Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2024

Term Insurance: Right for You?

Modern design. Contemporary art collage. Businessman standing at the beggining of road and looking in telescope. Concept of development, career growth, prediction, motivation, strategy, ad

Term life insurance provides coverage for a specific period — typically, 10-30 years. When the term expires, coverage stops. If the policyholder dies while the policy is active, beneficiaries receive the death benefit, which is usually not taxable.


Term Insurance Basics
Term insurance may be a good choice for a young family, who will receive a lump sum payout if something happens to you. Because you can tailor the length of the policy, term insurance is something to consider if you need coverage for a specified number of years, perhaps until children finish college or other training.


The Cost
Premiums are based on your age, health, life expectancy, and the policy’s payout amount and are generally lower than premiums for permanent insurance. You can usually renew your policy, although the cost will generally increase as you get older. Term insurance does not build equity.


Types of Term Insurance
There are several variations on basic term insurance.


Level Term — has fixed premiums for the life of the policy and a fixed death benefit and is the most common option.


Yearly Renewable Term — a one-year policy that can be renewed without evidence of insurability. Premiums rise each year and can become prohibitively expensive as the policyholder ages. It may be appropriate for someone who needs temporary coverage.


Decreasing Term — premium is fixed but the death benefit declines each year according to a predetermined schedule. This type of term policy is often used in conjunction with a mortgage, where the payout is tied to declining loan principal.


Your insurance professional can discuss term insurance options and explain the differences between term and permanent life insurance to determine which one is right for you.


*Applications for life insurance are subject to underwriting. No insurance coverage exists unless the required premium is paid. Accessing cash values may reduce the death benefit and policy values, trigger tax consequences, surrender fees, and charges, and may require additional premium payments to maintain coverage. Guarantees are based on the claims-paying ability of the issuer.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.