The Lionheart Guide

Life insurance is one of those things people often say they'll get around to eventually. Unfortunately, "eventually" can become very expensive—or sometimes unavailable. Here are seven common reasons people wait. 1. "I'm Too Young." You may feel like you don't need life insurance yet. But if you have financial responsibilities, children, a mortgage, or someone who depends on your income, age alone doesn't eliminate the need. 2. "I'm Healthy." That's great. But your current hea

Retirement planning isn't only about accumulating money. Eventually, you have to answer another question: How will I turn my savings into income? An annuity is an insurance contract designed to provide financial benefits according to the terms of the contract and can be structured to provide income payments. How Does an Annuity Work? Generally, you provide money to an insurance company through either a lump-sum payment or a series of contributions. Depending on the type of an

Nobody likes talking about funeral expenses. But avoiding the conversation doesn't make the expenses disappear. Final expense insurance is designed to provide a death benefit that can help beneficiaries deal with expenses following the insured person's death. What Could the Money Be Used For? Depending on the policy and circumstances, beneficiaries may use the proceeds toward expenses such as: Funeral services Burial Cremation Medical bills Outstanding debts Other financial o

You may have life insurance through your employer. That's a good thing. But here's an important question: Is it enough? Employer-sponsored life insurance can be an important part of your overall protection strategy, but it may not necessarily meet all of your family's financial needs. How Much Do You Have? Start by looking at your benefits. You might have coverage equal to a certain multiple of your salary or a specific dollar amount. Then compare that amount with your actual

Nobody wants to think about dying. But if you have a spouse, children, parents, business, mortgage, or other financial responsibilities, there is another question worth asking: What happens financially if I'm no longer here? This is one of the reasons life insurance exists. The Bills Don't Stop When someone dies, the emotional loss can be overwhelming. But the mortgage payment doesn't disappear. Utilities still need to be paid. Children still need food, clothing, childcare, a

Indexed Universal Life Insurance—often called IUL—can be one of the most misunderstood types of life insurance. Let's simplify it. What Is an IUL? An IUL is a form of permanent life insurance. It provides a death benefit and includes a cash value component. The policy's interest-crediting strategy may be linked to the performance of an external market index, such as the S&P 500, depending on the policy. That does not mean you are directly investing your policy's cash value in

If you've started researching life insurance, you've probably encountered two common terms: Term Life Insurance and Whole Life Insurance. So what's the difference? Term Life Insurance Term life insurance is designed to provide coverage for a specified period of time. For example, you might purchase a 10-, 20-, or 30-year policy. If the insured person dies while the policy is in force, the policy's death benefit is generally paid to the beneficiaries, subject to the policy's t

One of the first questions people ask when considering life insurance is: “How much coverage do I actually need?” The answer isn't the same for everyone. The purpose of life insurance is to help provide financial protection for the people who depend on you. That could mean replacing your income, helping pay off a mortgage, covering debts, funding future education expenses, or simply making sure your family has financial resources during a difficult time. Start With Your Incom