Let me highlight what you may not know; I have experience in this field since before I grew out my first gray hairs, and I've been accredited through the American College of Financial Services since the early 1990s. I understand how contracts can work FOR and AGAINST people. I want to make certain your decisions today don't unexpectedly bit you in the future.
There are no deals in the life insurance industry. Every company works with exactly the same numbers. They know how many people, at what age will die each and every year. Then why would some term policies be priced differently than others? Plain research as shown me that if they’re cheaper, something of value has been taken away.
I read insurance contracts, which is a pretty boring job; and I have done so for the past thirty-five years. How many years have you read life insurance contracts?
When making a life insurance decision - how long will your term insurance last? Ten years, Twenty years? Less? What does the small print of the contract say?
Unfortunately, I have read contracts that ‘suggests’ a certain number of years; yet, I’ve seen buried in contracts with guarantees that premium rates might last as short as only two years, in the fine print. How could they do that you might ask? Have you read the contract?
Are you required to reapply for the insurance after a period of time – which means a new physical exam, new doctor’s reports and new blood work? If you’re not approved again, you may have your insurance canceled by the insurance company. How could they do that you might ask? Have you read the contract?
What happens if you become disabled?
Most plans provide zip. You’re stuck.
Our office tries to create plans with liberal disability features. We want it to be part of the contract.
Will the insurance company continue to pay your premiums for you perhaps for the rest of your life, even if you live to the age of 121?
Will the insurance company allow you to ‘convert’ your policy to a more expensive policy, that accumulates large amounts of cash inside our policy while you’re disabled AND they pay the premiums?
What does the contract say?
Will your beneficiary designations be correct?
Completed improperly, the government may control your insurance proceeds until they determine that your children qualify to receive the benefits. Is that the way you want it to play out?
Is the insurance company a stock company or a mutual company?
Stock companies answer to the stockholders first; mutual companies answer to you!
Will the team who assisted you in acquiring your life insurance, walk you through the process of obtaining an appropriate will through a qualified attorney for how your proceeds will be paid out or are you hoping that it will all simply work out in the end?
There is NO DEAL in the purchasing term life insurance. A cheaper cost might actually cost you dearly.