Buying Life Insurance For Peace of Mind
Choosing the right life insurance plan depends on your needs. A financial professional can help you calculate your needs, compare the costs and benefits of different policies, and identify potential options that best suit your needs.
Be sure to consider the insurer’s financial stability, customer satisfaction, available policy types and included riders. Contact Life Insurance Greenville now!
Peace of Mind
Peace of mind is a feeling of calm and serenity that comes from knowing you have taken the necessary steps to protect your family. It can be achieved through life insurance, which provides financial protection in the event of your death, easing the burden of funeral costs, outstanding debts, mortgage payments and other expenses on your loved ones during a difficult time.
The first step to finding peace of mind through life insurance is determining your objectives and choosing a coverage amount that will meet those goals. To do this, consider your family’s current finances, including any existing debts or upcoming bills you have, how much income you earn per year and the cost of college tuition for any children you may have.
In addition to offering a death benefit, whole life insurance policies often come with a cash value account that accumulates interest over time. The money in this account can be withdrawn or borrowed at any time and is not subject to federal taxes. You can also add a return of premium rider to your policy, which allows you to receive all the premiums you’ve paid into the policy in the event of your death.
Finding peace of mind through life insurance can be a long process and requires dedication. But by focusing on your family’s future, you can find comfort in the knowledge that you are prepared for anything that might come your way. If you’re looking for peace of mind, talk to a Symmetry agent today about your policy options. They can schedule in-home or video conference appointments and help you get a life insurance policy in place, all from the comfort of home.
- Financial Protection
The primary reason to purchase life insurance is to provide your loved ones with a financial safety net in the event of your death. A lump-sum death benefit from your policy can cover a mortgage, debts, children’s college funds, funeral expenses and other final costs. The death benefit may also help your family pay for daily living expenses and replace your lost income. In addition, the death benefit can bypass probate and be passed to your beneficiaries tax-free.
A portion of your premium goes toward building a cash value in your policy, which accumulates at a guaranteed rate of return. Typically, whole life and universal policies have this feature. You can borrow against the accumulated cash value, and most insurers allow you to change your beneficiary or add coverage in the future without going through another medical exam (provided that you can afford the increased premium).
When choosing a life insurance policy, consider your financial protection needs and budget. Financial experts recommend multiplying your annual income by 8 – 10. This calculation will help you arrive at an adequate amount of coverage to provide for your family’s ongoing living expenses and other obligations in the event of your passing.
It’s important to review your policy regularly to keep up with changing circumstances and responsibilities, as well as any new relationships and family members. You can change your beneficiaries at any time by submitting a formal request to the insurance company.
Many whole life insurance policies have a rider that allows the accelerated payment of the death benefit if the insured has a terminal illness, such as cancer or heart or kidney disease, within a specified time period. You can learn more about these riders by visiting your local J.P. Morgan advisor or requesting an illustration from your insurer.
- Inheritance Tax Relief
If your estate is liable for inheritance tax, the death benefit of a life insurance policy can help. This is because a life insurance payout is generally federal income-tax free, meaning it won’t count as part of your taxable estate.
That’s a big advantage, especially for unmarried couples, because the death of one partner can leave the other struggling to cover mortgage payments, bills, and other expenses. A life insurance policy can ensure your heirs will have the money they need to cover all of that and more.
Keep in mind, though, that any growth or interest accumulated on the insurance policy will be taxable for your beneficiaries. But you can avoid this by transferring ownership of the policy before your death. That way, the benefits of any growth will be paid to your heirs without adding to your taxable estate.
You can also use a life insurance policy to minimize taxes for your heirs by setting it up in an irrevocable trust. This will remove the policy from your taxable estate and allow it to grow without being subject to taxes until it’s paid out.
Inheritance taxes are not a concern for everyone, but those with significant assets should consider how to minimize their liability for their heirs. Through careful estate planning, a life insurance policy can create cash at the time of death that can be used to pay estate taxes or replace any other liquid assets that were used up to pay the tax. That can make the difference between your heirs getting the inheritance they need or having to sell some of their other valuable assets to pay the taxes.
- College Funding
Incorporating life insurance into your overall college funding strategy can be a worthwhile move. It provides you with a number of benefits not available through other savings vehicles, including 529 plans.
One of the biggest advantages of whole or universal life insurance policies is that they allow policyholders to access accumulated cash value for college tuition. This can be accomplished through the use of a loan or a withdrawal from the policy. It’s important to note, however, that this option is only available to those with permanent life insurance, not term life insurance.
A financial professional can help you determine whether a permanent life insurance policy is the right solution for your college-funding needs. In addition to the death benefit, the most common type of permanent life insurance has a savings component that grows tax-deferred and earns dividends in some cases. This accumulated money can be used for college tuition without incurring any penalties.
Moreover, unlike investments in a 529 plan, the cash built up in a permanent life insurance policy does not count toward the family’s assets when calculating financial aid eligibility for your child. The downside of a life insurance policy for college funding is that there are generally high yearly fees and it can take decades to build up the account beyond what you’ve paid in premiums.
Nonetheless, it’s an excellent alternative to the many other options on the market for saving for future college expenses. You’ll want to talk with your financial professional before making a decision, but this could be a good choice for some families. It’s especially attractive for those with high-net-worth individuals who don’t want to risk the value of their illiquid assets.
- Final Expenses
The death of a loved one is a traumatic event for families, but it can also be financially straining. The costs of a funeral, burial or cremation can quickly add up and leave loved ones with lingering bills and debts to pay. This is where final expenses life insurance can help.
Also known as funeral insurance or burial policies, final expense policies offer low coverage amounts up to $50,000 and require no medical exam (though you may be required to answer some health questions). They tend to have lower premiums than whole life or term life insurance, making them a good option for those who don’t qualify for other types of life insurance due to age or health.
A final expense policy’s death benefit can be used for any purpose the beneficiary chooses, including funeral and memorial services, transportation, urn service, headstone, obituary notices and flowers. Alternatively, beneficiaries can use the money to pay off credit card debt, mortgage payments or create a nest egg.
Unlike other types of life insurance, final expense policies are permanent and do not have an expiration date. However, a policyholder’s health will decline over time, which can lead to higher premiums and a reduced death benefit. Some insurers have a maximum age at which they will no longer issue a policy, while others will limit the largest death benefit to those who are younger. Many insurers will also have minimum ages at which they will start offering a policy. These limits can range from birth to 85, depending on the insurer and the policy type. Some policies are guaranteed issue, meaning applicants do not have to undergo a medical exam and may be eligible for up to $100,000 of death benefit even if they have serious health issues.
Stucco – A Beautiful Option For Home Improvement
Stucco Philadelphia is a beautiful option for upgrading your home. It can enhance both traditional and modern buildings and comes in various textures to fit any design.
Regular maintenance is critical to prevent excessive water penetration that can cause a breakdown of the stucco surface. This can lead to salt efflorescence and staining as well as biological growth.
Stucco requires a bit of maintenance, but it can last a long time. It is a durable material that resists moisture, so it’s an excellent choice for areas with hot and dry climates.
In addition to being water-resistant, stucco also provides insulation, helping keep your home cool in the summer and warm in the winter. This can save you money on your energy bills. It is also fire-resistant, which is important in other states where wildfires can be a concern.
Stucco is strong and sturdy and can be shaped into various shapes and textures. It can be used on various buildings, including commercial and residential structures. In addition to its durability, it can add a beautiful aesthetic to your building’s exterior. Depending on your desired style, it can look modern and sleek or rustic and textured.
It is a popular choice for homeowners who want to customize their home’s look, and it can be painted any color. It is also easy to repair, making it a great option for homes with older construction. In addition to painting, stucco can be resealed, which will protect it from dirt and moisture and prolong its lifespan.
If you’re considering installing stucco on your home, it is essential to have it properly installed by a licensed and insured contractor. You’ll also need to maintain it, including regular cleaning and inspection for cracks. If you find any cracks, they should be filled with a caulking material to prevent moisture from entering the walls and damaging them.
The first step in installing stucco is attaching wire lath to the wall, which will provide a base for the plaster. Then, a layer of lime putty is applied to the lath, followed by a sand-cement mix, and finally, the stucco plaster.
Stucco should be inspected regularly for cracks, and small cracks should be repaired right away. A crack that is allowed to widen will lead to rot, mold, and other problems. In general, a crack that is larger than 2mm should be undercut to make a key, and then filled with fresh mortar based on trial mixes.
Stucco comes in a wide variety of color and texture options, allowing homeowners to customize their home’s aesthetic. Using different types of aggregate and pigments, stucco can be made to look like stone or brick, and it can even be tinted to mimic other materials. This versatility makes it a great choice for a variety of architectural styles, as well as a practical solution for many climates, as long as it is properly maintained and regularly inspected for cracking, chips, and moisture damage.
Traditionally, stucco was applied in a three-coat process to wood-framed walls. The first coat, called the scratch coat, is spread over metal lath that has been attached to the exterior sheathing of a house and acts as a rough surface for the subsequent layers. A “brown coat” is then applied, which adds strength to the cured stucco and allows for a more precise application of the finish layer, which can be hand-troweled to create a unique surface texture. The final step is a protective sealant, which prevents moisture intrusion and mold or mildew growth that can harm the health of building occupants.
In addition to being a durable and attractive material for homes, stucco is a sound-deadening substance that reduces noise transmission between rooms. Additionally, it provides a superior insulator, helping keep homes warm in the cold Winnipeg winters and cool in the summer, which saves on energy costs.
Because of its breathable nature, stucco also resists rot and fungi, making it an ideal material for wet climates. Stucco’s fire resistance is another important benefit for many homeowners, especially in high-risk areas where wildfires are a common occurrence.
Because of these properties, stucco is an excellent choice for cladding in hot and dry climates. It’s also an option for people who want the look of a traditional masonry structure without the high cost of actual masonry installation. A newer style of stucco, known as EIFS (Exterior Insulation and Finish System), is usable in a wider range of climates, as it uses synthetic polymers instead of cement and lime, adhering to a foam board with fiberglass mesh.
Stucco is highly durable and can be painted in a wide range of colors to match your home’s décor. It is also very easy to maintain with regular cleaning and maintenance.
The best paint for stucco is acrylic latex. This type of paint provides flexibility and durability and allows the stucco to breathe properly.
Before you begin painting, always clean the surface thoroughly with a pressure washer to remove dirt and debris that can damage your walls. You’ll also want to repair any cracks larger than 1/16-inch wide. Fill in cracks with masonry caulk and allow the caulk to cure before painting.
Once you’ve prepped the surface, prime it with a high-quality acrylic primer such as Sherwin-Williams Loxon XP. Its binders help the primer adhere to the uneven stucco finish. Apply one to two coats, as needed, and follow the manufacturer’s guidance for drying times between coats.
You can use a brush or sprayer to apply your topcoat. When spraying, work in small sections and backroll the area with a thick-napped roller cover (also known as “back-rolling”). This technique helps ensure that your topcoat penetrates the porous stucco texture for complete, uniform coverage. After each spray pass, inspect from different angles to catch thin or missed areas. Touch up those areas with a brush and blend them into the existing paint.
Stucco can look beautiful in a variety of styles and textures, from the classic hacienda to more modern designs. It can even be made to resemble wood timbers, bricks, metal, or granite. But no matter what style you choose, it’s important to protect your investment by regularly painting stucco. Moisture seeping through damaged stucco can lead to rot, mold, and other structural damage. Keeping your home’s stucco in good condition will help preserve its value, curb appeal, and function for years to come.
If you are looking for a durable material that will stand up to the elements, stucco is an excellent choice. It’s not only rot-resistant and fungus-resistant, but also fire resistant. Its longevity and low maintenance needs make it a great investment for your home, and it can add value to it when it comes time to sell.
It’s important to note, however, that stucco may not be the best choice for homes in areas that experience heavy rain or snowstorms. The reason for this is that stucco expands and contracts with the temperature changes throughout the year, which can cause it to crack or chip. If you do decide to install stucco, it’s important to work with a reputable and experienced contractor to ensure that it is installed correctly.
Luckily, many of the newer types of stucco have been developed to be more flexible and strong than traditional cement, which means that they will resist cracking more easily. This is especially true for acrylic stucco, which has a fiberglass backing and is designed to be more moisture-resistant than other types of coatings.
Another advantage of stucco is that it’s much more affordable than other types of siding. This is because it is a layered system that provides protection as well as insulation. This helps to keep heat inside during the cold Winnipeg winters and cool in the summer, which can save homeowners money on energy bills.
Additionally, stucco is very sustainable because it can be made with locally sourced and sustainable ingredients. It is also often built over foam insulation, which makes it even more energy efficient than other types of exterior finishes.
Stucco is an excellent option for those who want to improve the appearance and durability of their home without spending a fortune. It can be applied in a wide variety of styles and colors, which allows you to create a unique look for your property. It’s also highly durable, so you can rest assured that it will continue to protect your home for years to come.
Whether you’re looking for a traditional cement or acrylic stucco, it’s essential to hire a reputable and experienced contractor to ensure the proper installation. It’s also important to know that stucco can require some regular maintenance, such as patching and sanding. But if you’re willing to do the work, then stucco can be an excellent choice for your home or business.