15 August 2014 0 Comments

The Flexibility of Universal Life

My previous entry dealt with how Universal Life (UL) could be structured to resemble a 20 year term policy.  This is just one of the flexibility features of Universal Life.  There might also be some flexibility in amount of death benefit, but here I’ll deal just with premium flexibility and access to cash value in [...]

12 August 2014 0 Comments

When You Want Term, But Conversion is the Only Answer

I previously discussed how converting term insurance works.  It’s when you decide you no longer want term insurance and you exchange your term policy for a permanent policy without having to provide any current personal information to the insurance company.  The new permanent policy is issued in the same underwriting class as the term based [...]

16 July 2014 0 Comments

Who Should Buy The AARP Life Insurance Program?

My AARP magazine arrived recently containing a full page ad with the heading:  DO YOU HAVE ENOUGH LIFE INSURANCE?  Well, I actually do have enough, but since the subject interests me, I read on.  It’s a special program only for AARP members offered by New York Life Insurance Company—one of the oldest most financially sound [...]

10 July 2014 0 Comments

Why buy life insurance if you don’t need it?

Not everyone needs life insurance.  If you are single with no one dependent on your income and your liquid assets are more than sufficient to meet final expenses, then you really don’t have a current need for life insurance.  However, the operative word in that statement is current.  Is it possible that some day there [...]

3 July 2014 0 Comments

The Never, Always, Everyone Fallacy

A claim made by the Auto Club referenced in my last blog triggered the topic for this entry.  It was a statement that a particular policy was recommended for all their members.  That falls in line with declarations occasionally made by agents that they never sell a certain type of policy (Whole Life is a [...]

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 [...]