Death is not something that anyone wants to think about, however, you cannot afford to not think about it when planning for your families future. The last thing that you want to do is leave your spouse/partner or children in financial trouble.
Viva Care can walk you through the process of choosing the right life insurance carrier and coverage for your needs, such as:
Final Expenses Insurance - Covers the various expenses that come when someone dies - funeral and burial costs as well as the variety of unexpected expenses. Generally these plans are purchased to ensure this burden doesn't fall to someones children. The average funeral today costs $8,000 to $10,000. Without planning, this expense can be a large burden to those left behind.
Simplified Issue Whole Life Insurance - These policies don't require a medical exam and generally marketed to senior citizens who have limited options for life insurance coverage. However, people of all ages can apply for life insurance without a medical exam. If you do have serious medical conditions or chronic diseases, you can still be denied coverage. If you need more than $500,000 in coverage, a simplified issue life insurance might not be right for you. These plans tend to be more expensive because of the higher risk to insurance companies.
Term Life Insurance - These policies have a set coverage duration. Once the policy is expired, it is up to the policy owner to decide whether to renew or let the coverage end. These policies provide a stated benefit upon the death of the policy owner.
Whole Life Insurance - These policies provide insurance coverage to the holder for their entire life. Unlike term life insurance, which covers the contract holder until a specified age, a traditional whole life policy never runs out. These policies also include an investment component which accumulates a cash value that the policyholder can withdraw or borrow against. Benefits of Whole Life Insurance polices include:
Single Premium Whole Life Insurance - With this type of life insurance a lump sum of money is paid into the policy in return for a death benefit that is guaranteed to remain paid-up until you die. This cash investment builds up quickly because the policy is fully funded. The size of the death benefit depends on the amount invested and the age and health of the insured.
Living Benefits - While the death benefits of insurance policies provide you with an efficient means to provide for your dependents, you also need to consider unexpected expenses that can crop up in old age. Living Benefit policies give you tax-free access to the death benefit to pay for long-term care expenses. This feature can help protect your other assets from the potentially overwhelming cost of long-term care. The death benefit remaining in the policy when you die will pass income-tax free to your beneficiaries.