Our Life Insurance Services
A sound financial plan requires a crucial safety net for your loved ones, and the right policy provides exactly that. At Vida Wealth Group, we specialize in simplifying the options to help you secure coverage that aligns with your unique needs. Whether you’re looking for temporary protection during your peak earning years or a permanent solution to build a lasting legacy, we offer expert guidance on a range of products designed to protect your family’s future.
Table of Contents
Understanding Your Life Insurance Options
Term Life Insurance
Term life offers straightforward, cost-effective protection for a fixed period, typically 10, 20, or 30 years. It is designed to provide the maximum death benefit for the lowest premium, making it an ideal solution for protecting your family during peak income-earning years and covering temporary needs like a mortgage or children’s education.
Whole Life Insurance
As a form of permanent coverage, whole life provides lifelong protection with guaranteed fixed premiums and a death benefit that will never decrease. It also features a built-in savings component, allowing you to build a tax-deferred cash value that you can access for future financial needs, making it a powerful tool for estate planning.
Indexed Universal Life (IUL)
Indexed Universal Life (IUL) policies offer the permanence of whole life with greater flexibility and growth potential. An IUL includes a cash value component whose growth is tied to a stock market index, like the S&P 500, allowing you to participate in market gains while being protected from market losses. This makes it a unique tool for building significant tax-advantaged wealth.
Vida Wealth Group is proud to be licensed and operate in all 50 states
Frequently Asked Questions
What is the main purpose of life insurance?
The primary purpose is to provide a tax-free, lump-sum payment (a “death benefit”) to your designated beneficiaries upon your death, replacing your income and helping cover expenses like mortgage payments, college tuition, and final expenses.
What’s the difference between term and whole life insurance?
Term coverage is for a specific period (e.g., 20 years) and is pure protection. A whole life policy is permanent, lasting your entire life, and includes a savings component that builds cash value over time.
How much coverage do I need?
A common rule of thumb is 10-12 times your annual income. However, a more accurate calculation considers your outstanding debts (mortgage, loans), future income needs for your family, and future expenses like college education.
Is this type protection expensive?
The cost varies greatly based on your age, health, lifestyle, and the type and amount of coverage you choose. A healthy 30-year-old can often get a substantial term life policy for a very affordable monthly premium.
Do I need a medical exam to get policy?
While many traditional policies require a medical exam, there are many “no-exam” or “simplified issue” options available, especially for term coverage. These often use health questionnaires instead
Can I have more than one policy?
Yes, it is common and legal to have multiple policies. People often do this to “ladder” their coverage, combining a large term policy for their working years with a smaller whole life plan for final expenses.
Is the death benefit taxable?
In the vast majority of cases, the death benefit paid out is received by the beneficiaries 100% income-tax-free.
What happens if I outlive my term life policy?
If you outlive the term, the coverage simply expires. There is no payout and no refund of premiums. Most policies offer the option to convert to a permanent plan or renew, often at a higher rate.
What is a beneficiary?
A beneficiary is the person, people, or entity (like a trust) you designate to receive the death benefit. You can name primary and contingent (secondary) beneficiaries.
When should I buy life insurance?
The best time to get this protection is as soon as you have financial responsibilities or people who depend on your income. Premiums are lowest when you are young and healthy, so locking in a rate early can save you a significant amount of money over time.