29 November 2013 0 Comments

Who Really Needs Life Insurance?

Do you really need life insurance?  I guess it can be argued that no one really needs life insurance.  After all, when a claim is paid on your life insurance policy, you will be dead.  Whatever your beliefs may be about a hereafter, when your death certificate is signed you no longer have a concern [...]

22 November 2013 0 Comments

A Tax Time Bomb!

Several years ago you placed $50,000 into a deferred annuity.  You are now age 71 and that annuity’s value has grown to $75,000. As a widower you plan to leave the cash from this annuity to your grandson when you die.  You have plenty of other assets and a comfortable income. This is money you [...]

19 November 2013 0 Comments

What’s Happened To Term Life Premiums?

In my last entry I promised to tell you why term insurance premiums have been plummeting over the past 50 years.  In the early 1960’s I was sitting at kitchen tables talking to young couples about protecting their families against the financial devastation of early death, most of the term insurance I sold was as [...]

8 November 2013 0 Comments

Life Insurance When You Least Thought You Needed It

You’re age 68 and your wife is 65.  You had a minor heart attack a few years ago, but you’re fine now…been watching your diet and lifestyle.  Your wife is in great physical condition!  Life has been good to you.  You have invested wisely, your home is paid off and the net worth of your [...]

5 November 2013 0 Comments

Can You Get Life Insurance With A History Of Strokes?

Strokes are typically the result of a blocked or ruptured blood vessel in the brain.  They are classified as a full stroke (also Cardiovascular Accident [CVA}) or mini stroke (also Trans Ischemic Attack [TIA]). TIA’s resolve themselves without any permanent damage to the brain.  Most TIA’s are due to a small temporary blockage of a [...]

4 September 2013 0 Comments

A Binding Matter

Insurance agents may have told you they will “bind” coverage for you.  A dictionary definition of bind is:  to unite by any legal or moral tie:  to be bound by a contract.  In the insurance industry a binder is verbal agreement of coverage issued by an agent or insurance company before a policy has been [...]

23 August 2013 0 Comments

Life Insurance – Myths Revealed

MYTH:  Don’t apply for life insurance if you think you have a medical problem because if you are turned down by one company you’ll have a hard time getting a policy from another company. FACT:  If you are declined coverage, or offered a policy that is rated up in price by one insurance company due to [...]

16 August 2013 0 Comments

Commitment

(More Questions) Q.  What Kind of a commitment have I made when I sign an application for life insurance? A.  You have made no commitment when you sign an application for life insurance.  You can change your mind and not proceed with the application at any time. Q.  But, what if I paid a premium [...]

30 July 2013 0 Comments

Repeal Of DOMA Effect On Life Insurance Planning

On June 26, 2013 the United States Supreme Court struck down the Defense of Marriage Act (DOMA).  Essentially the court stated that advantages provided to married couples of opposite sexes could not be denied to married couples of the same sex.  So, if a couple of the same sex is married in any state within [...]

23 July 2013 0 Comments

An Upside Down Approach To Purchasing Life Insurance: Part 2

In my previous entry I discussed the use of an Informal Inquiry in lieu of a formal application when proceeding with the purchase of life insurance where there is a medical history that might create a challenge in obtaining the best premium.   Now I’ll discuss a potential problem with this approach and situations other than [...]