth of savings
 
5, 6, & 7 Tips: Consider a home equity line of credit as an emergency fund. Keep your bonds in your portfolio—they hold up well. Take on a side hustle to boost your income.
 
Whatever you decide to do, remember the market fluctuates, and soon we'll see the Bull charging again!

Adapted from The Washington Post2
SWAMPY BY NATURE3
 
  • Swamps exist on every continent except Antarctica
  • A swamp in the Middle East is recognized as the birthplace of civilization
  • The Okefenokee is so soggy, the trees tremble when people walk by

Almost half of U.S. wetlands were destroyed before environmental protections were enacted during the 1970s wreaking havoc on our ecosystem. Through management plans and stricter laws, efforts are being made to protect the remaining swamps and to re-create them where they have been destroyed.
BE A TRAVELING NOMAD
(Please click the image above to watch this video)

Watch on YouTube at https://youtu.be/pmERi1Ofj8A 4

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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims-paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.