What is Insurance Planning? Insurance planning is a type of risk management that aims to protect against potential loss. Adequate insurance from a trusted insurance company guards against risk and guarantees you financial protection in the case of unexpected loss or losses.

The Two Types of Insurance:

General: This type comprises any insurance that is non-life and is thus often referred to as non-life insurance. General insurance guarantees economic protection in specific areas that include (but are not limited to) home car, and travel.

Life: This is a form of economic protection in the case of loss of life- or in some cases- terminal or critical illness. The listed beneficiary or beneficiaries will be compensated in such cases and thereby protected from the financial effects of the death or unexpected health detriments of the insured.

Types of Life Insurance:

Term Life Insurance: This type of life insurance offers protection for a set amount of time. It provides monetary compensation upon the death of the insured within a stated time period. The premiums for term life insurance are level for a specific period, after which they will increase for the next term if the buyer chooses to renew it. Term life insurance is adequate for meeting high, short-term financial protection for the lowest primary cost. However- unlike whole life insurance- it does not provide any returns beyond the stated benefit within a set time period.

Whole Life Insurance: This type of life insurance is permanent and provides lifetime protection at a level premium. Compensation is payable upon death of the insured whenever it may occur. This makes it different from term life insurance where the payout occurs only if death occurs within a specific time period. Additionally- unlike term life insurance- whole life insurance has a savings component that can be used to accumulate wealth.

Universal Life Insurance: This type of life insurance is flexible and allows the policy owner to adjust premium payments and level of coverage. In the case of universal life insurance, premiums are variably allocated under insurance and savings components. The policy then allows the policy owner to move money between these two components based on his or her situation at a given time. This allows the cash value of investments to grow based on market performance.

Life Insurance Endowment Policies: These are life insurance contracts designed to pay a lump sum after a specified period of time; upon death; or in some cases terminal or critical illness. Endowment policies can be cashed in early for a surrender value determined by the insurance company based on the duration the policy has been running and the amount that has been paid into it.

Other Types of Life Insurance: Variable Life Insurance, Group Life Insurance, Credit Life Insurance, Mortgage Life Insurance, Industrial Life Insurance, Special Purpose Life Policies.

Why Do I Need Insurance Planning? The future is unknown. You want to be able to cover your financial needs if something unexpected were to happen. Many people- at a point in their lives- will call upon some kind of insurance for protection and peace of mind. If you are reading this, then you are probably considering general or life insurance. Like others in the midst of considering coverage, you probably have many lingering questions. These questions are important and need to be answered in detail. Insurance planning by a trusted expert can help answer all your questions to help you choose the best policy to fit your needs.

How Can We Help? At FQ Life, we understand the peace of mind that comes with knowing the security of one's future, finances, and loved ones. We are dedicated in answering any questions you may have in order to help you choose the most adequate insurance against calculated risks. The calculation of risk to determine the best insurance coverage is a skill that requires considerable expertise. Here at FQ Life, we provide you with expert advice to secure your future.

Questions We Can Answer:
1. Do I need insurance?
2. What type(s) of insurance do I need?
3. How much insurance should I buy?
4. How can I borrow against my life insurance?
5. How can I use insurance policies to plan my estate(s)?