Just like the name implies Term Life is for a specified period of time. If you die during the term your beneficiaries get the death benefit. At the end of the term the policy is over. You may be able to renew but at then current rates. The main advantage of Term Life is it is the most cost efficient way of protecting your loved ones in the case of your death for a finite period of time. For that reason it is very popular. The downside is it ends and your coverage is over.
There is nothing wrong with term life as long as you understand it isn’t a permanent policy. Because of its relative low cost it is the best solution for many situations including mortgage protection & income replacement.
One valuable feature of many term life policies that is often overlooked is a conversion (to a permanent policy) option. Conditions vary & explore the options of the policy you are considering, but often you are able to convert (“trade-in”/”exchange”) all or part of your term policy for a permanent policy (whole life, universal life) without evidence of insurability (re-qualifying medically) by just paying the difference in premiums.
We work with a number of extremely competitive term life carriers. See for yourself (go ahead & fill it out….you get real instant quotes…no need to put in any of your info…if you like what you see…give us a call…
Indexed Universal Life (IUL)
My Insurance Practice is very focused on Indexed Universal Life. That’s probably one of first things you saw when you visited this website. We figuratively think that for some client situations it is the best thing since sliced bread.
An IUL policy is a flexible permanent policy. It has many advantages. One being the potential for very strong cash value accumulation that can be accessed tax free while you are alive.
Special Health Situations
In addition we have a full line of products that can meet just about every client need you have including adverse special health situations. I can & have written policies on clients with:
- Cancer, Kidney Disease, Alzheimer’s, HIV/AIDS, Terminal Illness
- Diabetes at Standard Rates
- $250,000 Death Coverage with no medical exam
- & More & More & More
Final Expenses/Funeral Expenses
We have a variety of options for you or your parents to ensure that your Final Expenses are taken care of via funding a small life insurance policy specially designed for this purpose.
In 2009 (last year survey done) the average funeral cost was $7755 not including cemetery costs, marker costs, flowers or obituaries. NFDA Survey
According to recent research half of all American die broke or near broke. That’s the reality. We can help make sure you have a plan that doesn’t make your death a burden on your loved ones.
We recommend whole life policies that never expire, have premiums that never increase and death benefits that never decrease. We call these “no surprises policies.”
We can do amazing things for children. If your budget allows, why not explore checking out max funding an IUL taking advantage of the extremely low cost of insurance on healthy children? These can help fund college, a down payment on a home or just the start of a nest egg for your children or grandchildren.
Also, we have special low cost (<$10/month) plans that have easy underwriting, are permanent and that can be increased later in life even if they develop a medical condition that would keep them from otherwise qualifying.
The Independent Advantage
DaveLife is an independent agency. That means we represent a number of different top carriers. Sometimes you’ll hear us called brokers. Representing multiple carriers gives us the flexibility to find the best product for your individual needs.
The opposite of an independent agent is a captive agent. That is an agency that only represents one carrier’s portfolio of products. Often they are linked to a major Property & Casualty Company. Usually they are really great guys or gals and good at what they do. I encourage you to keep your home & auto coverage with them but for life insurance they are limited in what they can offer you. You may do better elsewhere.
Think about it: Insurance is a huge business. It is extremely competitive. There are over 2000 different life insurance companies in the United States. Not products; companies….& each of those companies probably has at least six different products; some many more. Companies have to find consumer segments to target (young, old, healthy, sick, high net worth, lower net worth etc.). None of them are the best at everything. An independent can pick and choose from the best of the best.