April 16, 2018

If you are even considering to buy life insurance do you have the hardest time when it comes to deciding on Whole Life vs Term Insurance?

One life agent named Vicki Gunvalson (not affiliated with our organization) vaguely states…

The difference of term to permanent. I think that term is being sold to a lot of clients under age 40 where I try to talk more permanent coverages when over age 40 with more on the estate planning side where it is something they want to have for their beneficiary’s benefit when they are an age 100.

So with term we could obviously only go 20 to 30 years but when we’re looking at 40-50 year olds I always talk to them about permanent coverage.”

In contrast to what Vicki states we wholeheartedly, wholeheartedly believe that no one should purchase anything other than term life ins. When you have an agent trying to sell you Whole Life, Variable Life Insurance or Survivorship Life Insurance then be extra cautious with this life insurance agent because they may be looking at their own interest and financial gain rather than you and your loved one.

Whole Life vs Term Insurance

Permanent Insurance, which includes Whole Life, Universal Life, Variable Life and Survivorship Life insurance has a built in “Cash Value” but when you understand that the cash value really means nothing to your bottom line you will never think about purchasing any of the types of permanent ins.

Cash Value is the “investment” portion of life ins that you can access through loans or withdrawals. The death benefit may be reduced with the withdrawals and there may be some charges which could affect your policy in the future.

Also, you definitely do not want to have life coverage forever. If you understand how expensive continuously paying into a life policy can be you will definitely rethink this purchase. At age 100 the cost is $1000/month for every $1000 of coverage. So if you have a $500,000 policy it will cost you $500,000 per month at age 100. You only need it when you are younger and when you have dependents counting on you for your income. Outside of that temporary time period you do not need this coverage. Again, it is only for a temporary period of time.

Insurance agents that tell you the benefits of cash value either don’t know how bad a permanent insurance policy is for you or they don’t but chances are they know how much commission they stand to make from selling one of these whole life policies to you and have chose that route instead of looking in you and your family’s best interest.

What? Do you mean I get to invest with a life policy? Isn’t that wonderful?

Yes, there is an investment portion to these permanent life policies but in reality the cash value is never really yours. It’s the insurance company’s money and they will allow you to borrow from it. They …

When it comes to cancer health insurance, there is one underlying question that many people want to answer: who benefits more from such insurance coverage, the one buying insurance or the insurance providers themselves? Of course, you know what you want the answer to be, but what is the reality of the situation? Another question has cropped up relating to cancer medical insurance: for what is it worth to buy cancer health insurance coverage?

To find the answers to these questions, the history of cancer medical insurance should be briefly explored first. There used to be only three or four major companies offering this kind of insurance, but today there are around 15 who promote this option heavily and another 50 that still write their fair share of cancer medical insurance policies. When the concept of cancer health insurance first surfaced, agents would literally travel from city to city selling insurance for cancer. Their emotional appeal is what allowed them to make sales.

While times have changed, there is still a high amount of emotional selling when it comes to offering cancer medical insurance to customers. For as little as $ 25 per month, you can protect yourself from the devastating costs associated with recovering from cancer. Consider the rarity of cancer. What if you are blessedly never overcome by the condition? All your payments will be lost to you. If you do contact a cancerous condition and file a claim, the past 12 years of paying for cancer health insurance-which comes to $ 3,600-may result in a payment of only $ 1,000- $ 2,000. A majority of cancer health insurance companies today only pay out 60% on claims.

These facts leave you with a few important points to consider. First, is cancer medical insurance worth it to you personally? You may have a history of cancer in your family, which means you may inherit a greater disposition for contracting cancer. In this case, cancer health insurance could certainly benefit you and your peace of mind. The other consideration is finding a company that will pay out a larger sum on your claim in order to make paying for insurance worth it in the end. Of course, what you hope is that you never become a victim of cancer, but should the unthinkable occur, your cancer health insurance will be there to back you up if you have acquired coverage from a trustworthy company. Compare providers and their rates today to help you make an educated decision.

If you need assistance in locating particular coverages at a pre-determined price, we can help save up to 50% on health insurance . …