Simply put, Term Life Insurance is the most affordable way to provide a large death benefit at the lowest premium. We shop through multiple carriers to find the best rates available.
Term life insurance guarantees a death benefit and premium for the length of the term, typically 10, 15, 20, 25 or 30 years.
I provide you with a quote tool from Transamerica. They offer two term options: Trendsetter Living Benefits or Trendsetter Super (lower rates without living benefits). Make sure to click on 2017 plans.
Under the permanent life insurance umbrella lies a variety of different products, most notably Whole and Universal life. These products typically carry a cash value if funded correctly that can be borrowed against or used for certain life events.
Therefore, permanent insurance products typically carry higher premiums than term because the death benefit is guaranteed. As always, it’s best to contact me for the right plan when it comes to term or permanent life insurance. Also, a combination of term and permanent makes for a great strategy.
We have many exciting and innovative ways to fund retirement or retain key employees with Indexed Universal Life insurance policies. We can provide illustrations that will help meet your needs. In addition, there are much lower cost permanent plans if funding retirement, helping with tuition. long term care or obtaining loans is not your objective.
Your mailbox, voicemail or TV may be buzzing with Final Expense advertisements. Technically, they are a permanent life insurance policy. However, they are very expensive and should be a last resort. If an agent is not willing to provide you a quote for a traditional permanent product, I'd suggest you do not work with that agent.
The above mentioned advertisements sell their leads to multiple agents. It's a very lucrative business opportunity for insurance agents. In my opinion, anyone who sells these polices is looking out for their bottom line and not the clients. The advertising and sales practices are based off fear, not needs.
It's possible that you may only qualify for a Final Expense policy. In that case, it could be a viable option for you. Often the plans will not pay 100% until the third year. Make sure you understand the wording in these policies before signing the application. It's called graded benefits. The first two years might only pay you the premium plus a certain percentage.
If you are considering this policy or maybe purchased one without being offered any other options, please reach out so we can review.
Life insurance you don't have to die in order to use. These incredible policies provide Critical & Chronic illness riders built into the policy typically at an insignificant or no cost difference.
Terminal Illness is provided with most policies, so this portion of living benefits is not unique. It allows you to withdrawal a percentage of your death benefit if you receive the unfortunate news that you have 6 months or less to live.
Chronic Illness is tpyicallu defined by not being able to perform 2 of the 6 activities of daily living. (Bathing, Dressing, Continence, Transferring, Toileting & Eating). In this event, a portion of your death benefit can be used to pay for this long term care.
Critical Illness is a life altering event such as heart attack, stroke or cancer. Again, these plans will help pay for the out of pocket costs associated with one of these devastating events.
Please watch the video about a family in Oklahoma. Living benefits helped Dave provide for his family and help him get healthy without the financial stresses.