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The best kept secret of life insurance - usa
Do you love someone deeply enough to spend your hard earned dollars on a life insurance premium --
Hot Topics
- Can I get an Instant Quote for Life Insurance?
- No - not through this website, because we believe that to get the right life insurance, you need to talk to a professional.
- How is a claim made under a life insurance policy?
- All claims are made against the Life Company who issued your policy. You will find details of the claims procedure within the policy documents they provide with your policy and in the key features document.
- Life Insurance laws in Scotland
- The Law relating to Life Insurance and Life Assurance is the same in Scotland as the rest of the UK. This has been the case since 2001.
- Complaints about a Life Insurance Adviser
- All the Life Insurance Adviser aqre now regulated by the Financial Services Authority.
After all, the benefit from a life insurance policy isn't for you. It's for the ones you love, but after you've gone.
Life insurance is money paid to those who rely on you today to give them a secure standard of living, which they can lose in a heartbeat.
This is money when they need it the most ... with no income tax or publicity.
Buying a life insurance policy can be challenging because it isn't an easy subject matter to begin with.
Most people get somewhat confused about how it works and whom they can trust enough to make the purchase.
And there's an overwhelming number of companies and agents all clamoring for your attention.
The purpose of this article is to help clarify a huge misconception about term life insurance. While doing this, I'll introduce you to what many knowledgable professionals consider to be the best kept secret in a life insurance policy.
Buy term and invest the difference ( secured loans ) is a phrase touted by those ... including some life insurance agents ... who have absolutely no idea how much harm it's implementation can cause.
The principle theory behind this idea is you no longer need a life insurance policy when you reach a certain age such as 55, 60 or 65.
Supposedly your kids have finished school and are doing just ( personal loans ) fine earning their own income. And you and your spouse are living comfortably on retirement savings and social security.
On the surface and to the naive, this might appear reasonable.
It's relatively easy to blow holes in this hypothesis, but let's focus instead on the real problem with this scenario.
We are living longer ... much longer ... than ever before. We may not be enjoying it very much due to poor health but, nevertheless, we're hanging on.
Life insurance companies know this better than anyone. In fact, most of them now use age 115 has a factor when calculating life insurance policy premiums.
You hear about retirees who are forced to find work at McDonald's or Walmart. Have you ever joined a seniors chat room on the Internet and witnessed the concerns most of them have about running out of money before they die?
Many of these seniors are frightened to death. And this is before we even consider the babyboomers right behind them.
An intelligently purchased life insurance policy can be the saving grace for those you love the most.
Now, let me set the record straight. I have nothing against term life insurance. Over the past 24 years I've personally sold millions of dollars worth.
What bothers me ... and what I believe to be criminal ... is when term life insurance is sold under false pretenses.
Let's use a simple example.
A 35 year old nonsmoking male in excellent health can buy a $500,000 term life insurance policy for about $700 per year.
The premium is guaranteed to be $700 for 30 years. Some companies will be a little cheaper and some a little more expensive.
The buy term and invest the difference advocate would compare this to a $500,000 whole life insurance policy at $3,650 per year. Once again, some companies will be higher and some lower.