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Which Types Of Life Insurance Should You Choose?
Posted by: | CommentsMany people neglect getting their life insurance plan in order. The reasons for the procrastination vary and can include thoughts about not needing insurance at this time, fear about not qualifying due to prior health issues, and of course, the cost.
While the industry will disagree, the truth is that there are times in your life when you probably do not need life insurance, but these are few, relative to the times when it is important for the financial well being of your family.
The seemingly limitless choices available can make your head spin. They are not easily understandable by the average person. Don’t worry: All the the different policies can be decoded. Your life insurance agency can be a great resource. Following is basic information you need to know:
Straight life insurance is also known as whole life or permanent insurance. Your premiums are set for life when you purchase the policy just like the death benefit. In general, the younger and healthier you are when you purchase the policy, the lower your premiums for the rest of your life.
As long as you pay the premium, your beneficiary will receive the proceeds when you depart. Straight life policies amass cash values that you can borrow if needed. But this will reduce the amount that will be paid to your heirs, if it is not paid back.
Annuities have two benefits: they have a death benefit and can create a stream of income for you while you are still alive. There are several types of annuities, but there are two basic types; fixed and variable.
A fixed annuity pays a fixed yield and has pre-determined payout to you while still alive depending on the date that you annuitize the policy and how many years the insurance company estimates you will live to collect those payments. You also can elect to pay a fixed payment monthly in exchange for a fixed monthly benefit for a specified period of time.
A variable annuity performs in a similar way, but can potentially pay much better benefits because your premiums are invested in the stock market. You have the potential to earn or lose money just like a regular investment. Your actual monthly payout, should you decide to annuitize depends on your success with your investments. There are also other choices available with annuities, but you should talk with an agent for more explanation and discussion about whether or not this is a good route for you.
Perhaps the most popular is term life which is the easiest to understand. It is also the most economical. Term life is for a specific period of time (example 10 years) and will pay to your heirs only if you die during the term of the coverage.
Young families can purchase a high amount of coverage relatively inexpensively to ensure that young children will be cared for in the case of the death of one of the partners. Term life does not build cash value.
Burial insurance is self explanatory. It is meant to pay funeral expenses.
Mortgage life insurance is like term coverage but usually more expensive. The purpose is to pay off the mortgage in case of the death of one of the borrowers on the mortgage. The value declines at about the same rate as the mortgage balance declines. Inexpensive term insurance, which retains a consistent life amount through the term of the policy, is a better value.
For more specific information about what type of protection would be best for your situation, it is always recommended that you do your own research, and of course, check with an agent who can answer your questions.
In the San Francisco Bay area, call on Stoneridge Financial for advice and assistance with life insurance and other insurance related investment products. Powered by SEO 2.0 Services
Jersey Shore Real Estate – It’s A Buyer’s Market In Sea Isle City
Posted by: | CommentsThe real estate market is still in a fragile state because of the recent economic crisis. While things are getting better, it is still a buyer’s market across the U.S. and will probably remain that way for some time. Despite its popularity as a vacation destination, Sea Isle City, New Jersey is not exempted from this situation.
With near historical lows on mortgage rates for qualified buyers and property values that have rolled back to 2003 values, many real estate investors see this market as an ideal time to acquire vacation rental properties or second homes, and Sea Isle City is certainly worth consideration for such an investment.
The Jersey Shore is an Eastern Seaboard vacation hotspot for residents of Philadelphia and New York City, thanks to its proximity and its gorgeous beaches of white quartz sand. Through the recent economic troubles, this region has continued to maintain a reputation of luxury and prestige, attracting young socialites, college students, families, and all kinds of other tourists with its charming seaside communities, boardwalks full of family attractions, unique festivals, fine dining, boutique shopping and a thriving live music scene.
Sea Isle City is situated on a barrier island in Cape May County, the southernmost county of New Jersey. Compared to the rest of the state, it has relatively mild winters as well as slightly lower temperatures during the summer. With about 3,000 year-round residents, Sea Isle has a small-town feel, making it a perfect place to escape from the city and relax. Most available real estate is either vacation properties owned by investors or private vacation homes. While most people think of it for summer vacations, the town is starting to be recognized as a peaceful winter getaway. It also features many spring and fall activities.
As the Jersey Shore’s reputation as a desirable vacation spot grew over the last decade, so, too, did property prices. Sea Isle City definitely was a part of this boom, but it wasn’t exempt from the economic issues facing that the rest of the country. Sea Isle’s tourist industry continues to thrive, but now, rental properties can be purchased at far lower prices than has been possible for some time.
It could very well be several years before we see a marked increase in property values, given today’s economic climate. It is important to remember that not just any property is a good buy. You must understand average rental rates for homes in the area before deciding to invest. An experienced Sea Isle City real estate professional who is knowledgeable about current vacation rental rates will be able to assist in identifying properties with the best possibilities for return on investment.
The condition of the economy has scared many people out of investing in vacation homes as well as other real estate, allowing some savvy investors to take advantage of the abundance of properties on the market. The right purchase of Sea Isle City rental property could bear much fruit over the years for smart real estate buyers.
Landis Company is your Sea Isle City, New Jersey Real Estate for sale and Summer Rentals Headquarters, specializing in seashore condos, townhouses and single homes for rent or for sale on the Jersey Shore. Powered by SEO 2.0 Services