Life Insurance

//Life Insurance

Life insurance is something that is vital for every adult, and some children. Life insurance provides a death benefit when one is needed most, when someone has died. There are multiple types of life insurance including term, universal life and whole life.  Within those broad categories there are certain subsets like annual renewable term insurance, variable universal life insurance, indexed universal life insurance, blended whole life insurance etc. I try to help people understand how much and what kind they might need to research.

What is a Blended Whole Life Insurance Policy?

It is amazing how many people do not understand the life insurance product they own.  I do not blame the consumer, rather, I blame the advisor who didn't explain it well enough.  Everyone understands what term insurance is, although most people do not understand that it is not a viable option after the term period, and everyone understands their group term benefits not everyone understands their permanent life insurance which may be a bit more complicated. While I clearly am a fan of whole life insurance, I can appreciate that not everyone is, and the debate as to whether one should actually [...]

By | 2017-02-20T00:41:39+00:00 February 20th, 2017|Life Insurance|0 Comments

Types of Life Insurance: Know What Works for You

The reality of life is that it can be really confusing and complicated sometimes. Also, all of us have our expiry date, meaning that we have to leave our loved ones someday. It may be hard to swallow for some people, but you better think about it one way or another. As we think more of our loved ones and what can happen to us during fateful days, there's one thing that can help ease those worries. It's this reality that merits the existence of life insurance, which is indeed important if you don't want your exit to be entirely wasteful. But it's [...]

By | 2017-02-23T14:20:14+00:00 January 29th, 2016|Life Insurance|2 Comments

Reviewing my Life Insurance Policies

It has been over two years since I last reviewed my insurance policies, so I figured it was time to check in on them - and I am glad I did! The main reason I am glad I took a look at them is because my contingent beneficiaries were all wrong! I live in this life insurance, estate planning world and even I forgot to update my beneficiaries when my daughter was born.  Please if anything, take this opportunity to stop reading and make sure your beneficiary statuses are correct. In addition to checking the beneficiary statuses, I wanted to see what [...]

By | 2016-03-07T15:08:36+00:00 September 25th, 2015|Life Insurance|0 Comments

Details of the Life Insurance Policy I Bought on My Daughter’s Life

In my last post, I explained why I actually bought a permanent whole life insurance policy on my second child's life, so I figured I would share the actual details of the policy itself.  If you didn't read the last post, there are two main reasons why I purchased whole life insurance on both of my children (fuller details in the post): I am not going to work if something happens to either child and Guaranteed Insurability - I have created a policy whose death benefit can increase without medical underwriting My Child's Life Insurance Policy The basics: Approximately $50 a month [...]

By | 2015-06-09T00:15:12+00:00 May 29th, 2015|Life Insurance|0 Comments

Life Insurance Companies are Starting to Use Big Data for Premium Discounts

For the most part, purchasing life insurance is pretty standard - you apply, the company will do a medical exam and then provide the insured/owner with terms and pricing for those terms.  If you take up smoking or heroine after your exam, your rates don't change.  I always thought that was interesting, but if rates could change I bet the industry would look very different than it does today (my guess is that the industry would be a tiny portion of what it is today).  Working in the life insurance industry I am always interested in industry changes, so I got very excited [...]

By | 2015-11-23T15:10:36+00:00 April 20th, 2015|Life Insurance|0 Comments