It is hard to believe that we are nearing the end of the alphabet in our quest for financial knowledge. Just a few more letters to go and we will have increased the number of financial terms that we know by twenty six. That’s pretty exciting stuff, and hopefully it is useful stuff too.
If you are considering life insurance, you may want to ask your insurance company if they offer universal life insurance, a form of permanent insurance which offers flexible premiums and a flexible death benefit. Universal life insurance also guarantees that your tax-deferred cash value account will accumulate at a certain rate of interest. If rates go up, you will receive the benefit of the higher rate. The money in the cash-value portion of the account can be used to pay for the insurance premiums themselves or as collateral for loans. Universal life insurance has a few advantages, but it is more expensive than other life insurance products out there that work in a different manner.
Virtual banks have no brick and mortar branches. They exist solely online. Since they operate without the expenses of having physical bank locations, virtual banks often offer attractive interest rates and low fees. You may wonder how you are going to deposit those checks into your virtual bank account and how you can get money out once it has been deposited. Deposits can be made electronically or checks can be mailed in. Withdrawals are made at ATMs that are not owned by the virtual bank, and the virtual bank may cover the ATM fee for some or all of your withdrawals every month.
A waiver of premium provision is a provision that you may be able to have written into your long-term care or disability insurance policy that allows you to stop paying premiums once you start receiving benefits. You may pay more to have such a provision included in your policy, but if you think about it the extra expense may be well worth it to guarantee that you will not be without coverage at the time when you need it the most.