For example, Illinois Mutual Life Insurance Co. estimates that a $60,000 single premium whole life insurance payment would result in a $121,032 guaranteed death benefit for a 58-year-old woman.

A term life insurance policy is only in effect for a set amount of time, usually 10, 20 or 30 years. If you outlive the term, there's no death benefit paid out. But a return of premium policy (or ...

The agent’s proposal was for Homer to purchase a hefty 20-year period-certain SPIA inside of his IRA, then use the income to purchase a universal life insurance policy on Marge’s life.

Life gets busy — and sometimes, so does your mailbox. If you miss a life insurance payment, the grace period, which is built into most policies, gives you a little breathing room before your ...

When you have a life insurance policy, you make regular payments over time to an insurance company or an employer. People you designate as beneficiaries receive an agreed-upon sum upon your death.

An indexed universal life (IUL) insurance policy also allows adjustment of the premium and death benefit. The cash value is tied to the performance of a major stock index, such as the S&P 500.

In New York, a life insurance policy can be terminated due to a single late or missed premium payment, even when the policy has been in effect for many years and payments were always timely made.

A term life insurance policy stays in effect for a set period, commonly 10, 20, or 30 years. If you die while the policy is in effect, your policy beneficiaries receive a payment called a “death ...