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.
Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
September/October 2017
Let's talk insurance Q&A
Q.
I want to buy a term life policy, but I am not really sure how to choose the right term. What should I look for?
A.
Like most people, you are probably buying term life insurance to help ensure that your dependents will be able to maintain their lifestyle in the event of your death. So, your first step in choosing a term is to determine how long you will need to be insured. Think about your financial commitments — a mortgage, support for minor children, health care expenses, future college expenses, etc., — and how long each of those commitments will last. It may be useful to consider the cost of hiring outside help to replace any nonfinancial contributions you make, such as child care, for example. Your final step is to choose a policy with a term that matches your time frame for protecting your dependents from financial hardship.Q.
Do beneficiaries have to take a life insurance payout in a lump sum?A.
No, it’s generally not required. There are a variety of ways your beneficiaries might be able to receive their settlement. These include:- The annuity option, in which the proceeds and the interest are used to provide regular payments to the beneficiary for the remainder of his or her life.
- The lump sum option in which the insurance company makes one single payment of the death benefit to the beneficiary when the insured dies.
- The interest option whereby the insurance company holds on to the policy proceeds in trust for a specified time and pays the beneficiary only the interest that the policy proceeds earn. The death benefits are then payable under a life income plan.
- The fixed amount option in which the insurance company pays benefits in fixed amounts at scheduled intervals until the proceeds and the interest run out.
- The fixed period option in which the proceeds and interest are paid to the beneficiary at regular intervals for a fixed time period.
FINRA Reference FR2017-0427-0092/E 08/02/17
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
R.I.C.H. Planning Group, LLC 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.