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 [...]

22 July 2014 0 Comments

The Permanent Policy With No Cash Value

Whole Life Insurance is the original type of permanent life insurance.  The premium is level, the cash value grows every year and the death benefit is guaranteed for life.  That all makes sense.  How, then is it possible for a Universal Life policy to have a level premium with a death benefit guaranteed for life, [...]

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 [...]

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 [...]

11 April 2014 0 Comments

A Real Life Story — Without Life Insurance

This real life story is from www.lifehappens.org, an excellent resource for unbiased information about life, disability and long term care insurance. The Yasmine Moss Story The cosmetology classes Yasmine Moss was taking at Bladensburg, MD High School were suppose to be a way to learn a trade she could use when she needed extra spending [...]

9 April 2014 0 Comments

Another Real Life Story

The following three real life stories are from www.lifehappens.org, a site sponsored by a non-profit organization supported by scores of insurance organizations.  It is an excellent resource for great, unbiased information on life, disability income and long term care insurance. The Don Wachtel Story Don Wachtel loved fixing and refurbishing things, so it’s no surprise [...]

20 March 2014 0 Comments

“I can do better than that…”

When a life insurance agent assures you that he can do better than a policy you currently own before obtaining all the facts—beware!  If the word “may” is substituted for “can” it’s worth listening to what that agent has to say.  Otherwise it’s likely hyperbole. The tendency to overstate or bend the truth is not [...]

18 March 2014 0 Comments

The Insurance Agent Relationship

My very first entry referenced a statement purportedly made by Woody Allen, “There are worse things in life than dying.  Have you ever spent an evening with an insurance agent?”  It need not be that bad.  If it is, get another agent.  Here are some things to look for in an agent: Does the agent [...]

14 March 2014 0 Comments

Is there an attorney in the house?

In my previous entry I discussed two actual situations in which applicants for life insurance did not bind the offer they received from the insurance company and ended up dying with no insurance in force.  Did the estate of either of these individuals have a case for suing the insurance company and/or agent to recoup [...]

7 March 2014 0 Comments

Declined for life insurance? Now what do you do?

You applied for life insurance, had a medical exam and your agent says you have been declined.  Now what do you do?  First, ask the agent why you have been declined.  Is it due to a medical condition or life style?  If it’s a medical condition that you were not aware of, then ask the [...]