About Newport Irvine Insurance
No one likes to think about the need for life insurance, but if you were no longer in the picture what would happen to the people who depend on you for financial support?
Why Newport Irvine Insurance is so important for us?
In most families the major bread winner will have a term insurance policy as it can be very damaging to families when the main means of financial support is cut off. It is always difficult to determine if you should carry term or permanent life insurance.
It ensures that your family will not suffer the consequences of living without your earnings. You want to be sure that your family won’t have to uproot their lives and change their living standards in the event their income level is affected by your premature or unexpected death. And you can continue driving through the highway of life, without having to suffer the anxiety of wondering what will happen to those who depend on your earnings.
Important advantage of Newport Irvine Insurance:
is that the proceeds pass income tax free to beneficiaries and without going through probate. Most people think of life insurance only as a legacy something left behind after they die. If diagnosed as terminally ill, the insured may request payment of the insurance policies face amount instead of the death benefit being paid to a beneficiary.
Portability Under most group policies employees can take their life insurance protection with them when they leave the company or retire and take advantage of group rates and the convenience of direct billing. Cash accumulation some insurance policies have a cash value account or investment component that lets you contribute premium in addition to the amount you pay for your insurance coverage.
How It Works?
This type of life policy offers a guaranteed level premium to age 100, along with a guaranteed level death benefit to age 100. Most often, this is accomplished within a Universal Life policy, with the addition of a feature commonly known as a “no-lapse rider”.