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Hybrid Policies – Variable Universal Life Insurance

Insurance for life written on keyboard keyYet another option for permanent life insurance and arguably, the most flexible type of policy is variable universal life insurance. As its name states, this type of coverage combines the benefits and features of both variable life and universal life coverage, and varies from comparable permanent contracts by way of death benefit coverage, premium payments and cash value accumulation. We’ll begin the review of variable universal life with its death benefit coverage options.
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Posted on April 20, 2015 by Melissa

Municipal Credit Union (NY) offering 2.99% Secured Personal Loan

Municipal Credit Union logoUsing a secured personal loan to finance some of life’s major purchases has its advantages over traditional, non-collateral financing. For individuals who have an amount accumulated within a savings or money market account, some financial institutions allow you pledge that account as collateral for a low-cost, fixed term personal loan. The bank or credit union is able to offer a lower cost for this type of financing because the total loan amount is secured by other assets, reducing the financial institution’s risk of default. It is beneficial to borrowers because funds can be used for a vast number of financing needs, including debt consolidation or a new vehicle purchase. This lending strategy is also helpful for those who have less than perfect credit, or a short credit history.
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Posted on April 13, 2015 by Melissa

Hybrid Policy – Equity Indexed Universal Life Insurance

Hand holding life insurance in bagUnder the umbrella of permanent life insurance, there are a handful of hybrid or combination policies that marry the benefits and features of multiple types of cash value contracts. Equity indexed universal life insurance is considered a hybrid of traditional universal life and variable life, and varies from other policies by way of death benefit coverage, premium flexibility and cash value accumulation. Let’s begin with a review of equity indexed universal life death benefit provisions.
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Posted on April 6, 2015 by Melissa

Variable Life Insurance – Explained

Life insurance policy on manila envelopeAs another alternative under the category of permanent life insurance, variable life offers policyholders a wider range of options for coverage than whole or universal life. Although this type of permanent policy may provide the insured the most flexibility in terms of death benefit and cash value investment, it is also easily misunderstood. In order to fully understand if variable life is an option for you and your family, it is important to have a grasp of each of its working components, including the death benefit, cash value accumulation and investment, cost and flexibility of premiums and common use. We’ll begin with how the death benefit works in comparison to other permanent policy types.
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Posted on March 30, 2015 by Melissa

Tropical Financial Credit Union (FL) offering 1.48% Auto Loan

Tropical Financial Credit Union logoPurchasing a new car takes patience, especially as it relates to finding the right financing. Although dealerships often offer buyers special deals on repayment terms and rates, it is generally a good idea to check with your financial institution to compare your auto loan options. With rates at historic lows, buyers have the upper hand in obtaining an auto loan that is affordable for the long-term through their bank or credit union. One current offer from Tropical Financial Credit Union for those who are in the market for a new vehicle is worth considering.
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Posted on March 23, 2015 by Melissa

Universal Life Insurance – Explained

Life insurance agent parachutingIn our last article we discussed the various aspects of whole life insurance and how each may benefit an individual shopping for permanent coverage. Another type of life insurance under the permanent category is universal life, which can be more complicated than its whole life sister. In order to make the best decision for you or your family, knowing how universal life differs from whole life and other types of permanent coverage is important. Here we discuss universal life policy death benefits, how cash value accumulates, the cost and flexibility of premium payments as well as common use. Let’s begin with the most pressing factor of coverage – the death benefit.
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Posted on March 16, 2015 by Melissa

Northwest Savings Bank offering 2.75% Home Equity Loan

Northwest Savings Bank logoTapping into the equity of your home either through a line of credit or a fixed term loan can be a viable way to finance some of life’s major expenses. Paying for a child’s education, refinancing and consolidating higher interest rate credit card debt, renovating your home or simply taking the family on a once in a lifetime get away may all seem out of reach when savings is tight. However, homeowners have the option to fund these common financial goals by borrowing against the equity accrued in their homes. Given the low interest rate environment we are in currently, homeowners have an even greater chance of securing this type of financing in an affordable, manageable way.
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Posted on March 10, 2015 by Melissa

Whole Life Insurance – Explained

Life insurance stampedUnder the umbrella of permanent, or cash value, life insurance policies, whole life is arguably the most common among individuals. There are a number of aspects of whole life insurance that should be understood and compared to other types of permanent policies prior to purchasing, including death benefit, cash value accumulation, cost and flexibility of premiums as well as common use. Let’s start with the death benefit portion of whole life.
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Posted on March 2, 2015 by Melissa

Is Term Life Insurance Right for Me?

Term life insurance policy and compassAlthough most people understand the concept and necessity of insurance coverage, selecting the correct category and type can quickly get overwhelming. There are a number of factors that should be taken into consideration when selecting your life insurance coverage, including cost and benefits available. It is also necessary to understand how each of these is affected by the category and type of coverage you select.
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Posted on February 26, 2015 by Melissa

Island FCU offering 3.25% Home Equity Loan (NY)

Island Federal Credit Union logoIn light of the recent interest rate movement, many homeowners are taking advantage of the lower cost of borrowing against the equity in their homes. Consolidating high interest rate credit card debt, funding a child’s education, or financing a major renovation can all be reasons to obtain a home equity loan, and there are plenty of financial institutions providing their customers attractive offers in today’s market. One of these promotional home equity loans comes from Island Federal Credit Union.
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Posted on February 24, 2015 by Melissa

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