What is Participating Life Insurance?
Participating Life Insurance is another form of Permanent Life Insurance, like Universal, but has its own unique benefits. It offers you the best of both worlds where you not only build financial security for your loved ones but also grow your wealth tax-free.
Benefits of Participating Life Insurance
- Tax-free payout to your beneficiaries after your death.
- Guaranteed cash value that can be accessed tax-free to fulfill your expenses or retirement needs and includes tax-efficient estate transfers.
- Your funds are professionally managed and may provide you with dividends on your premium.
Simplified / Non-Medical Life Insurance
Simplified issue life insurance, also known as no medical or simplified life insurance, is a type of insurance coverage that is very easy to qualify for and purchase. It requires no medical examination, just the answers to a few health questions, and completing the necessary paperwork can qualify you for this insurance coverage.Â
Many people with a pre-existing medical history may find it difficult to get any life insurance coverage easily through traditional means. These health conditions include alcohol or drug abuse, depression, obesity, insulin-treated diabetes, cancer, heart failure, HIV, multiple sclerosis, Alzheimerâs disease, or other serious preconditions.
Simplified Life Insurance is frequently regarded as the easiest and the most affordable No Medical Life Insurance. It has various restrictions on the maximum insurance coverage limits, and the coverage generally varies between $100,000 and $500,000.
Benefits of Simplified Life Insurance:Â
- Can aid in covering all final expenses, including the cost of a funeral.
- Makes you eligible for coverage even if you've been denied insurance before.
- If unused, it can aid as financial security for your loved ones on your death.