WARNING! Yesterday I came across a story so heartbreaking and horrific that I got very angry. It was Sunday and I keep from posting any business material on that day for good reason. I sent a message to the troubled young man who posted this story on an Agent's Life Insurance Facebook page called "LIFE INSURANCE AGENT DISCUSSION" I will keep him nameless but you can go to the Facebook page and see his post for yourself.
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WHY TERM?
Simply because it is the most AFFORDABLE type of life insurance. Only a very small percentage of the total population would ever need life insurance their WHOLE life so why waste money buying permanent cash value policies which can be real ripoffs? Who would be depending on your income when you are age 70+ ??? The main reason for life insurance is “INCOME REPLACEMENT” due to the premature death of the family breadwinner. The best rule of thumb for the amount needed in a death benefit is 10X annual income which makes term life the perfect choice. Permanent life insurance policies can be 5 to 10X the cost of term life. Depending on your age when you apply for a policy you can chose guaranteed rates for 10–15–20–25 and 30 year! ONLY the ultra-wealthy need permanent policies to deal with the inevitable estate tax situation their heirs will confront. BUY TERM. A HEAD'S UP:
Sometimes I get asked about the (ROP) which means the "Return of Premium" life insurance policy. Yes, it really does mean all your money back if you live. When they were first introduced years ago they were a shock to people and they would ask if this was "too good to be true"? Transparency of health care costs is likely the single largest missing component to stabilizing healthcare's out of control inflation as well as insurance costs - yet is rarely addressed by the government as a concern?
Life-insurance scams
Surviving spouse life-insurance scam Grieving spouses have much on their minds as they deal with the loss of a husband or wife. The burden can seem overwhelming, and then the phone rings. Recent widows, especially, are called. Nobody really enjoys buying insurance so I don’t think the “pain areas” are something we can escape from. However, it is a necessity unless we want to make matters far worse in case bad things happen to what we are protecting by owning insurance policies. The best way to deal with pain areas are 1) make sure you have the right product for your situation 2) make sure you are not overpaying for coverage.
Grab a calender and mark one week out of each year to evaluate your coverage in each of the 4 areas mentioned. 1) HOME 2) AUTO 3) HEALTH 4) LIFE Is it the right product or did the agent sell me something they wanted me to buy? Do I need to add additional coverage? You might need a new life policy because of recent events. Is it too little or too much coverage? Are my deductibles still acceptable to me? Did anything change in the coverage that the agent never mentioned? Also, is the agent maintaining contact with you via email, texts or an occasional phone call? You want your agent to be accessible 24/7. Hope this helps. Health care in America seems to be in a non-stop quagmire. Obamacare, despite the fact it has helped those with low income get coverage, is basically an intentional albatross meant to crush private insurance to eventually lead to a single payer system. My advice in the middle of this hole we find ourselves in is to just expand Medicare to every US citizen with much higher deductibles for the under 65 crowd included before 100% kicks in.
Below is an excerpt of an industry article on why a life insurance agent lost his license. (STAY AWAY FROM THIS PRODUCT! BUY TERM LIFE)!
SIMPLE QUESTION, EASY ANSWER.
The lab results from a urine and blood sample these days can help the underwriters determine the proper risk category for the insured to be placed in. Insurers do vary on underwriting standards but it is critical to get both urine and blood along with access to medical records so the company can issue the policy correctly. |
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December 2019
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