8 July 2014 0 Comments

Should You Consider Selling Life Insurance?

I never set out to be a life insurance agent as evidenced by my college major—Theatre Arts.  But, in 1960 at the age of 25, finding myself unceremoniously relieved of my duties as an assistant TV producer—and finding no other film company standing in line to hire me—I had to find a way to pay […]

1 July 2014 0 Comments

Something for Everyone Ages 45-85

Recently I received a mailing addressed to me as a member of the Auto Club.  My wife and I were offered life insurance and we didn’t have to take a medical exam and there were no health questions asked.  Within the 5 pages of fine print it was stated that the policy would be renewable […]

26 June 2014 0 Comments

Misconceptions About Life Insurance (Part 4)

Chances of dying at my young age are slight so I’ll wait until later to get life insurance. Yes, chances of dying at a young age are slight, but that’s why premiums are so low when you are young.  And…if you also have a young family, this is the time when they need protection the […]

24 June 2014 0 Comments

Misconceptions About Life Insurance (Part 3)

This continues my summary of the most common misconceptions about life insurance. Buying Term Insurance is like throwing your money down a rat hole. It’s true that only the insurance company wins if you buy term insurance and don’t die prior to the end of the term.  Likewise, if you buy fire insurance on your […]

19 June 2014 0 Comments

Misconceptions About Life Insurance (Part 2)

This continues with my last entry dealing with the most common misconceptions about life insurance. In a family setting only the breadwinner needs life insurance. If there are no minor children or special needs children to care for, then it is probably not necessary to have life insurance on the non-income producing spouse.  But if […]

17 June 2014 0 Comments

Misconceptions About Life Insurance

There are many misconceptions people have about life insurance.  It’s no wonder; policies can be confusing to the layman and occasionally insurance agents add to that confusion by injecting opinions primarily supported by their desire to make a sale.  But, we all have opinions, so some of mine will be included in my comments.  For […]

12 June 2014 0 Comments

No B.S.! Just tell me what insurance policy is best

More than once I’ve heard a version of this demand:  Don’t sell me; just tell me in simple language what type of life insurance is the best to buy!  Okay, I hear your frustration.  I’ll try to comply, though without some information on your personal needs and objectives, that’s going to be tough. But, if […]

3 June 2014 0 Comments

The Meaning of Renewable and Convertible

Term insurance may be referred to as “Renewable” and “Convertible.”  What do these terms mean? Renewable Level Term Insurance has a Level Death Benefit and a Level Premium, but the premium is only level for a specified period of time.  Thus, a 20 year term policy’s premium will be level for 20 years.  At the […]

29 May 2014 0 Comments

Is a MEC bad? Can it be avoided?

The term “MEC” is an acronym for Modified Endowment Contract.  A MEC is created when the premiums paid in the first 7 years of a life insurance policy exceed certain limits.  Unless you’re an actuary there is no need to know the formulae that defines those limits.  If you are contemplating the purchase of a […]

22 May 2014 0 Comments

Some More Terminology Clarification

Here are a few more insurance terms that could use a little clarification: Surrender Charge A surrender charge is a charge made against the cash Accumulation Value of a Universal Life Policy. The charge begins at a high amount in the first policy year and gradually reduces each year, generally vanishing between the 10th and […]