By Vince Davis Insurance Inc. #2
The Truth Contributor
I have been helping people with their life insurance for almost 40 years. That means that a 50-year-old man or woman that I wrote 40 years ago are either 90 years old or dead.
So, if that 50-year-old wrote a 30-year term policy 40 years ago. Then that term policy will have expired before he or she died. At that point the policy expires. Term Insurance is like renting a house. The payment may go up. The rental agreement may end. Even if you lived in the house all your life, you do not own it. Therefore you cannot sell it. You can’t take a loan out on it. You had shelter.
I have written a lot of life insurance. I have paid out a lot of death claim checks. People ask me all the time, Vince, what is the best life insurance policy to own? The best life insurance policy is policy that is paid and in force when you die. Term, whole life, variable life, or whatever. It does not matter.
WHOLE LIFE INSURANCE IS MORE LIKELY TO BE IN FORCE IF YOU LIVE LONG AND KEEP PAYING THE PREMIUMS. WHOLE LIFE INSURANCE IS LIKE OWNING THE HOUSE. YOU CAN TAKE LOANS OUT AGAINST IT. YOU CAN ACCUMULATE CASH VALUE. YOU CAN ASSIGN IT TO ANOTHER PERSON
Everybody says they have a life insurance policy at work. Do you know how that works? In most cases your work insurance reduces too little or nothing when you terminate. You might get a gold watch for your work effort at retirement. Work insurance is normally done or different when you stop working there. Quite often your work life insurance is not portable. It was an employment perk. That benefit existed while you were an employee.
Get all the work insurance you can. Its normally a great deal. Just don’t plan on keeping it. Check with HR to validate what you have. See how long it will stay in force. Ask if the price changes. If it does not change then how long does it stay the same?
I see more whole life policies that pay out than any other kind. Whole life policies are structured to last for your Whole Life. That is a matter of fact how they got their name
The next more than likely policy to be in force is a Universal Life Insurance policy. They are sort of a permanent life insurance policy. There are premium payment variations and policy loan circumstances that can render the policy ineffective or cause it to lapse completely.
All life insurance can benefit your family. The key is knowing the positives and negatives of owning each policy type. Purchase a policy or two. Your life insurance policy fulfills an “I Owe Your Voucher to Your Family.” Write your family a love letter. The policy benefits pass to family and avoid probate.
“Dear Family, this is for you. I’m not here. But I want you to be ok. You will miss me. But I do not want you to miss much else. Love Dad, Mom, Significant Other.”
HAVING LIFE INSURANCE FOR YOUR FAMILY SAYS I LOVE YOU UNCONDITIONALLY. NOT HAVING LIFE INSURANCE FOR YOUR FAMILY SAYS. I CARE, ONLY IF I’M HERE!
I can advise you about your insurance. Call or text me for an appointment. Generally, it is never a good idea to cancel a whole life policy that you bought a long time ago. It is usually not a good idea to cancel your policy to get another policy period. The price is based on your age when you bought it. If you do plan on getting a new policy Keep your old policy until your new policy comes through. It might not get approved. Look it over carefully or have an insurance professional do so.
Vincedavisinsurance.com State Farm Insurance Agent Vince Davis 3344 Secor Rd. suite a102 Toledo Ohio 43606. 419-244-2904, 419-24-4105 fax, cell 419-509-0326