U.S. Insurance carriers offer the most cost-effective insurance rates world-wide by a large margin. Therefore Meyer will generally recommend coverage from U.S. insurance companies.
Finding the Right Type of Insurance for You.
The two types of life insurance are term and permanent. The one that’s right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you’d like the coverage to last.
Term Life Insurance
Term policies can meet a wide variety of business and personal needs and are a practical way to provide the most coverage for your premium dollar. Term insurance provides protection for a limited period of time and pays a death benefit should you die during that period. For this reason, it is generally referred to as temporary insurance. Term policies do not accumulate cash value. Many do offer a convertible feature that allows you to convert to a permanent policy within a certain time, without having to do another health check.
Term insurance can be a good match if you:
- Want to provide a death benefit during your peak earning years while your children are young or to help pay off a loan or business debt.
- Need to add a large amount of coverage to complement your existing permanent policy at the lowest possible initial cost.
- Need protection until you can afford to convert all or a portion to a permanent policy.
- Are willing to pay premiums that may increase if you extend coverage past the initial term period.
Permanent Life Insurance
Permanent policies can provide valuable protection for your family. They offer not only lifelong protection and guarantees but also the potential to build cash value. How that cash value grows varies based on the type of policy you have.
Permanent insurance can be a good match if you want:
- The potential for your coverage to grow as your needs change overtime.
- An income-tax-free death benefit for your family no matter when you die.
- The ability to accumulate cash value (tax deferred) for various uses such as;
- Education fees planning*
- Retirement Planning*
- Estate Planning
*FOR U.S. NATIONALS – Withdrawal of premiums paid, as well as future policy loans to cash value are tax-free offering a significant tax advantage over other methods of investing.
Types of Permanent Insurance
Variable Life Insurance has a level or variable death benefit, cash value that fluctuates based on the performance of the underlying investment options, and a flexible premium structure.
Universal Life Insurance gives you a choice of death benefit types, flexible premiums, cash value that grows with attractive crediting rates-subject to a guaranteed interest crediting rate-and a choice of death benefit guarantees.
Whole Life Insurance has a guaranteed death benefit and cash value, and a fixed premium.