What Makes InVida Different?
Why Life Insurance?
Life insurance helps your family maintain their standard of living if something should happen to you.
Life insurance is a very important choice.
A life insurance policy can potentially provide your family with enough money to fulfill their obligations and pursue their dreams. Also protects against loss of income if you should die too soon and helps secure your family’s future even if you are no longer with them. Are you wondering how does life insurance works? You make payments called “premiums” to a life insurance company. The company agrees to pay a specified amount to whomever you designate to receive the money from your policy when you pass away. There are three basic types you can choose from: Whole Life, Term Life and Indexed Universal Life. Some carriers
even offer living benefits (you don't have to pass away to get paid).
Myths About Life Insurance
Myth #1: Life insurance is too expensive.
TRUTH: There are many different types of life insurance to meet your needs and your budget. Some people only want to provide a death benefit for final expenses while others want to leave behind a pool of money for the kid's college, paying off the mortgage and charitable giving. It's up to you how much coverage you want.
Myth #2: Only healthy people can get coverage.
TRUTH: Life insurance companies offer coverage to people with a range of common medical conditions including high blood pressure. The coverage may cost more than someone in perfect health so it's important to be up-front with health issues. Life insurance companies have medical underwriters and medical directors on staff so your information is with people who understand your health conditions.
Myth #3: I don’t need life insurance because | don’t have any dependents.
TRUTH: Even if you aren't married or have children, life insurance helps pay for final expenses and settle estate debt like medical bills, taxes, etc. Its also one of the easiest and most amazing ways to leave a legacy. The benefit can be directed to fund a favorite charity or cause, pay down family members’ mortgages, or send nieces, nephews to college. The legacy is yours and the possibilities are endless.
Myth #4: I'm young and don't plan on dying anytime soon.
TRUTH: No one plans on dying anytime soon! Life insurance is the type of product you buy before you need it. You don't wait until your cell phone is stolen or falls in the sink to insure it and you don’t wait until you are sick or old to buy life insurance. The time to purchase life insurance is when you are young and healthy. Your wallet and loved ones will thank you. Trust us.
Myth #5: People have to wait until I die to get any benefit from the policy.
TRUTH: Many types of life insurance policies have extra benefits called living benefits’ that allow you to use the policy while you are alive. Living benefits on a life insurance policy allow you to access the death benefit, while you are alive, if you have a heart attack, stroke, cancer, cystic fibrosis, ALS, and other illnesses and injuries. Make sure you ask your agent about these benefits and what conditions qualify on the policy you are
interested in.
Myth #6: Only the breadwinner in the family needs life insurance.
TRUTH: The life insurance benefit covers more than just a missing salary. Parents/spouses who aren't the breadwinners still contribute financially either through a smaller paycheck and/or household duties.
Myth #7: I don't need life insurance, I have some through my job.
TRUTH: Life insurance offered through your employer is a great benefit-while you have it. If you leave your company, the life insurance coverage doesn't leave with you. Also, the coverage amount is usually a flat amount or equal to a year’s salary and that amount may not be enough-for long enough. While you may have the option to convert your work policy to a permanent policy or buy multiples of your salary, a separate life insurance policy stays with you no matter who you work for.
Indexed Universal
Life Insurance
May be ideal for those who need death benefit protection, but are focused on cash value accumulation for lifetime needs such as supplementing a tax free retirement income, funding a child's education, purchasing a home, etc. Many wealthy Americans use this plan to create generational transfer of wealth.
• Flexible death benefit
• Flexible premium
• Cash value grows based on an interest crediting strategy
that is tied to changes in a market index such as the S&P 500
• Downside protection from market downturns
• Guaranteed income for life
Term Life Insurance
Temporary form of insurance with no cash value. Sometimes, includes living benefits at no extra charge - depending on carrier used.
• Guaranteed coverage for a set period of time or until a specific age, as long as premiums are paid
• Usually renewable once the time period has expired, although it’s likely premiums will increase
• Provides a death benefit t if you die within that defi ned period of time – it does not accumulate cash value
• Generally allows you to purchase a higher death benefit t for your premium dollars; frequently the most affordable coverage
• This kind of policy works excellent in conjunction with an indexed universal life insurance policy
Whole
Life Insurance
These policies are designed for individuals who want permanent insurance as well as modest cash growth. This policy is the most expensive type of coverage.
• Guaranteed death benefit
• Guaranteed cash value
• Potential additional cash value by the receipt of any dividends declared by the company. Although
not guaranteed, dividend payments are generally declared annually by the company
• Level premiums that are guaranteed to never change