Your Life Insurance Costs May Be Going Up...Let's Check Together
I have been in the Financial Services and Life Insurance Industry for over 45 years representing most major Insurance Carriers.
Most people realize the need for life insurance and actually buy a plan from either an agent, broker or on line.
However, where ever, you have purchased you plan you may not realize the coverage you have does not have a guaranteed cost till you die.
There are many forms of life insurance there is Term Insurance, Universal Life, Indexed Life, Variable Life and Whole Life, What most don't know the Whole Life Plan is the only plan with a Guaranteed cost and is the only stable plan in my opinion in the industry.
- Term Insurance: This plan is the lowest cost coverage but covers you life for a specific number of years such as 10, 15, 20. and 30 year time frame. The cost stays level for the period you purchased but after that time period the costs sky rocket and most people drop their plan..
- Universal Life, Variable Life, and Indexed Life: All these types of coverage relay on the internal cost of coverage and the performance of the internal investment. As a result of these variables in most cases your cost is not guaranteed and what you are paying will not be sufficient to maintain the coverage till age 100. In fact the cost could be double or even triple from what you are paying now.
- Whole Life: Whole Life coverage is the most stable plan in the industry. It has a Guaranteed Premium (cost) a Guaranteed Cash Value and in some case a dividend which is not guaranteed.
My point here is what you think your costs for you life plan is probably not the same for the long run till you die.
The Life Insurance Company have designed their plans so that you will drop them before you die and no death claim is ever paid.
So if you have a Life A Life Insurance plan let my firm provide you with a no obligation review of it's cost ...What do you have to lose...only being informed..
As Always All My Best...
Saul L. Appel CLU ChFC
Life Settlement Broker
7 年I was taking about Universal Life Variable Life and Index Life Plans that the projections are not the reality based on increased mortality expenses and lower yields...Whole life's premiums as you know are guaranteed..
Certified Financial Planner CFP? @ Gordon Asset Management, LLC | ERISA Fiduciary
7 年Hmmm... sounds like you are making carriers who sell permanent products out to be crooks? I hear Mass Mutual cannot afford the dividend it pays without the earnings from their Oppenheimer subsidiary floating up to the parent, True? And since 2008, how can any whole life carrier support a dividend based on their general account when corporate and gov't yields have fallen to 3% or less? What games are CIOs playing to make it appear they can project high dividend increases? Is NML exempt from this charade?