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Term Life Insurance and Cash Value Life Insurance

 By watching this video you will be able to get answers to such questions as: What kind of life insurance is right for me? Do i need life insurance? what is term life insurance? what is cash value life insurance? What is universal life insurance? what is variable life insurance? how do i get life insurance? Can you take a loan from your insurance policy? How to get an insurance quote? How much is life insurance? What does it cover? Is insurance taxable? etc.

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Life Insurance FAQs
Who Needs Life Insurance?

Your need for life insurance varies with your age and responsibilities. It is a very important part of financial planning. There are several reasons to purchase life insurance. You may need to replace income that would be lost with the death of a wage earner. You may want to make sure your dependents do not incur significant debt when you die. Life insurance may allow them to keep assets versus selling them to pay outstanding bills or taxes.

Consumers should consider the following factors when purchasing life insurance:

Medical expenses previous to death, burial costs and estate taxes;
Support while remaining family members try to secure employment; and
Continued monthly bills and expenses, day-care costs, college tuition, and retirement.

What is the Right Kind of Life Insurance?

All policies are not the same. Some give coverage for your lifetime and other cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Some policies may offer other benefits while you are still living. There are two basic types of life insurance: term insurance and permanent insurance.

Term Insurance

Term insurance generally has lower premiums in the early years but does not build up cash values that you can use in the future. You may combine cash value life insurance with term insurance for the period of your greatest need for life insurance to replace income.

Term insurance covers you for a term of one or more years. It pays a death benefit only if you die in that term. Term insurance generally offers the largest insurance protection for your premium dollar. It generally does not build up cash value.

You can renew most term insurance policies for one or more terms, even if your health has changed. Each time you renew the policy for a new term, premiums may be higher. Ask what the premiums will be if you continue to renew the policy. Also, ask if you will lose the right to renew the policy at a certain age. For a higher premium, some companies will give you the right to keep the policy in force for a guaranteed period at the same price each year. At the end of that time, you may need to pass a physical examination to continue coverage, and premiums may increase. You may be able to trade many term insurance policies for a cash value policy during a conversion period even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term insurance.

Permanent Insurance

Permanent insurance (such as universal life, variable universal life, and whole life) provides long-term financial protection. These policies include both a death benefit and, in some cases, cash savings. Because of the savings element, premiums tend to be higher.

How Much Life Insurance Do I Need?
Ask yourself the following questions:

How much of the family income do I provide?
If I were to die, how would my survivors, especially my children, get by?
Does anyone else depend on me financially, such as a parent, grandparent, brother or sister?
Do I have children for whom I would like to set aside money to finish their education in the event of my death?
How will my family pay final expenses and repay debts after my death?
Do I have family members or organizations to whom I would like to leave money?


Will there be estate taxes to pay after my death?
How will inflation affect future needs?

Some insurance experts suggest that you purchase five to eight times your current income. However, it is better to go through the above questions to figure a more accurate amount.

Tips on Buying Life Insurance

Make sure you feel confident in the insurance agent and company.
Decide how much you need, for how long, and what you can afford to pay.
Learn what kinds of policies will provide what you need and pick the one that is best for you.
Do not sign an application until you review it carefully to be sure the answers are complete and accurate.
Do not buy life insurance unless you intend to stick with your plan. It may be very costly if you quit during the early years of the policy.
When you buy a policy, make the check payable to the company, not the agent.

When I bought my life insurance policy, the agent said it would be "paid up" after ten years, but it’s been that long and I’m still getting bills. Why?

Your contract (insurance policy) may provide for guaranteed interest rates and/or dividends the insurance company will pay on your premiums. But your premiums must make very high earnings before they will "pay up" your policy. The company must stand behind items that are guaranteed in the contract. Promises of "paid up" life insurance are illegal when based on non-guaranteed values. If you have documentation of the agent promising this, your state insurance department may be able to help. Documentation would include any writing containing the promise -- even an informal, handwritten note or a similar notation by an agent.

Who can take out a policy on my life?

Only someone who has an "insurable interest" can purchase an insurance policy on your life. That means a stranger cannot buy a policy to insure your life. People with an insurable interest generally include members of your immediate family. In some circumstances, your employer or business partner might also have an insurable interest.

Insurable interest may also be proper for institutions or people who become your major creditors.

Must my beneficiary have an insurable interest?

No. If you buy a policy on your own life, you become the owner of the policy. As the owner, you can name anyone as beneficiary, even a stranger!

What about companies that advertise “no physical exam?”

The insurance may be more expensive than if the company required a physical. Although there is no physical, you will probably have to answer a few, broad health questions on your application.

Some life insurance ads claim “you can not be turned down.” What's the catch?

Such ads are for "guaranteed issue" policies that ask no health history questions. The company knows it is taking a risk because people with bad health could buy their policies. The company balances the risk by charging higher premiums or by limiting the amount of insurance you can buy. The premiums can be almost as much as the insurance. After a few years, you could pay more to the insurance company than it will have to pay to your beneficiary. Such policies may offer only the return of your premiums if you die within the first couple of years after you buy the policy.

Why is term life often called “temporary” insurance?

Insurance agents sometimes refer to term insurance as "temporary" because the term policy lasts only for a specific period. It is probably no more "temporary" than your auto or homeowner insurance. Just like term, those types of policies provide coverage for a specific period of time, and must be renewed when that period ends.

Why are some insurance agents reluctant to sell term insurance?

An agent may believe term is risky, but only because you could have a hard time buying a policy in the future if your health deteriorates or you cannot afford the higher premiums. Commissions could also be a reason for an agent who discourages term. The agent often makes less money for selling term than for other forms of life insurance.

What do I get when I buy term insurance?

You have bought and received the company's guarantee that if you die during the term of the policy, it will pay a death benefit to your beneficiary.

Does that mean I've wasted my money if I don't die?

No more than you have wasted money by buying car insurance but never having an accident. You've purchased peace of mind. With term life insurance, if you die during the term, you know the company will pay your beneficiaries.

An insurance agent has suggested I switch term companies every couple of years to take advantage of the company's promotional rates in the first couple of years. Anything wrong with that?

Nothing wrong, but there is always a risk when you switch policies that you could be subject to a new contestability period. You start a new, 2-year contestability period anytime you switch. If you die during that 2-year period, the insurance company can (and probably will) investigate the statements you made on your application. If you've given inaccurate or incomplete answers, the company may (and probably will) refuse to pay the death benefit.

I understand my permanent policy would be “fully paid up” at age 65. What does that mean?

"Fully paid up" means just that. You have made enough premium payments to cover the cost of insurance for the rest of your life.

What happens to the cash value after the policy is fully paid up?

The company plans to use the cash value to pay premiums until you die. If you take cash value out, there may not be enough to pay premiums. The company could require you to resume paying premiums or reduce the amount of the death benefit to an amount that the remaining cash value will support.

I had a policy that was paid up; now I'm told I don't. What can I do?

You may have signed papers that permitted the cash value of your paid up policy to be used to pay for another, larger policy. If you're not sure or can't remember, call the insurance company.

What is a “participating” policy?

That is a policy that may pay you dividends. You have a chance to "participate" in the company's earnings. A life insurance dividend is actually a refund of part of your premium. When a company collects more money in premiums than it needs to pay death claims and maintain the insurance pool for future claims, the company may pay dividends at the end of that year.

An insurance agent has suggested that I buy term instead of whole life. Does it make sense to buy term and invest the difference?

"Buy term and invest the difference" has been a popular sales slogan for term life. The pitch compares term, the least expensive form of life insurance, with other kinds of life insurance.

Example:

$100,000 death benefit at age 35
Annual whole life premium: $1,800
Annual renewable term premium: $250
Difference: $1,550

What are your choices?

Buy whole life. The “difference” is used to keep your premiums lower than the actual cost of insurance as you get older.
Buy term. You keep the difference.

In addition, make sure you consider the following:

As you get older your term premiums will increase to keep up with the cost of insurance;
If you invested the difference, you could use your investment to pay the higher cost of insurance;
If you spent the difference you will have to dip into other savings to pay higher premiums; and
If your health deteriorates you may not be able to buy a new policy

For 10 years I paid the insurance company $1,000 every year. That's $10,000! But when I cashed in the policy they sent me only $5,800. Where did the rest of my money go?

The rest of the money paid for insurance. You were entitled to only the cash surrender value — that is, the amount you had paid to "pre-fund" insurance in your old age. The amount would have been even less if you had borrowed money that had not yet been repaid.

How much cash value is in my policy?

Read your policy. It has a table of cash values that should provide the answer. Call your agent if you are still not sure of the cash value amount.

What happens to the cash value in my policy when I die?

When you die, the insurance company will pay the death benefit. No matter how much cash value you may have had in the policy the moment before you died, your beneficiaries can collect no more than the stated death benefit. Any loans you have not repaid (plus interest) will be subtracted from the death benefit.

The result: your beneficiary could wind up with less than the face amount of the policy.

The exception: some whole life policies pay both the death benefit and the cash value when you die. 

*source: National Association of Insurance Commissioners.

5 Things You should do before buying life insurance

1. Decide how much life insurance you need
2. Decide what type of policy you need? (term or permanent)
3. Decide who the beneficiary is going to be
4 Get educated about how life insurance benefits work
5. Get detailed comparison of various policies (Most carriers won’t show that to you, We are independent brokers and can provide quotes from all the carriers available)  contact us today for a Free quote! 


Here are the insurance companies that we represent and can help you with the process of applying for life insurance (at no cost) 


 

One Year Term   American General Life  American National  Ameritas Life  AXA  Brighthouse Life  Global Atlantic  New York Life  Prudential   


Ten Year Term American General Life  American National  American National Life of NY  Ameritas Life  Assurity Life  AXA  Brighthouse Life  Brighthouse Life of NY  Foresters Financial  Global Atlantic  Guardian  John Hancock (USA)  John Hancock of NY Legal & General (Banner/William Penn of NY) Life Insur. Co. of the Southwest  Lincoln Life  Lincoln Life & Annuity of NY  Minnesota Life  National Life  Nationwide  New York Life  North American  Pacific Life Penn Mutual  Principal  Protective Life  Protective Life & Annuity (NY)  Prudential Financial  Securian Life  Security Mutual Life of NY  Symetra  Transamerica  United Of Omaha  United States Life of NY   

Fifteen Year Term   American General Life  American National  American National Life of NY  Ameritas Life  Assurity Life  AXA  Brighthouse Life  Brighthouse Life of NY  Guardian  John Hancock (USA)  John Hancock of NY Legal & General (Banner/William Penn of NY)  Life Insur. Co. of the Southwest  Lincoln Life  Lincoln Life & Annuity of NY  Minnesota Life  National Life  Nationwide  New York Life  North American  Pacific Life Penn Mutual  Principal  Protective Life  Protective Life & Annuity (NY)  Prudential Financial  Securian Life  Security Mutual Life of NY  Symetra  Transamerica  United Of Omaha  United States Life of NY 

  

Twenty Year Term   American General Life  American National  American National Life of NY  Ameritas Life  Assurity Life  AXA  Brighthouse Life  Brighthouse Life of NY  Foresters Financial    Global Atlantic  Guardian  John Hancock (USA)  John Hancock of NY Legal & General (Banner/William Penn of NY)  Life Insur. Co. of the Southwest  Lincoln Life  Lincoln Life & Annuity of NY  Minnesota Life  National Life  Nationwide  New York Life  North American  Pacific Life Penn Mutual  Principal  Protective Life  Protective Life & Annuity (NY)  Prudential Financial  Securian Life  Security Mutual Life of NY  Symetra  Transamerica  United of Omaha  United States Life of NY   

Twenty Five Year Term   American General Life  Foresters Financial  Pacific Life Protective Life & Annuity (NY)  Transamerica  United States Life of NY


Thirty Year Term   American General Life  American National  American National Life of NY  Ameritas Life  Assurity Life  Brighthouse Life  Brighthouse Life of NY  Foresters Financial Global Atlantic Guardian Legal & General (Banner/William Penn of NY)  Life Insur. Co. of the Southwest  Lincoln Life  Lincoln Life & Annuity of NY  Minnesota Life  National Life  Nationwide  North American  Pacific Life Principal  Protective Life  Prudential Financial  Securian Life  Symetra  Transamerica  United of Omaha  United States Life of NY


Return of Premium Term   Assurity Life    Prudential Financial  United of Omaha   


Survivorship Term    John Hancock (USA)  Protective Life   Term/UL   Protective Life


Universal Life   American General Life*  American National*  American National Life of NY*  Ameritas Life  Assurity Life  AXA  Brighthouse Life  Brighthouse Life of NY  Companion Life (NY)  Foresters Financial  Global Atlantic  John Hancock (USA)*  John Hancock of NY Legal & General (Banner/William Penn of NY)  Life Insur. Co. of the Southwest  Lincoln Life*  Lincoln Life & Annuity of NY  Minnesota Life  National Life  Nationwide*  New York Life  North American*  Penn Mutual*  Principal*  Protective Life*  Protective Life & Annuity (NY)  Prudential Financial*  Security Mutual Life of NY*  Symetra*  Transamerica*  United of Omaha*  United States Life of NY  Voya ReliaStar Life of NY  Voya Security Life of Denver  *carrier offers products with lifetime guarantees


Survivorship Universal Life   American General Life*  Ameritas Life  AXA  John Hancock (USA)*    John Hancock of NY  Lincoln Life*  Lincoln Life & Annuity of NY  Minnesota Life*  National Life  Nationwide*  New York Life  Principal*  Protective Life*  Prudential Financial*  Securian Life  Security Mutual Life of NY    *carrier offers products with lifetime guarantees


Indexed Universal Life   Allianz Life  American General Life*   American National  American National Life of NY  Ameritas Life  AXA  Companion Life (NY)  Global Atlantic  John Hancock (USA)  John Hancock of NY Life Insur. Co. of the Southwest  Lincoln Life  Minnesota Life*  National Life  Nationwide*  North American*  Penn Mutual*  Principal  Protective Life*  Prudential  Securian Life  Symetra  Transamerica  United of Omaha  United States Life of NY  Voya ReliaStar Life of NY  Voya Security Life of Denver  *carrier offers products with lifetime guarantees


Survivorship Indexed Universal Life   Allianz Life  American General Life  AXA  Global Atlantic  John Hancock (USA)  John Hancock of NY Life Insur. Co. of the Southwest  Lincoln Life  Minnesota Life*  National Life  North American  Penn Mutual*  Prudential Financial  Securian Life  United States Life of NY  *carrier offers products with lifetime guarantees

Single Premium Indexed Universal Life   North American   


Whole Life - Participating   American National  American National Life of NY Ameritas Life  Assurity Life  Foresters Financial  Guardian  Life Insur. Co. of the Southwest  Minnesota Life  National Life  New York Life  Penn Mutual  Security Mutual Life of NY


Whole Life - Interest Sensitive/Non-Participating  American General Life  Assurity Life  AXA  Nationwide  Transamerica  United of Omaha

Survivorship Whole Life  Guardian    New York Life  Penn Mutual

Single Premium Whole Life   Assurity Life   

Variable Universal Life   American General Life*  AXA  John Hancock (USA)  John Hancock of NY  Lincoln Life*  Minnesota Life*  Nationwide*    Principal  Protective Life*  Prudential Financial*  Voya Security Life of Denver*  *carrier offers products with lifetime guarantees

Survivorship Variable Universal Life   AXA  John Hancock (USA)  John Hancock of NY  Lincoln Life*  Nationwide*  New York Life  Prudential Financial  Voya Security Life of Denver  *carrier offers products with lifetime guarantees

High Early Cash Value   Allianz  AXA  Brighthouse  Global Atlantic  Guardian  John Hancock (USA)  John Hancock of NY  Lincoln Life  Lincoln Life & Annuity of NY  Minnesota Life  National Life  Nationwide  North American  Penn Mutual  Principal  Protective Life  Prudential Financial  Security Mutual Life of NY  Symetra  Voya Security Life of Denver   

COLI/Executive Benefits   Ameritas Life (Group Term Carve-Out) AXA Global Atlantic Guardian Legal & General (Banner/William Penn of NY) (Group Term Carve-Out) Lincoln Life Nationwide New York Life Principal    

Simplified Issue (Individual Life) Assurity Life   Columbian  Companion Life (NY)  Foresters Financial  Gerber Life  John Hancock (USA)  Mutual of Omaha  Nationwide  Transamerica

Guaranteed Issue (Individual Life)  Columbian  Gerber Life

Guaranteed Issue (Accidental/AD&D)  Gerber Life (AD&D)  Mutual of Omaha (Accident Only)   

Fixed Annuities   Allianz Life  Allianz Preferred  American General Life  American National  American National Life of NY  Assurity Life  Athene  Delaware Life    Foresters  Global Atlantic  Great American  Integrity Life  Life Insur. Co. of the Southwest  Lincoln Financial  Minnesota Life  National Integrity Life (NY)  Nationwide  New York Life  North American  Penn Mutual Life  Principal  Protective Life  Sagicor  Securian  Security Mutual Life of NY  Symetra  The Standard  United of Omaha  United States Life of NY  Voya Reliastar Life of NY  Voya USA Annuity & Life (USG)  Western National Life

Rated Age Annuities   United Of Omaha   

Group Annuities   American General/US Life.  Metropolitan Life  Mutual of Omaha  Principal

Structured Settlement Annuities   Millennium Settlement Consulting  Little, Meyers & Associates, LTD (Referral program)

Fixed Index Annuities  Allianz Life  Allianz Preferred  American General Life  American National  Athene  Delaware Life  Global Atlantic  Great American  Integrity Life  Lincoln Financial  Nationwide  North American  OneAmerica  Principal  Protective  Sagicor  Symetra  The Standard  Western National

Disability Insurance   Assurity Life  Fidelity Security Life  Guardian  Illinois Mutual  Lloyd's of London  Mutual of Omaha  Principal  The Standard

Long Term Care  LifeSecure  Mutual of Omaha  National Guardian  Transamerica

Linked-Benefit Products  Forethought  Lincoln Life  Minnesota Life  Nationwide  New York Life  OneAmerica

Medicare Supplements Mutual of Omaha

Accelerated Underwriting Programs  Allianz Life  American National  Ameritas Life  Assurity Life  AXA  Global Atlantic  John Hancock (USA)  Legal & General (Banner/William Penn of NY)  Life Insur. Co. of the Southwest  Lincoln Life  Minnesota Life  National Life  Penn Mutual  Principal  Protective Life  Prudential Financial  United of Omaha  Voya Security Life of Denver

Nonmedical Underwriting Programs    American General Life  American National  Ameritas Life  Assurity Life  Brighthouse  Foresters Financial  Life Insur. Co. of the Southwest  Minnesota Life  National Life  Securian Life  Transamerica  United of Omaha

Worksite Solutions   Security Mutual Life of NY

412(i) Plan   American General Life  American National  Guardian  Lincoln Life  Security Mutual Life of NY

Loan Rescue   American General Life (no maximum)   AXA (75%)   Global Atlantic (50%)  John Hancock USA (no maximum)    John Hancock of NY (net csv plus premium must = the target and continue for 20 yrs)   Lincoln Life (varies by product)   Lincoln Life & Annuity of NY (varies by product)  Nationwide  Principal (no maximum)   Protective Life (80%)   Prudential Financial (no maximum)   United States Life of NY (no maximum)   Voya Security Life of Denver (no maximum)

Premium Financing   Allianz  American General Life  AXA  Global Atlantic  Guardian  John Hancock (USA)  John Hancock of NY Life Insur. Co. of the Southwest  Lincoln Life  Minnesota Life  National Life  North American  Penn Mutual  Principal  Protective Life  Prudential Financial  Transamerica  Voya

Proactive Policy Management  John Hancock (USA)  Lincoln Life  Nationwide  Principal  Protective Life  Voya

Funeral Trust   Forethought 

Find out more

Available Products

Term Life Insurance

  • One Year Term  
    Ten Year Term  
    Fifteen Year Term  
    Twenty Year Term  
    Twenty Five Year Term  
    Thirty Year Term  
    Return of Premium Term  
    Survivorship Term  
    Term/UL 

Permanent Life Insurance


  • Universal Life  
    Survivorship Universal Life  
    Indexed Universal Life  
    Survivorship Indexed UL  
    Single Premium Indexed Universal Life
    Whole Life - Participating  
    Whole Life - Interest Sensitive/Non-Participating  
    Survivorship Whole Life
    Single Premium Whole Life 
  • High Early Cash Value
    COLI/Executive Benefits
    Simplified Issue (Individual Life)  
    Guaranteed Issue (Individual Life)  
    Guaranteed Issue (Accidental/AD&D) 

Annuities

  • Fixed Annuities  
    Rated Age Annuities  
    Group Annuities  
    Structured Settlement Annuities  
    Fixed Index Annuities  

Disability Insurance

 Disability Insurance   


Long Term Care

Long Term Care    

Other Products and Services

  • Accelerated Underwriting Programs  
    Nonmedical Underwriting Programs  
    Worksite Solutions  
    412(i) Plan  
    Loan Rescue  
    Premium Financing  
    Proactive Policy Management  
    Funeral Trust