LifeStein Products
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Term Life
Term life insurance is a type of life insurance policy that provides coverage for a specific period of time, or a "term." If the insured person passes away during the term, the policy pays out a death benefit to the designated beneficiaries. The premiums for term life insurance are generally lower than those for permanent life insurance policies, making it a more affordable option for many people. However, unlike permanent life insurance, term life does not accumulate cash value and simply expires if the insured survives the policy term.
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Whole Life
Whole life insurance is a type of permanent life insurance policy that provides coverage for the insured's entire lifetime, as long as premiums are paid. Unlike term life insurance, it includes a savings component, known as the cash value, which grows over time and can be borrowed against or withdrawn. Whole life insurance premiums are typically higher than term life insurance, but the policy offers the dual benefit of lifetime coverage and the potential for cash value accumulation.
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Medicare Supplement
A Medicare Supplemental policy, also known as Medigap, is a private insurance plan designed to cover healthcare costs not covered by Original Medicare, such as copayments, deductibles, and coinsurance. These policies are available to individuals already enrolled in Medicare Parts A and B, and they help to fill the "gaps" in Medicare coverage. Medigap policies are standardized into different plans, each offering a different combination of benefits, allowing beneficiaries to choose a plan that best meets their healthcare needs and budget
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Index Universal Life
An Indexed Universal Life (IUL) policy is a type of permanent life insurance that offers both a death benefit and a cash value component, which is tied to a stock market index, such as the S&P 500. The cash value can grow based on the performance of the selected index, but these policies typically include a cap on maximum returns and a floor that prevents loss of principal. IULs provide flexibility in premium payments and death benefits, making them suitable for long-term financial planning and wealth accumulation, but they also involve more risk and complexity compared to traditional life insurance policies.
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Instant Issue Life
​A no-exam, instant-issue term life insurance policy is a type of life insurance that offers coverage for a specified term or period, such as 10, 20, or 30 years, without the need for a medical examination. These policies are typically processed quickly, often with immediate approval, making them an attractive option for those who need coverage promptly or prefer not to undergo a medical exam. However, they may come with higher premiums compared to traditional term life policies that require medical exams, due to the increased risk taken on by the insurer without the health screening.
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Final Expense Coverage
Final Expense Coverage is a type of life insurance designed specifically to cover the costs associated with a person's death, such as funeral expenses, burial costs, and possibly outstanding medical bills or debts. These policies typically offer a smaller coverage amount compared to other life insurance types, making them more affordable and easier to qualify for, often without requiring a medical exam. They are particularly popular among seniors who wish to ensure their end-of-life expenses do not become a financial burden to their families, providing peace of mind that these costs will be covered.