Home life insurance is also known as senior home life insurance. It is a type of insurance that provides coverage for your home. In case you die while a homeowner, this insurance will provide funds to your loved ones for living expenses. It is usually taken out by homeowners who have more than one mortgage or borrowers who are behind on their home loans. You can get quotes and details from multiple companies online.
American Home Life Insurance Company was established in 1911 under its current name of Kansas Home Mutual Life Insurance Company, which had been previously known as Guaranty Trust Life Insurance. Within a few years the company merged with American Mutual Life Insurance Company to become American Home Life Insurance Company, and within two decades it was among the top home-life insurance companies in the country. The main reason for the merging of these two insurance giants was to increase the scope of coverage available and to reduce premiums paid by customers. They still remain amongst the top three today.
Homeowner insurance companies offer a variety of policies. They are named as permanent whole life, term life and universal life. Most of them offer a guaranteed death benefit, and some include a premium guarantee. Guaranteed death benefits mean that the premium is paid until the death benefit is no longer paid out, and term life means that the insured may choose a fixed premium amount for a specified period and then renew the policy at the end of that period. Whole life insurance policies, also called universal life, pay a lump sum death benefit to beneficiaries in the event of the insured’s death during the defined period.
One of the most popular kinds of whole life insurance policies is a cash value account. With these types of policies, the insured has a savings component where his death benefit is invested and his cash value is held in a certificate of deposit. When the insured dies, the death benefit is automatically converted to cash and paid out to the beneficiary. Cash value account whole life policies and certificates of deposits both provide the same kind of safety against interest and other losses.
A cash value growth certificate or tok is another kind of insurance that offers a tax-free buildup. In this case, a cash value growth tok is used instead of a guaranteed death benefit. Under a tok, investments made are tax free, so there are no tax payments required.
Many life insurance companies also offer many other kinds of plans. Some offer guaranteed issue senior, gold, silver and children’s life insurance policies. Some offer additional features like prescription drugs coverage. Some allow coverage for mortgages. Most offer flexible spending accounts. These plans can help you protect your family and loved ones against financial hardships.
One of the biggest differences between these products is that the former offer a guaranteed return on investment. In a cash value growth policy, the benefit you accrue is tax free. You are not responsible for paying taxes when you purchase a tok policy or a cash value account. However, you are responsible for paying any expenses that occur while carrying out this policy. It is also important to realize that if you reach the death benefit, your investment will be tax free. Therefore, in the long run, it is probably a better investment for you to purchase a policy that has a cash value growth option.
It is important that you carefully review the different types of life insurance policies. Research all of your options and select the one that best fits your individual needs. Be sure that you take into consideration all of the fine print of any policy before you purchase. There are many options for you to choose from and a little comparison-shopping can help you find the best coverage for you.
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