As the world navigates the COVID-19 crisis together, there have been far-reaching economic impacts. With unprecedented unemployment rates and a shaky stock market, some are questioning whether or not the FIRE movement will continue to exist.
In case you didn’t know, the FIRE (Financial Independence/Retire Early) movement is a collection of avid savers that are aggressively investing in pursuit of early retirement decades before hitting 65. With the most recent economic downturn, some critics are skeptical of the community’s ability to continue moving forward amidst continued economic uncertainty.
What’s Ahead:
Is it still possible to retire early with the financial impact of COVID-19?
The major question that critics, and those in the FIRE community, have is whether or not is it still possible to retire early with the current economic crisis. Has COVID-19 crushed the early retirement dreams of everyone in the community?
The economic impacts of COVID-19 have been pronounced. But there is hope. There have been several examples of early retirees that are successfully navigating the financial impacts of the pandemic. Some have even taken the leap into early retirement in the midst of the COVID crisis. Even with the significant impacts of COVID-19, success stories show that it is still completely possible to retire early.
The quickly changing economic landscape can be a hurdle. But as an early retiree, you should expect several big market dips throughout early retirement. If you plan to retire for decades, it is only a matter of time before you experience a major market disruption. In fact, six major market collapses have been recorded throughout U.S. history. In those crashes, the stock market has lost over 10% of its value. These crashes remind us that investing in the stock market is fraught with risk.
In 2008, the stock market took a scary nose dive that signaled the start of the Great Recession. At the time, the nerve-wracking sight didn’t kill early retirement dreams. With a more realistic grasp on the downside of being dependent on a paycheck during a financial crisis, many joined the FIRE movement as the economy began to recover. Since the crash in 2008, many people have been able to build their net worth and retire early successfully.
As we live through another major economic downturn, the importance of achieving financial independence is more pronounced than ever. Although it was never easy, it is still possible to retire early. The market will likely recover at some point, just as it has throughout the rest of history. With that, retiring early should remain a possibility in your life if you want to pursue it.
How to make sure you can still retire early
Of course, you will need to make some adjustments to compensate for the impact of this crisis. But if you are pursuing early retirement, it is still a possibility.
If you are struggling to stay on track to your FI goal, here are some strategies that can help you create more realistic FIRE goals.
Evaluate your investment strategy
An essential component of a successful early retirement is a carefully executed investment strategy. Since you will be relying on your investments for an income in early retirement, you must create a portfolio that accounts for your risk tolerance. Otherwise, every market dip will leave you in a panic.
With the importance of a strong investment strategy in mind, you may want to consider using an app like Public. Public has outstanding educational tools built into the experience to help you learn more.
Many FIRE enthusiasts rely on the traditional 4% rule, which states that you can withdraw 4% of your principal balance every year. In theory, you’ll be able to safely withdraw 4% every year. But the amount that equates to can change quickly. As we saw in the dramatic market drops earlier this year, it is easy for a portfolio to lose a substantial amount of value overnight. You can lower your risk of running out of money by lowering your withdrawal rate. But if you still aren’t comfortable with that potential risk, then rebalancing your portfolio to account for your risk tolerance is a good move.
Rebalancing to suit your priorities can be easy when using a DIY investment platform like Robinhood. With Robinhood, you can set up an investment portfolio and make trades as you wish. This can provide some peace of mind as you move forward.
A final piece of your investment strategy that you need to evaluate is the fees. Although you may have done your research to find a low-cost taxable account, some employer-sponsored options could be riddled with fees.
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Beef up your emergency fund
Although a safe investment strategy is important, cash on hand will help you weather any financial storms that come your way. That is why you need to have an emergency fund on hand to cover expenses when the market is in the midst of a major downturn.
While you are working, an emergency fund with a few months of expenses is likely sufficient. But if you are planning to leave the workforce, then a stockpile of cash to sustain you for several years might be in order.
The exact amount of cash you keep on hand will vary based on your goals and risk tolerance. However, you should plan to keep your savings in a high yield emergency fund such as the CIT Savings Builder. The account offers a competitive interest rate to help your savings keep up with potential inflation risks.
Look for expenses to cut
If you are a part of the FIRE community, then you likely have a somewhat frugal nature. Although you may enjoy the finer things in life, you know the difference between needs and wants. With that, you may need to take the opportunity to cut some wants out of your life.
You may need to get creative when looking for expenses to cut. A few ideas to consider include running your errands on the way home from work to avoid additional transportation costs on the weekends, tackling your yard work without the help of a handyman, and tapping into your DIY side when you need to replace household items.
As you explore your options to cut expenses, consider enlisting the help of a service like Trim. The ‘personal finance assistant’ can help you cancel unwanted subscriptions and negotiate with bill providers to lower your monthly costs.
Taking the opportunity to lower your expenses can help you stretch your savings farther.
Consider other income opportunities
Keeping your expenses low is one side of the FIRE equation. On the other side, a higher income can help you meet your savings goals more quickly.
With the spike in unemployment, it may be a good time to consider broadening your income horizons. That means looking beyond your nine-five for income streams. Usually, this means investing in a cash flow positive rental property or building a new skill set to boost your income. But you should consider any side hustle opportunities that strike your fancy. You might try delivering groceries, selling home decor on Etsy, or becoming a juror in a mock online trial.
Get creative as you seek out other income ideas. You never know what life will throw your way!
Adjust your retirement timeline
Even if you slash expenses and boost your income, you may not meet your savings goals due to circumstances beyond your control. If you’ve lost your income as a result of the pandemic, then you will likely need to adjust your retirement timeline.
Take a look at your net worth and the current amount you are able to tuck away into your investments each year. Once you have a better idea of your trajectory, you can line this up with your FI number. This should help you understand when you will be able to retire.
However, the changing math can get tricky. With that, I would recommend using MU30’s FIRE calculator to play with your changing scenario. With your real numbers, the calculator can help you determine what you’ll need to do in order to retire early.
It is okay to make adjustments! Even if you aren’t able to retire as early as you would like to, you will likely be able to retire at some point if you work towards your goals.
Consider flexible retirement plans
When you think about retirement, also consider the idea of scaling back on work. Flexible work arrangements can be the perfect gateway into early retirement.
Instead of retiring completely when you reach FI, consider working part-time or switching to a passion project. You may not earn as much with these options, but you can continue beefing up your retirement savings before you make the jump into retirement.
Plus, you can always return to the workforce if you need to. In many cases, you’ll be able to find a job if you want to start working again. But you’ll need to keep your skills sharp and resume updated if you are considering this option.
In addition to considering different work arrangements, you may need to consider different living arrangements in early retirement. As the pandemic has illuminated, global travel can grind to a halt. With that, many early retirement dreams of globetrotting to exotic places have been put on hold. Consider where you would be happy to spend your newfound free time if you weren’t able to travel in early retirement.
Prepare for future economic downturns
Achieving financial independence will not happen overnight, it will take many years to reach that pinnacle. You will likely run into many bumps in the road on your way to retiring early.
But the speed bumps don’t stop there! Once you’ve committed to early retirement, you will likely encounter more trying economic downturns. It is especially likely that you’ll encounter multiple downturns in your retirement since you’ll be retired for several decades!
As with this economic crisis, the solution is to remain flexible in your retirement. Depending on the extent of the economic damage, you may need to cut back on expenses or consider picking up a part-time job. That may mean that your retirement looks different than you originally envisioned. But a flexible attitude will keep your FIRE dreams alive and well in this downturn and the ones that will follow.
Summary
The FIRE movement is based on the idea of living below your means and achieving a permanent level of financial stability. If you are currently on the path to FI, then you are likely in a better financial position than most. Hopefully, you have enough cash in your emergency fund to weather the storm and a flexible attitude that can keep your expenses in check.
Although members of the FIRE community will need to stay agile in the coming months, the movement is not extinguished. In fact, it may burn even brighter in the future as more people crave the financial stability that many on the path to FI have attained.
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Many freelancers, self-employed folks, and independent professionals don’t think of themselves as business owners. But they are, even if they don’t have an officially incorporated business entity.
Foundis a financial technology platform built for self-employed people who want to (and should) treat their operations more like real business enterprises. It’s one of the better bank accounts for freelancers around, and its paid version is powerful enough for companies with multiple employees and more complex finances.
Found isn’t perfect for every freelancer. Most will balk at the paid version’s price tag too. But if you’re in the market for a new (or first) business bank account, it’s definitely worth a closer look.
What Is the Found App?
Found is a financial technology app that offers basic business banking services through Piermont Bank, its FDIC-insured banking partner.
Found’s free version has no monthly fee and very few fees for account activities. It comes with a Mastercard debit card, multiple virtual debit cards, early direct deposit for qualifying payers, basic bookkeeping capabilities, built-in client invoicing, and some other notable benefits.
Found’s paid version adds premium capabilities like custom expense tracking, automated expense and transaction importing, and in-app estimated tax payments. However, at $19.99 per month or $149.99 per year when paid upfront, it’s a bit pricey for budget-conscious freelancers.
What Sets the Found App Apart?
Found stands out from other small-business and freelancer-friendly bank accounts for several reasons:
More sophisticated bookkeeping capabilities. Found’s bookkeeping capabilities are more sophisticated than most free business bank accounts. Even with the free version, you can stay on top of relatively complex financial needs, including contractor payments and running tax obligations.
Built-in business processes. Beyond expense and tax tracking, Found incorporates essential business processes like client invoicing and estimated tax payments. If you use it as your primary business financial account, it could potentially replace third-party invoicing and accounting apps.
Unlimited transactions. Unlike many business bank accounts, Found has no transaction limits. This makes it useful for growing businesses and businesses that conduct lots of small-dollar transactions.
Found Plans
Found has two plans: a free plan that has no monthly fee and a paid plan (Found Plus) that costs $19.99 per month or $149.99 per year when you pay for the full year upfront.
The free plan includes all of Found’s core features, but Found Plus comes with potentially valuable benefits like interest on eligible balances and more sophisticated expense tracking.
Found Free
Found Plus
Yield on Balances
None
1.5% APY up to $20,000
Cash Back on Purchases
None
None
Expense Tracking
Standard pre-filled categories
Custom categories
Auto-Imported Expenses
No
Yes, from uploaded receipts
Transaction Activity Imports
No
Yes, from bank, credit card, and PayPal/Venmo
In-App Estimated Tax Payments
No
Yes
Priority Support
No
Yes
Found Plus makes sense for solo professionals and business owners with more complicated business finances and those willing to pay for conveniences like transaction and expense importing. But for most freelancers and independent professionals, its value is questionable at best.
Key Features of Found
Found is more than a business bank account. It also comes with a menu of useful business capabilities, including basic bookkeeping, invoicing, and tax management.
Account Fees & Minimums
Found’s free version has no monthly fee. The paid version costs $19.99 per month or $149.99 per year when paid annually.
Neither version has any minimum deposit or ongoing balance requirements.
Account Yield
Found’s free version pays no interest on any balances. The paid version pays 1.5% APY on balances up to $20,000.
Debit Card & ATM Access
All Found accounts come with a Mastercard debit card that’s accepted at millions of locations worldwide and online.
You can use your Found debit card to withdraw cash at any ATM, but Found has no network of free ATMs, so variable withdrawal fees always apply.
Virtual Cards
You can create virtual debit cards with custom spending limits in the Found app and designate them for single or multiple uses. This capability is useful if you make lots of purchases with merchants you’d prefer not to give your actual card number to.
Early Direct Deposit
Found automatically sends direct deposits up to two days early when the payer qualifies. There’s no limit to the number of payers this feature applies to.
Bookkeeping & Invoicing Capabilities
Found has a bunch of built-in bookkeeping capabilities, most of which are available with the free version.
Seamless integration with third-party payment and bookkeeping apps like Stripe and QuickBooks
Automated expense tracking using Found’s pre-filled spending categories, like “restaurants” and “office supplies”
Receipt capture and storage
Unlimited custom invoices
Unlimited 1099 contractor management
Automatic expense importing from scanned receipts (Plus only)
Automatic transaction importing from linked bank accounts, credit cards, and PayPal/Venmo (Plus only)
Tax Management Capabilities
Found’s tax management capabilities include:
Automatic tax savings with custom amounts or percentages
Automatically generated tax forms
Real-time tax estimates
Writeoff tracking
In-app quarterly and annual federal tax payments (Plus only)
Mobile Features
Found is a mobile-first app with an excellent rating from thousands of verified users in the Apple App Store. The app can handle any demands you’d normally place on the desktop version. Notable capabilities include:
All expense tracking features
All tax management features
Custom invoicing
Remote check deposit
Person-to-person payments
Scheduled and one-off bill payments
Contractor payments
Deposit Insurance
Through banking partner Piermont Bank, Found balances carry FDIC insurance up to the current federal limit of up to $250,000.
Pros & Cons
The Found app has some clear advantages over standard business bank accounts. It has a few notable downsides as well.
No monthly fee on the free version
No minimum balance requirement
Lots of built-in business tools
Early direct deposit with qualifying payers
Limits on interest earnings
No rewards program
Paid version is expensive
Pros
Found offers a comprehensive range of business banking capabilities and some potentially useful built-in business processes.
No monthly fee with the free version. Found’s free version is totally free to use. A surprising number of business bank accounts charge monthly fees as high as $10 or $15 for a similar set of features.
No minimum balance requirements. Found has no minimum deposit or ongoing balance requirements, so it’s ideal for users without much of a cash cushion.
Virtual cards with custom limits. Found offers free virtual debit cards on demand. Even better, you can set custom limits for each card to ensure merchants can only charge up to your preset budget.
Early direct deposit with qualifying payers. Found processes most client payments up to two days before they’d normally hit your account. If you depend on prompt payments to keep your cash flow (and account balance) positive, this is a big advantage.
Built-in expense and tax management tools. Found has a comprehensive lineup of expense and tax management tools at no additional cost. Its expense tracking capabilities could potentially replace third-party accounting apps you’d normally have to pay for.
Built-in invoicing. Found’s invoicing tool allows unlimited custom invoices, which could be all you need to replace your paid invoicing software.
Cons
Found’s banking features fall short in a couple key areas, and its premium version could be too expensive for freelancers and independent professionals on tight budgets.
No interest with the free version. Found pays no interest on any balances held under the free plan. This is a downside next to free business bank accounts that pay interest on all or some balances.
Interest caps with the paid version. Found only pays interest on the first $20,000 in your account. This is a big downside for well-capitalized businesses that would prefer not to open a separate savings account.
No rewards program. Found has no debit card rewards program. A growing number of competing business bank accounts offer surprisingly generous returns on spending.
Paid version is pricey. Found Plus costs $19.99 per month or $149.99 per year. The annual rate is a much better deal, but it’s still expensive for budget-conscious users.
No free ATM network. If you use your Found debit card to withdraw cash at an ATM, expect to pay stiff transaction fees.
How Found Stacks Up
Found isn’t the only financial technology platform designed for freelancers and small-business owners. One of its top competitors is Bluevine Business Checking, which targets a similar set of users. Before signing up for either, see how they compare.
Found
Bluevine Business Checking
Monthly Fee
$0 to $19.99
$0
Minimum Balance
$0
$0
Subaccounts
No, but virtual cards and expense tracking
Yes, up to five
Yield
Up to 1.5% APY on the first $20,000
2.00% APY on eligible balances
Business Tools
Extensive
Limited
Free ATM Access
None
120,000+
Found has a broader range of business tools, including custom invoicing and expense tracking, which makes it more of an all-in-one solution for business users. But its paid version is expensive and it can’t match Bluevine on key banking metrics like free ATM access and subaccount availability.
Final Word
Found has a lot to recommend it, from no minimums or monthly fees (on the free version) to a bunch of built-in business tools that could save you money in the long run. If you’re a freelancer or independent professional, the free version is definitely worth serious consideration.
That said, Found isn’t perfect. Its banking side is stingy, with limited interest and no spending rewards. Its paid version is pricey and probably unnecessary for most sole proprietors. Especially if you’re running a growing business with multiple employees, see what else is out there before committing to Found.
The Verdict
Our rating
Found is a comprehensive banking and business management app for freelancers and owners of very small businesses. While the paid version is a bit pricey, the free version is more than adequate for most would-be users, and could even replace paid third-party apps like accounting and invoicing software. But Found has some important downsides, including no rewards on spending and no interest with the free version.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
A 401(k) loan allows you to borrow money from your retirement savings and pay it back to yourself over time, with interest. While this type of loan can provide quick access to cash at a relatively low cost, it comes with some downsides. Read on to learn how 401(k) loans work, when it may be appropriate to borrow from your 401(k), and when you might want to consider an alternative source of funding.
What Is a 401(k) Loan & How Does It Work?
A 401(k) loan is a provision that allows participants in a 401(k) plan to borrow money from their own retirement savings. Here are some key points to understand about 401(k) loans.
Limits on How Much You Can Borrow
The Internal Revenue Service (IRS) sets limits on the maximum amount that can be borrowed from a 401(k) plan. Typically, you can borrow up to 50% of your account balance or $50,000, whichever is less, within a 12-month period.
Spousal Permission
Some plans require borrowers to get the signed consent of their spouse before a 401(k) loan can be approved.
You Repay the Loan With Interest
Unlike a withdrawal, a 401(k) loan requires repayment. Typically, you repay the loan (plus interest) via regular payroll deductions, over a specified period, usually five years. These payments go into your own 401(k) account.
Should You Borrow from Your 401(k)?
It depends. In some cases, getting a 401(k) can make sense, while in others, it may not. Here’s a closer look.
When to Consider a 401(k) Loan
• In an emergency If you’re facing a genuine financial emergency, such as medical expenses or imminent foreclosure, a 401(k) loan may provide a timely solution. It can help you address immediate needs without relying on more expensive forms of borrowing.
• You have expensive debt If you have high-interest credit card debt, borrowing from your 401(k) at a lower interest rate can potentially save you money and help you pay off your debt more efficiently.
When to Avoid a 401(k) Loan
• You want to preserve your long-term financial health Depending on the plan, you may not be able to contribute to your 401(k) for the duration of your loan. This can take away from your future financial security (you may also miss out on employee matches). In addition, money removed from your 401(k) will not be able to grow and will not benefit from the effects of compound interest.
• You may change jobs in the next several years If you anticipate leaving your current employer in the near future, taking a 401(k) loan can have adverse consequences. Unpaid loan balances may become due upon separation, leading to potential tax implications and penalties.
How Is a 401(k) Loan Different From an Early Withdrawal?
When you withdraw money from your 401(k), these distributions typically count as taxable income. And, if you’re under the age of 59½, you typically also have to pay a 10% penalty on the amount withdrawn.
You may be able to avoid a withdrawal penalty, if you have a heavy and immediate financial need, such as:
• Medical care expenses for you, your spouse, or children
• Costs directly related to the purchase of your principal residence (excluding mortgage payments).
• College tuition and related educational fees for the next 12 months for you, your spouse, or children.
• Payments necessary to prevent eviction from your home or foreclosure
• Funeral expenses
• Certain expenses to repair damage to your principal residence
While the above scenarios can help you avoid a penalty, income taxes will still be due on the withdrawal. Also keep in mind that an early withdrawal involves permanently taking funds out of your retirement account, depleting your nest egg.
With a 401(k) loan, on the other hand, you borrow money from your retirement account and are obligated to repay it over a specified period. The loan, plus interest, is returned to your 401(k) account. During the term of the loan, however, the money you borrow won’t enjoy any growth.
Recommended: Can I Use My 401(k) to Buy a House?
Pros and Cons of Borrowing From Your 401(k)
Given the potential long-term cost of borrowing money from a bank — or taking out a high-interest payday loan or credit card advance — borrowing from your 401(k) can offer some real advantages. Just be sure to weigh the pros against the cons.
Pros
• Efficiency You can often obtain the funds you need more quickly when you borrow from your 401(k) versus other types of loans.
• No credit check There is no credit check or other underwriting process to qualify you as a borrower because you’re withdrawing your own money. Also, the loan is not listed on your credit report, so your credit won’t take a hit if you default.
• Low fees Typically, the cost to borrow money from your 401(k) is limited to a small loan origination fee. There are no early repayment penalties if you pay off the loan early.
• You pay interest to yourself With a 401(k) loan, you repay yourself, so interest is not lost to a lender.
Cons
• Borrowing limits Typically, you are only able to borrow up to 50% of your vested account balance or $50,000 — whichever is less.
• Loss of growth When you borrow from your 401(k), you specify the investment account(s) from which you want to borrow money, and those investments are liquidated for the duration of the loan. Therefore, you lose any positive earnings that would have been produced by those investments for the duration of the loan.
• Default penalties If you don’t or can’t repay the money you borrowed on time, the remaining balance would be treated as a 401(k) disbursement under IRS rules. This means you’ll owe taxes on the balance and, if you’re younger than 59 1 ⁄ 2, you will likely also have to pay a 10% penalty.
• Leaving your job If you leave your current job, you may have to repay your loan in full in a very short time frame. If you’re unable to do that, you will face the default penalties outlined above.
Alternatives to Borrowing From Your 401(k)
Because withdrawing or borrowing from your 401(k) comes with some drawbacks, here’s a look at some other ways to access cash for a large or emergency expense.
Emergency fund Establishing and maintaining an emergency fund (ideally, with at least three to six months’ worth of living expenses) can provide a financial safety net for unexpected expenses. Having a dedicated fund can reduce the need to tap into your retirement savings.
Home equity loans or lines of credit If you own a home, leveraging the equity through a home equity loan or line of credit can provide a cost-effective method of accessing extra cash. Just keep in mind that these loans are secured by your home — should you run into trouble repaying the loan, you could potentially lose your home.
Negotiating with creditors In cases of financial hardship, it can be worth reaching out to your creditors and explaining your situation. They might be willing to reduce your interest rates, offer a payment plan, or find another way to make your debt more manageable.
Personal Loans Personal loans are available from online lenders, local banks and credit unions and can be used for virtually any purpose. These loans are typically unsecured (meaning no collateral is required) and come with fixed interest rates and set terms. Depending on your lender, you may be able to get funding within a day or so.
The Takeaway
Borrowing from your 401(k) can provide short-term financial relief but there are some downsides to consider, such as borrowing limits, loss of growth, and penalties for defaulting. It’s a good idea to carefully weigh the pros and cons before you take out a 401(k) loan. You may also want to consider alternatives, such as using non-retirement savings, taking out a home equity loan or line of credit, or getting a personal loan.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Transamerica is considered to be one of the world’s leading insurance and financial services companies. The firm offers insurance and investments to more than 19 million customers worldwide.
As Transamerica’s slogan suggests, the company – and its customers – are “Tomorrow Makers.” This is because the company strives to make its customers’ tomorrows everything that they plan for.
Who is Transamerica?
Table of Contents
Transamerica is a financial services company that provides insurance, investment, and retirement products and services.
It was founded in 1904 and is headquartered in Baltimore, Maryland. Transamerica is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company based in The Hague, Netherlands.
The History of Transamerica
The company has been in the business of providing insurance and financial advice for more than 100 years and it began its operation in 1904 when Amadeo Giannini started the Bank of Italy in a converted saloon in San Francisco, California.
He strived to make financial services available to everyone of all financial classes, not just the wealthy. His business really ramped up following the 1906 San Francisco earthquake when he was able to provide loans to residents for rebuilding their properties.
Several years later, in 1928, the company merged with Bank of America, and two years after that, it acquired Occidental Life Insurance via Transamerica Corporation. In 1956, the banking and life insurance companies were separated, with the insurance component maintaining the Transamerica name. Today, customers of Transamerica have access to a wide variety of insurance and financial products and services.
The firm is licensed to provide insurance in all U.S. states, and the District of Columbia, and it has approximately $223 billion of premiums in force. Transamerica has a roughly $29.5 billion in assets under management.
Products Offered By Transamerica
Transamerica offers a variety of products to both consumers and businesses.
On the insurance side, the company provides numerous options, including the following types of coverage:
Term Life
Term life insurance offers pure death benefit protection for a specific period of time.
This is typically 10 years, 15 years, 20 years, or 30 years. Should the insured pass away during the time that a term life policy is in force, the named beneficiary will receive the stated amount of death benefit.
Because term policies do not offer any type of cash value or savings component, the premiums for this type of coverage are typically more affordable than other, “permanent,” forms of coverage.
For example, you can get a $1 million term policy for less than 20% of a permanent policy with the same face value. Term life is sometimes referred to as “temporary” life insurance coverage as it is often used for covering temporary needs such as the balance of a mortgage.
Whole Life
Whole life insurance offers death benefit protection as well as cash value build up.
The funds that are inside of the cash value grow on a tax-deferred basis, meaning that no tax is due until the time of withdrawal. The cash grows at a guaranteed rate over time.
Whole life is considered permanent coverage because as long as the premium is paid, coverage remains in force – oftentimes for the “whole” of a person’s life.
Universal Life
Universal offers a death benefit protection as well as a cash value build up. However, it provides more flexibility than whole life in that the policyholder can choose to pay higher or lower premium amounts as their financial needs change over time.
The policy value may simply increase or decrease accordingly. Like with whole policies, the cash value is allowed to grow on a tax-deferred basis.
Variable Universal Life
Variable life, provides death benefit protection and cash value.
With variable universal life, however, the cash value’s return is based on underlying investments in market-related “subaccounts.” These can allow the funds in the account to grow a great deal – provided that the market moves upward. These accounts can also be riskier in a downward moving market.
Accidental Death
This can help to ensure that their loved ones will be taken care of should the unthinkable occur. (It is important to note that this benefit will not typically pay out in the event of death that is caused by sickness or other natural causes).
Final Expense
Final expense coverage focuses on paying for a person’s funeral and related expenses.
Today, the cost of a funeral – including the burial plot, headstone, and other related expenses – can exceed $10,000. Unfortunately, many families are not able to pay these costs immediately upon the death of a loved one.
Having final expense insurance allows for a way to do that – eliminating stress on loved ones, in an already stressful and emotional time.
Key Man Life
What is key man life insurance you ask?
Key person insurance is a form of business insurance that people can overlook, but one that can make all the difference in keeping a business or firm successful in the face of losing an owner, or important team member.
In addition to life insurance, Transamerica also offers a number of other financial products, including long-term care insurance, annuities, and retirement/investment savings options for those who are planning for retirement, as well as those who are already there.
Financial Strength Ratings of Transamerica
Transamerica has been given very good ratings by the insurer rating agencies.
These ratings include the following:
A.M. Best
Moody’s Investor Services
Fitch
Standard & Poor’s
A+
A1
AA-
AA-
Is Transamerica a Legit Company?
Yes, Transamerica is a legitimate company. It is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company. Aegon is rated highly by financial rating agencies such as Standard & Poor’s, Moody’s, and Fitch Ratings.
Transamerica has been providing insurance, investment, and retirement products and services since 1904 and is regulated by state and federal government agencies.
Biggest Risks Choosing Transamerica for a Life Insurance Policy?
Choosing a life insurance policy, including one from Transamerica, comes with certain risks. Some of the biggest risks to consider include policy lapse, which occurs when you fail to pay the premium on time and could result in losing coverage.
Another risk is market risk, which refers to the performance of any investments within the policy, such as a cash value component, that can be subject to market fluctuations and result in losses.
Misrepresentation is another risk to consider, as providing incorrect information on your life insurance application could result in your policy being denied or not paying out as expected in the event of a claim.
Lastly, it’s important to make sure the life insurance policy you choose is appropriate for your needs and financial situation, as Transamerica offers a range of policies.
Advantages and Considerations
When seeking life insurance, it is important that the insurer is able to offer choice and flexibility – especially such that it meets with your specific needs. Many have the misconception that they cannot find a policy for them because of their lifestyle choices, such as one looking for life insurance for a smoker, there are options out there for you and I can help with finding the best for your needs.
Transamerica provides an extremely flexible and diverse product line up, including:
Term
Whole
Universal
Variable
Final Expense
Accidental Death
This, coupled with the company’s excellent customer support team can make for a nice mix – especially for customers who may need assistance in figuring out the details in terms of how much to purchase and what type of coverage may be best for their specific needs.
In addition, Transamerica’s policies also come with a nice assortment of riders – which can make their plans even more customizable. For example, the firm offers an estate protection rider that can help in protecting loved ones from estate tax obligations that may arise from the payment of the policy’s own death benefit.
The company’s website provides additional information on both policies and policy riders so that interested potential applicants can obtain more information on how these may work in their specific scenario.
Yet, even with all of the good, there are some considerations that should be taken into account when searching for coverage – especially when doing so through just one single insurer. This is especially the case if you have certain health issues, such as searching for best life insurance rates for smokers and/or you possess other factors that may deem you as being a higher risk applicant. This may lead you to need to look into a company that offers no medical exam life insurance policies.
In these cases – or in any case – it is always good to do some comparison shopping. Otherwise, you are essentially “locked in” to whatever price the insurer presents you with. This can be somewhat similar to only going to one car dealer or one computer dealer when shopping for these items, and never even checking prices elsewhere before moving forward with your ultimate purchase. With this in mind, regardless of how good the product, it always makes good sense to shop around first.
How and Where to Get the Best Life Insurance Coverage for Your Needs
When you’re in the process of searching for the best life insurance coverage – regardless of your current health condition or status – it is important that you compare the type of policies that are available to you, as well as the premium cost from different carriers.
This is because there could be a significant variation between one insurer and another – even for the very same type and amount of coverage.
Transamerica is a financial services company that provides insurance, investment, and retirement products and services. It has a long history, having been established in 1904, and is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company.
One of the strengths of Transamerica is its broad range of products and services, which includes life insurance, annuities, mutual funds, and retirement plans. This allows customers to choose from a variety of options to meet their financial goals and needs. The company has a strong online presence, offering convenient access to account information and resources, as well as easy policy management and premium payment options.
Cost and Fees
Customer Service
User Experience
Overall
3.8
Pros
Wide range of life insurance products: Transamerica offers a variety of life insurance products, including term life, whole life, and universal life insurance, which allows customers to choose the policy that best suits their financial goals and needs.
Strong financial stability: Transamerica is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company, which has a strong financial position as indicated by its highly rated financial standing from credit rating agencies.
Convenient online services: Transamerica provides a convenient online platform for policy management, which includes access to account information, policy details, and premium payment options.
Professional support: Transamerica has a team of trained professionals who can help you understand the policy options and select the one that best suits your needs.
Cons
Potential policy lapse risk: If you fail to pay the premium on time, your life insurance policy may lapse, which can result in the loss of coverage and any accumulated cash value.
Market risk: Depending on the type of policy, there may be investment components within the policy that are subject to market risk, meaning that the policy’s value can decrease in value.
Complexity: Some of Transamerica’s life insurance products, such as universal life, can be complex and may require a higher level of understanding and management to ensure that you are making the most of your coverage.
Premium costs: The premium costs of Transamerica’s life insurance policies may be higher compared to other insurance companies, and it’s important to consider your budget when choosing a policy.
When the subject of Individual Retirement Accounts (IRAs) comes up, the one question that seems to cross everyone’s mind is: Which investment vehicle is better, a Roth IRA or a traditional IRA?
The subtle differences between the two types of IRAs are the source of all the confusion, but the answer depends largely on whether you expect to be in a higher or lower tax bracket when you start to draw funds out in retirement — however, there is actually more to consider than just your tax bracket.
Four Important IRA Features to Consider
For most Get Rich Slowly readers, the four most important considerations are these:
Contribution limits: For Roth IRAs and traditional IRAs, the contribution limits are identical. In 2015, you may contribute a maximum of $5,500 a year to your account. If you are 50 or older, you may contribute an additional $1,000.
Income limits: Both Roth and Traditional IRAs have income limits. (You can get the details on the IRS website: Form 590 for Roth, and Form 590-A for traditional.)
When contributions are taxed: Both types of IRA are tax-advantaged, but in different ways.
Traditional IRA — You are usually able to fund a traditional IRA with pre-tax dollars, so you pay taxes when you withdraw the money. (If you or your spouse has a retirement plan through an employer, the deductibility of your traditional IRA contributions may be subject to income limits.)
Roth IRA — The money you put into a Roth IRA has already been taxed and will grow tax-free; therefore, you are able to withdraw it tax-free.
Annual distributions after age 70 ½: You must take yearly distributions from a traditional IRA (and pay taxes) when you are over 70 ½ years old. There is no such required minimum distribution with a Roth.
Comparing Features: Roth IRA vs. Traditional IRA
Roth IRA
Traditional IRA
2015 Contribution Limit – < 50
$5,500
$5,500
2015 Contribution Limit – > 50
$6,500
$6,500
2015 Income Limits
IRS Roth IRA Info
IRS Traditional IRA Info
Required Annual Distribution
None
Required at 70.5
When Contribution Is Taxed
Before contribution
At withdrawal
How to Choose Between a Roth IRA and a Traditional IRA Account
So if you qualify for both, which one is best? In general, the rule of thumb is:
Choose a Roth IRA if you suspect that your retirement tax rate will be equal to (or greater than) your current tax rate.
Choose a traditional IRA if you think your tax rate will decrease during retirement.
Of course, nobody knows what their future tax rate will be. As a general guideline, take an honest look at your lifestyle and your dreams for retirement. If you live a frugal lifestyle, your withdrawals from your IRA should be low enough so as not to put you in a high tax bracket. In that case, a traditional IRA might work best for you.
However, if you are starting early and you know you will have a substantial nest egg which you plan to use to travel the world in style, you can expect to be withdrawing a high enough amount to put you in a higher tax bracket then. If that is the case, a Roth IRA might make more sense for you.
Looking at it from the other side, if you are in a high-paying job now, a traditional IRA might be attractive because you save a significant amount of income tax from the deduction you take. If, however, you are in a low tax bracket at the present, a Roth IRA might make more sense, because you won’t get a significant tax saving from your deduction.
Getting More Specific
If you want more explicit information, you should search the web for an IRA retirement calculator. Be aware, though, that your assumptions about the future are just that — assumptions. Nobody knows what tax rates will be like in the future. If you make very little now, you can guess that your tax rate will probably be higher in retirement. If you make a lot, your tax rate could very well be lower. But what about the rest of us?
I asked Dylan Ross of Swan Financial Planning for his advice:
Because many people will have tax deferred savings from other sources anyway, it usually makes sense to go with the Roth when you have the choice.
Most people will not be withdrawing their entire IRA in a single tax year. It’s entirely possible that some years will have higher tax rates than present and some years will be lower. This is why I think it makes sense to try to have tax-free (Roth) and tax-deferred savings, so I can have options in the future. If I want to save some of my tax-free when I’m retired because tax rates are at a low and I suspect will eventually rise, I’ll pull from my traditional IRA. If tax rates are super high, I’ll tap the Roth.
I’m an advocate of diversifying the tax treatment of my retirement savings; but in the end, when you have a choice, putting it all in the Roth is usually the better move.
The Question Remains, and the Answer is Personal
Traditional and Roth IRAs are great tools to help the average American save for retirement. There are several subtle differences between the two accounts that affect everyone whether they are just starting out in their retirement planning career (and it is a career, the only one from which no one can ever be fired or laid off) or they happen to be near (or even in) retirement.
So which is better? It depends. Your circumstances determine which account makes the most sense. If the choice is not clear to you, you should probably consult a qualified professional such as an accountant or a certified financial planner. Most of the time I route people to one of my previous articles if they want to get a better handle on the subject:
If you are more interested in 401(k)s than IRAs, the same train of thought applies. (And because you are dealing with an uncertain future, a train of thought is the closest you can hope to get to a firm scenario.)
With record low unemployment and a reasonable cost of living, Ohio packs plenty of amenities for residents. But if you live in Ohio, the large number of FDIC-insured banks can make it tough to choose just one. To help, we’ve pulled together a list of local, national, online, and regional banks operating in the state.
10 Best Banks in Ohio
The best checking accounts in Ohio offer the amenities you need, while also reducing fees. Most banks offer features like mobile check deposits and ATM access, but in-person customer service and access to branches can also make a difference. All the banks listed below are worth considering for their low-fee banking services, whether you’re in Cleveland, Columbus, or one of the many other great Ohio cities.
1. KeyBank
If you’re looking for an Ohio bank that provides a personal banking experience, KeyBank might have everything you need. The standard checking account comes without fees or balance requirements.
The best APY comes with its money market savings account option, which pays up to 5.00% APY. The bank operates branches and ATMs throughout Ohio, and you’ll get expanded ATM access at Allpoint ATMs nationwide.
Fees:
No monthly fees
$20 fee for overdrafts
Balance requirements:
$10 opening deposit required
No minimum daily balance
ATMs:
Fee-free at KeyBank ATMs
Fee-free at Allpoint ATMs nationwide
$3 fee for out-of-network ATM transactions
Interest on balance:
Up to 5.00% APY on money market savings accounts
Up to 4.74% APY on CDs
Additional perks:
2. Huntington National Bank
Huntington National Bank has branches throughout the Midwest, but its headquarters is in Columbus. That gives the bank a strong presence throughout the state, with a bank branch in Columbus, Cleveland, and the Akron areas.
Huntington Bank has a fee-free checking account that even waives fees on overdrafts up to $50. But one of the biggest selling points for Huntington Bank is its interest rates. The 0.06% APY on savings accounts and 5.13% APY on CDs is better than average, particularly for traditional banks.
Fees:
No monthly fees
$15 (waived up to $50)
Balance requirements:
No minimum deposit to open
No minimum balance requirement
ATMs:
Fee-free at more than 1,700 ATMs nationwide
$3.50 out-of-network ATM fee
Interest on balance:
Up to 0.06% APY on savings accounts
Up to 5.13% APY on CDs
Up to 4.18% APY on money market accounts
Additional perks:
Standby Cash serves as an automatic line of credit
Early access to paycheck with direct deposit
3. Chime
Chime is an online banking platform open to consumers throughout the U.S. Ohio residents looking for banking services will get all the basic amenities through Chime’s app. You get mobile check deposit, funds transfers, and a Visa debit card. Like many other online banking options, Chime also gives you cash access through partnerships with ATM providers and retailers nationwide.
Fees:
No fees
No fees for overdrafts
Balance requirements:
No opening deposit required
No minimum daily balance
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 fee for out-of-network ATM transactions
Interest on balance:
2.00% APY on savings accounts
Additional perks:
4. Wright Patt Credit Union
Credit unions have competitive rates and perks, but they also come with membership requirements. Wright Patt Credit Union is open to anyone who lives, works, worships, or attends school in 20 Ohio counties.
You’ll have fee-free ATM access at WPCU ATMs throughout Southwest and Central Ohio, as well as through CO-OP ATMs nationwide. But one of the biggest selling points is WPCU’s interest rates. Currently, they’re paying 7.00% APY on the first $1,000 in your savings account.
Fees:
No monthly service fees
$9 fees for overdrafts
Balance requirements:
No opening deposit required
No minimum daily balance
ATMs:
Fee-free at WPCU ATMs
Fee-free at CO-OP ATMs nationwide
No fee for out-of-network ATM transactions
Interest on balance:
Up to 7.00% APY on savings accounts
Up to 4.85% APY on CDs
3.30% APY on money market accounts
Additional perks:
WPCU Sunshine Community Fund supports local nonprofits
Competitive rates on personal loans
5. Chase Bank
Chase is a national bank with locations across Ohio. The Chase Total Checking Account comes with a $12 monthly fee. However, Chase waives it if you have direct deposits of $500 or more each month, keep at least a $1,500 daily balance, or maintain a $5,000 minimum balance across all your Chase accounts.
For younger costumers, take a look at the Chase Student Checking Account, which is designed for students between the ages of 18 and 24.
Fees:
$12 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No minimum deposit to open
No minimum daily balance
ATMs:
Fee-free at 16,000+ Chase Bank ATMs
$3-$5 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% APY on CDs
Additional perks:
$100 checking account bonus
Credit cards offer bonuses and general rewards
6. Woodforest National Bank
Woodforest National Bank is a community bank with branches in Ohio, Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.
The basic checking account comes with a $6.95 fee, but Woodforest waives it with monthly direct deposit or a daily balance of at least $100.
Fees:
$6.95 monthly maintenance fee (waived with requirements)
$32 overdraft fee
Balance requirements:
$25 deposit to open
No minimum daily balance
ATMs:
Fee-free at Woodforest National Bank ATMs
$2.50 out-of-network ATM fee
Interest on balance:
Up to 0.50% APY on savings account balances
Up to 4.60% APY on CDs
Additional perks:
7. Fifth Third Bank
Headquartered in Cincinnati, Fifth Third Bank is one of the top regional banks in Ohio. You’ll get fee-free ATM access not only at Fifth Third ATMs but also at more than 40,000 partner ATMs nationwide. Fifth Third Momentum Checking comes with no monthly maintenance fees, and you can avoid overdraft fees by depositing enough money to cover the overage by midnight the next business day.
Fees:
No monthly service fees
$37 overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance
ATMs:
Fee-free at 1,500+ Fifth Third Bank ATMs
Fee-free at 40,000+ partner ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
0.01% APY on savings account balances
Up to 4.75% APY on CDs
Additional perks:
Early access to your paycheck
Extra business day to resolve overdrafts
8. GO2bank
If you haven’t checked into online banks lately, you might have missed how far they’ve come. Not only are their interest rates and fees competitive with most traditional banks, they also offer features that make it easy to skip the bank branch experience. GO2bank offers nationwide access to cash at Allpoint ATMs, as well as cash deposits at more than 90,000 retailers.
Fees:
$5 monthly maintenance fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 out-of-network ATM fee
Interest on balance:
4.50% APY on savings account balances
Additional perks:
Up to 7% cash back on gift card purchases
Deposit cash at 90,000+ retailers nationwide
9. Quontic Bank
Another online banking option is Quontic Bank, which began as a community bank in New York City in 2009. Quontic has a wider range of cash withdrawal options than most banks, thanks to partnerships with Allpoint, MoneyPass, and Citibank. But one feature that sets this bank apart is its mortgage loan program.
Quontic has been designated by the U.S. Treasury as a Community Development Financial Institution (CDFI), which allows it to issue loans to borrowers who fall outside the requirements for a conventional home loan.
Fees:
No monthly fee
No fees for overdrafts
Balance requirements:
$100 opening deposit
No minimum daily balance
ATMs:
Fee-free at Allpoint ATMs nationwide
Fee-free at MoneyPass ATMs
Fee-free at SUM Program ATMs
Fee-free at select Citibank ATMs
Interest on balance:
Up to 1.10% APY on checking account balances
4.25% APY on savings accounts
Up to 5.15% APY on CDs
Up to 4.75% APY on money markets
Additional perks:
CDFI lending makes mortgage loans available to a wider range of applicants
Free contactless Quontic ring wearable with new checking account
10. Civista Bank
Local banks have plenty to offer, including a competitive annual percentage yield and personalized customer service. Civista Bank has branches in Northern, Northwestern, Central, and Southwestern Ohio, as well as Southeastern Indiana and Northern Kentucky. If you travel often, though, be aware that fee-free ATM transactions are limited to the service area.
Fees:
No monthly fee
$37 overdraft fee
Balance requirements:
$50 opening deposit
No minimum daily balance
ATMs:
Fee-free at Civista ATMs nationwide
$4.50 fee for out-of-network ATM transactions
Interest on balance:
Rates not publicly disclosed
Additional perks:
Bottom Line
With so many Ohio banks, the options can be overwhelming. It can help to narrow down the features you need. From personalized banking services to help with investment accounts, choosing a bank account is a personal decision. Compare rates and features between financial institutions until you find the right bank to meet your needs.
When purchasing life insurance, it is important to have choices. As there are many various needs, policy holders can be better served by being able to essentially “customize” their plans in order to keep up with changes in their lives.
One of the most flexible forms of permanent life insurance is universal life. This type of coverage provides guaranteed death benefit protection, along with a fixed rate of interest on the cash value component of the plan. Cash in the policy can grow on a tax-deferred basis, and because of this, it can grow substantially over time.
Yet, universal life, or UL, also provides so much more than what is offered with more “generic” forms of permanent coverage such as whole life insurance. For example, with a universal policy, if the policy holder’s needs happen to change, then he or she may actually alter the policy to better fit their then-current scenario. This greatly differs from whole or term life policies which are “locked-in” once the policy is in place.
How Universal Life Insurance Works
Universal life is a form of permanent coverage. This type of policy offers the policy holder death benefit coverage, as well as a cash value component. Yet, while this may sound very similar to whole life insurance, universal policies differ in many ways – starting with the fact that these policies can offer much more flexibility.
Similar to other types of permanent life insurance, the cash that is inside of a universal life insurance plan is allowed to grow on a tax deferred basis. However, the policy holder is allowed to move the funds between the cash value component and the insurance component of the policy.
What this means is that the policy holder can in essence change – within certain stated guidelines – the amount of the policy’s death benefit amount. In addition, the policy holder can also change the amount and the due date of the premium as well.
There are also more underlying options that are available in terms of allowing a universal policy holder’s cash value to grow. For example, policy holders can typically choose from a variety of different investment vehicles from both the fixed income and the equity investment markets.
Types of Policies
In addition to regular universal life, there are other variations of the product. For example, there are variable universal life and indexed universal life. Variable universal life insurance is a type of permanent coverage that offers both a death benefit, as well as cash value build up. Just like regular universal life, the policy holder can – within certain guidelines – change both the timing and the amount of the premium.
Rather than growing at a set rate of interest, though, with variable universal life, the funds in the cash component are actually managed professionally (unlike variable life policies that are managed by the policyholder) in underlying “subaccounts” and can be in entities such as stocks, bonds, and mutual funds. This can allow the opportunity for additional growth. However, it can also present more risk if the market has a negative return.
Overall, variable universal life insurance can provide policy holders with a number of different subaccount options – which can also include fixed option choices that have a minimum rate of interest. These policies also offer flexible premiums, payment schedules, and death benefit options.
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The indexed universal policy option allows policy holders the ability to own permanent life insurance protection, along with a cash value component that provides them with not just a guaranteed interest rate, but also with interest that is based partially on one or more market indexes such as the S&P 500.
With this type of policy, the policy holder may incur a cap that limits the maximum amount of growth that they can attain in a given period of time. However, in return for that, they are also provided with a minimum “floor.” This means that they are also protected against market losses – essentially guaranteeing them that they cannot lose any of their principal.
In many ways, indexed universal life insurance works in a similar fashion as most other types of coverage in that the policy holder pays their premium, and the net premium is then applied to the actual life insurance death benefit.
A portion of the premium is also credited to the policy’s “index” account, which is credited at the index growth rate. Over time, the cash in the policy’s cash portion can grow significantly – especially as the funds are protected against any downside market losses. Over time, the cash can grow substantially – and can be accessed via withdrawals or policy loans.
There are numerous benefits of owning an indexed universal policy. These can include having permanent death benefit coverage, provided that premiums are paid within the grace period and that the policy remains in-force.
As with most other universal life insurance policies, these plans also provide the flexibility to either increase or decrease the policy’s premium, within certain limits. In addition, the policy also offers the ability to increase the cash value portion, yet with downside protection. This can be viewed as a true win-win.
Considerations When Purchasing
When purchasing a universal policy, it is important to keep several factors in mind. First, there should be a good mix of different investment options to choose from for the policy’s cash component. This will help to both increase growth opportunity and to diversify.
It is also a good idea to check for policy guarantees. Most universal life insurance policies will provide at least some form of a guarantee regarding its investment options, as well as the minimum amount of premium that it will take to keep the policy in force. Likewise, it is important to ensure that the universal policy is flexible and can be adjusted in the future.
How Much Will a Policy Cost?
When determining the quote on a universal life policy, there are a variety of factors that are considered by the insurance company. This is because the insurer wants to determine whether it is taking on an appropriate amount of risk, and that it will not have to pay out a large amount of claim soon after it accepts an applicant for coverage.
Some of the key factors that life insurance carriers consider when reviewing an applicant for coverage include the following:
Age
Gender
Height and weight (primarily, weight as it pertains to the individual’s height)
Smoking status
Alcohol consumption
Marital status
Employment and income status
Overall health condition
Family health history
Hobbies (whether or not risky or dangerous hobbies such as sky diving or scuba diving take place)
In addition, policies that are “traditionally” underwritten, will typically require the applicant to take a medical exam, though if needed, we can find those carriers that will offer a policy for life insurance with no medical exam. This will entail meeting with a paramedical professional who will take a blood and urine sample. These samples will be tested for certain types of health ailments that could also pose certain risks to the company in terms of having to pay out a potential insurance claim.
Depending on the applicant’s overall health after all of the information has been reviewed, the insurance underwriters will be able to obtain a much clearer picture of the person’s risk status. At that time, a coverage determination can be made, as well as a premium price can also be determined.
If the individual is considered to be of “average” health – and will also likely have an “average” life expectancy given his or her health – then they will typically be rated as a Standard policy.
If, however, the individual has a slight health issue – but not enough to be declined altogether for coverage – then they will typically be rated as a Substandard. This means that they will still be offered coverage. However, that coverage will be provided at a higher premium rate.
Conversely, if the individual is in excellent physical and mental health, then it could turn out that the insurance company rates him or her as a Preferred. In this case, they will be able to obtain their policy at a lower than average premium rate.
For applicants who are declined for coverage due to health issues, there are other options for coverage. These can include going the route of a no medical exam policy or a guarantee issue policy. In these cases, an applicant will not be required to go through the medical examination in order to obtain a policy. While the premium for this type of coverage is typically much higher than for comparable coverage that is traditionally underwritten, it could be the only option in some instances.
How and Where to Get the Best Quotes
For those who want death benefit protection, along with additional benefits, universal life insurance should certainly be a consideration. These policies offer many advantages, such as:
Death benefit coverage – UL policies provide lifetime death benefit protection – provided that premium payments are made within the policy’s grace period.
Tax-deferred growth – The cash within the policy’s cash value component is allowed to grow on a tax-deferred basis. This can allow funds to increase exponentially, as tax will not be due until the time of withdrawal.
Interest rate guarantee – The cash in the policy’s cash value component is also provided with a guaranteed rate of interest. This means that the growth is guaranteed not to fall below a set level.
Flexibility – Because UL policy holders are allowed to change the amount and timing of their premium payment, these policies come with a great deal of flexibility to grow and alter as one’s coverage needs change over time.
When searching for the best universal life insurance quotes, it is important to ensure that you obtain several different options. This will allow you to compare the policy features – as well as the premium quotes – from a number of insurers, and then to decide on which option will provide you with the best scenario for you and your specific needs.
In doing so, it is typically best to work with an agency or company that has access to more than just one insurance company. When you’re ready to begin your search for universal quotes, we can help. We work with many of the top universal carriers in the market place today – and we can provide you with all of the important information and details that you need that can help you with your purchase decision. We can do so directly via your computer – and without the need to meet in person with an agent. When you’re ready to begin the process, just fill out and submit the form on this page.
. Our experts are happy to assist you with answering questions or concerns, or walking you step by step through the universal quote process.
We understand that the purchase of life insurance can be a big decision. That is why we want to ensure that you have all of the pertinent information that you need in order to make the right decision. We will assist you in the following ways:
Choosing the right type of coverage – whether it be term, whole life, or universal protection;
Determining the proper amount of death benefit
Finding the company that will offer you the benefit – and the premium quote – that will suit your needs, and your budget.
Lincoln Financial Group is a large insurance and financial corporation. It is a Fortune 500 company that provides a very diverse array of financial services and solutions to its business and consumer clients. The company has in excess of 9,000 employees and it is headquartered in Philadelphia, PA.
The name Lincoln Financial Group is actually the marketing name for Lincoln National Corporation, as well as its affiliates. The company’s shares actively trade on the New York Stock Exchange under the symbol LNC.
History
Lincoln Financial was founded back in 1905 – and it has thrived and grown throughout the past century. Today, the company holds very strong positions in the financial services industry, being #232 on the 2014 Fortune 500 list in terms of company revenue, and #26 in terms of assets. Lincoln is also listed as #218 on the Barron’s 500 2014 list for the most growth in revenue, as well as for the most cash returns.
As of the third quarter 2014, Lincoln Financial reported to have $215 billion in assets under management, with total adjusted statutory capital of roughly $8.3 billion. This places the company in a solid fourth place for all life and health insurance companies by revenue. However, Lincoln is ranked #1 for both total life insurance sales, as well as for variable universal life sales, according to LIMRA’s YTD rankings as of June 30, 2014.
Products Offered By Lincoln Financial
Lincoln Financial Group offers a wide variety of financial and insurance products for both businesses and consumers. These include life insurance, annuities, long-term care solutions, employee benefits, workplace retirement plans, group insurance, and executive benefit plans.
On the individual life insurance side, Lincoln provides the following options:
Term Life – Term life is typically purchased to provide “temporary” coverage. This type of policy can be obtained for one year, five years, ten years, or longer. It is considered to be the most economical form of coverage. This is because term life provides only death benefit protection, with no cash value build up or investment component. Lincoln Financial offers three different level term options to choose from.
Universal Life – Universal life insurance provides insureds with the benefits of traditional coverage. This means that they have death benefit protection, along with cash value. This cash grows on a tax deferred basis, meaning that there are no taxes due on the growth until the time of withdrawal. With universal life, policy holders have the opportunity to grow cash over time at a set rate, yet the flexibility to set the amount and the timing of their premium. Policy holders can also set the amount of their death benefit – within certain guidelines – when the policy is in force. Lincoln has several different Universal Life products to choose from, including the Lincoln LifeGuarantee UL, the Lincoln LifeCurrent, and the Lincoln LifeReserve.
Index Universal Life Insurance – Similar to regular universal life, index universal life also allows funds to grow tax deferred. However, growth is tracked by the performance of an underlying index such as the S&P 500 or the Dow Jones Industrial Average (DJIA). Lincoln offer several index universal plans, including the Lincoln Treasury Indexed UL, the Lincoln LifeReserve Indexed UL Accumulator, the Lincoln LifeReserve UL Protector, and the Lincoln WealthPreserve Survivorship Indexed UL.
Variable Universal Life Insurance – Variable universal life insurance offers flexible death benefit coverage, along with growth potential in the cash value component of the policy. The potential to grow the cash over time is based upon market performance of an underlying portfolio of “subaccounts.” The funds, however, are not invested directly in the market. It is important to note, however, that while variable life can offer the opportunity to grow funds due to market performance, the potential for poor market performance can also make this type of policy more risky. Lincoln Financial offers several options for variable universal life insurance. For single life plans, it offers the Lincoln AssetEdge VUL, the Lincoln AssetEdge Exec VUL, and the Lincoln VUL ONE. There is also a Survivorship Life option. These plans include the Lincoln PreservationEdge SVUL and the Lincoln SVULONE.
Lincoln Financial also provides a life insurance option as an alternative funding mechanism for long-term care expenses. This can allow an individual or a couple to forgo the expense of having to purchase a stand-alone long-term care insurance policy and instead just use the funds that are inside of a universal plan. This can essentially provide the policy holder (or policy holders) with the benefits of universal life and long-term care insurance combined.
It also helps to eliminate the worry of “not using” long-term care insurance policy benefits that are paid for over many years, but never utilized. Instead, this option provides coverage for long-term care expenses if the person needs it – but if they don’t, it offers either a death benefit or a return of their initial premium if they don’t.
Company Ratings
Lincoln Financial is a solid performer in terms of financial strength – and it has the ratings to show it. The company has received very strong marks from the ratings agencies:
The Lincoln National Life Insurance Company
Lincoln Life & Annuity Company of New York
A.M. Best
A+ (2nd highest of 16)
A+ (2nd highest of 16)
Standard & Poor’s
AA- (4th highest of 22)
AA- (4th highest of 22)
Moody’s Investor Services
A1 (5th highest of 21)
A1 (5th highest of 21)
Fitch Ratings
A+ (5th highest of 19)
A+ (5th highest of 19)
Advantages and Concerns
There are a number of advantages to going with Lincoln Financial as your company of choice. First, this financial services giant offers a nice variety of both term and universal policies, along with a very wide selection of optional policy riders to choose from. So, even though the company does not provide a whole life insurance option, there are a lot of other choices that can meet most other needs.
Lincoln also offers other popular policy features such as a no-exam term conversion (for those who qualify), as well as a level premium guarantee on its term life insurance plans, and access to the cash value on its universal life policies. It does not, however, offer a dividend option with paid-up additions.
The company is also very solid in terms of its financial backing and strength. Across the board, the financial rating agencies have provided Lincoln with strong marks. That, coupled with the company’s century old history, should give policy holders confidence that Lincoln will likely be there when they need them.
Unfortunately, no matter how nice the variety is in a company’s product selection is, it is always a wise plan to get more than just one policy quote before making your final purchase choice. Just like choosing a car or a computer, you wouldn’t just look at one and agree to the sticker price without first doing some comparison shopping.
When searching for life insurance, it is likely that the proceeds will be used for paying off large debt, replacing income, or some other important purpose in which survivors will rely. With that in mind, you will want to ensure that the amount of proceeds is correct, the premium is within budget, and the company is secure. To help protect your family further, looking into Burial Insurance is also a good choice.
Finding the Life Insurance Coverage That Meets Your Needs
If you are ready to begin searching for the right policy for your specific needs, we can help. We can assist you in several different ways. First, we can help you in determining the right type of coverage. In other words, is term, whole life, or universal life the proper coverage type for you? Next, we will also walk you through determining the proper amount of coverage for your needs.
Coming up with the right dollar figure can be daunting at times – especially if projecting out into the future. My preferred provider can help you in coming up with the coverage that can help get your loved ones through the tough times. Get started with your own set of quotes by filling out the form on the side of this page.
They will also help you in reviewing the many different life insurers in the market place in order to find the one that is best for you. Root Financial works with the best life insurance carriers in the industry today, and can get you all of the important information that you need in order to make the right decision. Complete a major part of your personal finance plan today by getting quotes and coverage. We also have great tips for other insurance covers out there too, check out our post on the Best Auto Insurance Companies!
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Choosing a checking account can be an overwhelming process. Between online banks operating nationwide and brick-and-mortar banks and credit unions serving your home region, there are hundreds if not thousands of legitimate institutions to choose from. Many offer more than one checking account option, sometimes several.
Not Truist. Though it’s one of the biggest banks in the United States, it offers just one main consumer checking account: Truist One Checking.
Having just one choice with Truist certainly simplifies the decision. But Truist One is a bit more complicated than your average checking account, so don’t rush to open one until you understand all its ins and outs.
What Is Truist One Checking?
Truist One Checking is a consumer checking account from Truist, formerly known as SunTrust Bank. It has a $12 monthly maintenance fee that’s relatively easy to waive with a qualifying monthly direct deposit, minimum balance, or other linked Truist accounts.
Truist One’s perks vary based on how much you have in all eligible Truist checking, savings, investment, and other qualifying accounts. As your combined balance increases or decreases, Truist automatically moves you between benefit levels. Notable perks of higher benefit levels include substantial rewards bonuses on linked Truist credit cards, ATM fee waivers, and maintenance fee waivers on linked accounts.
What Sets Truist One Checking Apart?
Truist One Checking stands out for several reasons:
Relatively easy maintenance fee waivers. You can waive this account’s monthly maintenance fee with a combined balance as low as $500 or a modest monthly direct deposit.
Legitimately valuable benefits as your combined balance increases. Once your balance exceeds $10,000, the perks really add up here.
Free, limited overdraft protection for eligible account holders. Even if you don’t have a sizable balance, you get free overdraft protection for negative balances up to $100.
No maintenance fee on your linked savings account. As long as your Truist One Checking account remains open, you pay no monthly fee on your linked Truist Savings account.
Key Features of Truist One Checking
Truist One has a standard set of checking account features, from a low minimum opening deposit requirement to a monthly maintenance fee with multiple ways to waive. However, its loyalty levels and associated benefits add some complexity.
Account Minimums
The minimum to open an account is $50. Once open, you don’t have to maintain a minimum balance, though one of the waiver options for the monthly maintenance fee involves keeping a $500 balance in eligible Truist accounts.
Account Fees & Waiver Requirements
Truist One has a $12 monthly maintenance fee. There are five ways to waive it in any given statement cycle:
Receive at least $500 in qualifying direct deposits into your account
Maintain a balance of at least $500 in eligible linked Truist deposit and investment accounts as of the last business day of the statement period
Have a personal Truist credit card, loan, or mortgage, excluding Lightstream personal loans
Have a linked small-business checking account with Truist
Be a student under age 25
ATM Access
Truist has a network of about 3,000 branded ATMs offering fee-free withdrawals. Withdrawal fees and other transaction fees may apply outside this network.
Free Linked Savings Account
Truist One comes with a complimentary Truist Savings account, which normally carries a $5 monthly maintenance fee. However, this isn’t much of a benefit because Truist Savings yields basically nothing (.01% APY on all balances).
First Book of Paper Checks Free
You get a free 10-pack of paper checks when you open your Truist One account. Reorder fees depend on your loyalty level.
Overdraft Protection
Truist One comes with complimentary overdraft protection, known as Negative Balance Buffer, for negative balances up to $100. Truist generally declines transactions that would result in an overdraft greater than $100.
To qualify, your account must be open for at least 35 days, be funded and have a positive balance at the time of approval, and receive at least one direct deposit totaling $100 per month for two consecutive months. Moving forward, you must receive at least one direct deposit totaling $100 each month to remain qualified.
Loyalty Levels & Benefits
As a Truist One account holder, you’re automatically assigned to one of five benefit levels based on the total combined value of all eligible Truist accounts. Eligible accounts include checking, savings, CD, and investment accounts.
Level 1 (up to $9,999.99): This level comes with all the standard features of Truist One. Other notable benefits include a 10% rewards bonus on a linked Truist credit card spending and a $25 discount on Truist’s annual safe deposit box fee.
Level 2 ($10,000 to $24,999.99): Notable benefits include a 20% credit card rewards bonus, 50% check reorder discount, one out-of-network ATM fee reimbursement per month, and an additional Truist One checking account (which is useful if you want to set up a custodial or joint account for a minor).
Level 3 ($25,000 to $49,999.99): Notable benefits include a 30% credit card rewards bonus, free check reorders, three out-of-network ATM fee reimbursements per month, and two additional Truist One checking accounts.
Level 4 ($50,000 to $99,999.99): Perks include a 40% credit card rewards bonus, free check reorders, five out-of-network ATM fee reimbursements per month, and three additional Truist One accounts.
Level Premier ($100,000 and above): Perks include a 50% credit card rewards bonus, free check reorders, and unlimited out-of-network ATM fee reimbursements.
Mobile Features
Truist has very well-reviewed mobile apps for Android and iOS. They’re comprehensive and user-friendly, allowing you to do pretty much anything you can using Truist’s standard online dashboard. Mobile check deposit is a big plus.
Deposit Insurance
This account comes with federal deposit insurance up to the standard FDIC limit of $250,000.
Pros & Cons
Truist One Checking has some clear advantages for active users, but it’s not perfect.
Pros
Truist One Checking has some potentially valuable perks, especially if you have substantial balances across all linked Truist accounts.
Valuable benefits with higher balances. Truist One’s benefits really add up as your balance increases. If you have at least $25,000 deposited across linked Truist bank and investment accounts, Truist One is much more generous than comparable accounts.
Complimentary overdraft protection. All Truist One account holders enjoy complimentary overdraft protection for negative balances up to $100. That’s a rare perk for a big bank.
First book of paper checks free. This account comes with a free book of paper checks, an increasingly rare perk in the new paperless banking normal.
Relatively easy to waive the monthly maintenance fee. Truist One does have a monthly maintenance fee, but an abundance of reasonable waiver requirements means it’s easy for most account holders to avoid.
Cons
Truist One Checking has some notable access issues, including a relatively small ATM network and a large but highly regional branch footprint.
Small ATM network. Truist One has only a few thousand ATMs in its network, which is fewer than most banks of its size.
Branches aren’t available nationwide. Truist’s branches cluster in the eastern U.S., especially the southeast. If you live outside this area, you might have trouble banking in person.
Poor yields on linked savings account. Truist makes a big deal of its linked savings account, but you can do better with literally hundreds of other choices elsewhere.
How Truist One Checking Stacks Up
Truist One Checking has a lot in common with Chase Total Checking, another popular checking account from a well-known big bank. Before applying for either, see how the two compare.
Truist One
Chase Total Checking
Monthly Fee
$12
$12
Waiver Options
Yes, relatively easy
Yes, more difficult
ATM Network
3,000+ machines
15,000+ machines
Branches
About 2,200
About 4,600
Loyalty Levels
Yes
No
Truist One’s advantages over Chase Total Checking include its relatively easy monthly fee waiver options and its generous loyalty perks. If you have a Truist credit card and significant balances across all linked Truist accounts, Truist One is the better choice. But Chase Total Checking is superior if you’re looking for a big branch and ATM network.
Final Word
Truist One Checking is one of the better big-bank checking accounts around, thanks in large part to its easy-to-achieve monthly fee waivers. It’s also a strong choice for account holders with sizable (and growing) balances. The more you have in your linked Truist accounts, the more generous this particular account becomes.
That said, Truist One Checking isn’t the best choice for people who prefer online banking but feel like giving traditional banks another shot. For that, look to a bank with an even broader ATM and branch footprint, like Chase or Bank of America.
The Verdict
Our rating
Truist One Checking
Truist One Checking is a full-service deposit account for people who hope and expect their balances to grow over time. It’s relatively easy to waive the monthly maintenance fee, and benefits start to pile up as your combined balance passes the $10,000 mark. But Truist has some important branch and ATM access limitations to keep in mind.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Banking
5 Best Checking Accounts for Seniors – Rates for 2023
Banks don’t market checking accounts to older adults quite as vigorously as they do to students, small-business owners, or general audiences, but senior-friendly checking accounts are more common than you might imagine. Which checking accounts offer the best fit for seniors? Here are our picks.
Many years ago, buying life insurance meant simply purchasing coverage that paid out a death benefit when an insured passed away. Today, however, things have changed a great deal. Life insurance policies are still certainly used as a tool for replacing income or for paying off debt upon the death of an insured. But now, these plans can also be used for so much more.
No longer are life insurance policies just “plain vanilla” anymore. In fact, oftentimes, life insurance policies are used as financial planning tools that can help individuals and families solve all types of additional needs, such as saving for college, paying off a mortgage, and supplementing retirement income.
They can also be used for growing funds based on rising market conditions. One type of policy that can be particularly useful in offering a death benefit while also providing for additional financial needs is variable coverage.
How Variable Life Insurance Works
Variable life is a type of permanent coverage. This means that it offers both death benefit protection, as well as a cash value or investment component where the policyholder can invest in a variety of “separate” accounts.
These policies are referred to as such because when a policyholder pays their premium into the plan, the portion of his or her premium that goes into the cash – or investment – component of the policy will be subject to the ups and downs of the underlying market fluctuations. Therefore, the plan will be “variable” in its nature.
Typically, the policy holder has the option of choosing from a very wide variety of different investment options within this separate account. These can include mutual funds, stocks, money market funds, bonds, and a number of other financial vehicles. Because some of the investment options that are included in variable policies are securities, these types of life insurance policies are regulated by the federal securities laws.
Just as with the cash value component of other types of life insurance policies, the funds that are in the investment component of a variable insurance plan are allowed to grow on a tax-deferred basis, meaning that the money will not be taxed until the time of withdrawal. This can provide the opportunity for funds to increase at an even greater pace – especially over time and in positive market conditions.
The Advantages of Owning a Variable Life Policy
There are a number of advantages to owning a variable policy. First, as with any other type of coverage, the death benefit proceeds will provide financial protection to the insured’s survivors in the event of death. Such funds may be used to pay final expenses, to pay off large debts such as a mortgage, or used as income replacement in paying everyday living expenses going forward.
Another benefit of variable life coverage is that the premiums are typically fixed throughout the life of the policy. This means that, unlike term life insurance, the insured will never need to re-qualify for coverage, provided that the premiums are paid within the grace period and that the coverage stays in-force.
Likewise, the initial amount of the death benefit on a variable policy is also usually a fixed amount – regardless of what occurs in the underlying market. Because of this, the named beneficiary (or beneficiaries) on this type of policy can, therefore, be assured that they will be receiving a certain amount of proceeds upon the death of the insured.
This can be helpful in that if the funds were being counted on for payment of certain debts or the replacement of the insured’s income, there would be a set amount coming to the insured’s survivors from the variable life plan.
In addition, due to the variety of investment options, variable life can provide insurance policyholders with the opportunity to grow the funds that are in the cash portion of their policy. These funds may be used in the future for other financial needs and they could be accessed via withdrawals or through policy loans.
So, if funds are needed by a variable life policyholder during his or her lifetime, these plans will typically allow the individual to either withdraw or borrow cash from the investment component of the policy. In addition, funds from the cash value component can often be used for paying the policy premiums – alleviating the policyholder from having to do so out of pocket.
Some Things to Consider Before Purchasing Life Insurance
While there are many advantages of owning a variable life insurance policy, it is also important to consider some key factors prior to moving forward in order to be sure that this type of policy is the best option for you and your specific insurance and investment needs.
First, when considering a variable plan, the policy holder should be able to take on a more active role in the investment of the policy’s separate account. Given this, it may be wise to have a good understanding of how mutual funds and other investments work – and how each may, or may not, fit with your particular financial needs and goals.
Being aware that variable coverage comes with a higher level of risk than some other types of permanent life insurance, such as whole life or universal life, can also help to ease any surprises should the market take a sudden downturn.
In any case, an important consideration that any potential owner of a variable policy should have is that he or she will have much more control over how their funds are invested in this type of life insurance plan. This will differ substantially from ownership of a whole life or a universal life insurance policy, where the underlying funds are typically chosen for the policyholder by the insurance carrier.
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Is a Variable Policy Right for Everyone?
Unlike whole life insurance, where cash is only guaranteed to grow at a fixed conservative rate of interest, the funds that are inside of a variable life policy are tied to a variety of different market related investment options. This allows the opportunity for a substantial amount of growth. It also, however, can subject the funds to market risk. Therefore, variable policyholders need to be aware that their funds can rise in value. However, they can also fall.
The policyholder of a variable life policy also has a great deal of choices in the underlying investments that are chosen for his or her cash value component. This differs significantly from whole life insurance where the insurance company makes these selections. Therefore, those who are not active investors or who do not have a good understanding of stocks or mutual funds may want to obtain some initial knowledge of these investments prior to moving forward. It is also a good idea to have at least a basic understanding of how different types of market risk can occur, and how such risk may be offset.
How to Get the Best Variable Life Insurance Quotes
When shopping for variable life insurance quotes, it is best to work with a company or an agency that has access to more than just one insurance carrier. This way, you will be able to compare different insurers’ policies and benefits objectively in order to determine which fits best with your specific needs. You will also be able to compare different premium quotes in order to see which works best with your life insurance budget.
If you are ready to compare policies and quotes, we can help. We work with the best life insurance companies in the marketplace today, and we can get you all of the important information that you need quickly and easily – right from your home computer, and without the need to meet in person with a life insurance agent. When you’re ready to see how a variable life policy may benefit you and your loved ones, fill out the form on this page to start your quotes.
Should you have any questions along the way regarding how variable policies work – about life insurance in general, or about something more specific such as life insurance without medical exams – please feel free to contact us directly. Our experts can walk you through step-by-step the ins and outs of variable policies, and the many ways that these types of plans can be structured.
We understand that the process of buying life insurance can sometimes be confusing – especially when there are many options to choose from. We will ensure that you have all of the information that you need in order to make a well-informed buying decision about the coverage and the plan that’s right for you and those you love.