It is our practice to compare the best life insurers within the framework of which of them has the greatest chance of providing an overall value to our customers. Yes, we are still active life insurance agents working with clients across the United States to purchase all types of life insurance to suit their needs – whether it is a term life insurance or a number of full life insurances. In most cases, the premium or the customer's budget for the insurance determines the available coverage options. <! – ->
Many people have a bias towards using participatory whole life insurance as their choice for cash. values life insurance while others are more inclined to use indexed universal life insurance.
Frankly, we do not believe there is a right or wrong answer here. Both types of insurance work well with a cash accumulation strategy as long as the insurance is structured correctly. And we also sell life insurance to many of our customers as well.
When it comes to looking at life insurance rates, it is generally quite simple, as most people look at paying premium payments for 20 years or 30 seasons. <! – ->
But when we look at permanent life insurance policies, things get a little more complicated or nuanced depending on your point of view. In particular
How do you compare life insurance companies?
If we compare the best life insurance company when we evaluate participating whole life insurance, it is a completely different matter. For the most part, when we compare whole lives, we are faced with comparing Mass Mutual, Northwestern Mutual, New York Life, Guardian Life and Penn Mutual.
As I mentioned a few years ago, it seems in my article " Do we need more life insurance agents? " that most life insurance companies do everything to make it difficult to do business with them. They would argue for it, but we have over 30 years of experience in proposing something else. <! – ->
One of the easiest ways to narrow down the list of life insurance products to evaluate when looking at the whole life insurance, in particular, is to pay close attention to life insurance ratings. No, ratings are certainly not the panacea but they do provide a way to quickly assess which companies to avoid.
Without going too deep into the mechanics of participating in full life insurance, understand that economic strength can point to overall financial stability. or the lack of it. A company that suffers from its ratings may have trouble paying a good dividend in the future. And that would weaken the motivation to actually buy life insurance coverage.
Having said that, the life insurance companies do not make it an easy process to compare dividends with the entire life insurance. On the other hand, if you want to buy life insurance in the long run, you are in luck.
You can easily compare quotes on life insurance policies from large, reputable companies such as Transamerica, John Hancock, Lincoln Financial, Banner Life, AIG, Mutual of Omaha, and many others to say the least. The National Association of Insurance Commissioners ensures that the illustrations among them all are fair and transparent.
It's like a kind of harkens back to a time when investment information was controlled by retail brokers. Back in the day, if you wanted stock information, you had to call your broker, get a research report from them, and then place your trade with them. They controlled the flow of information and the transaction cost was astronomical.
Eventually, with the advent of the internet and free information readily available to all of us, the retail brokerage model was forced to change. Now you can trade stocks for free online.
It's time for the life insurance industry to do the same and especially those that offer participation whole life insurance.
How much life insurance do you need?
When you want to buy insurance, no matter what type of life insurance you are considering, this issue is primarily at the center. There is no hard and fast way to determine your need for life insurance death benefit, but there are opinions. <! – ->
Some popular financial gurus suggest that you should ten times your current income. Not the worst method but if you are young, earning a high income and have a non-working spouse, you probably need more than 30 times your current income to replace yours if you die. If you want to be more precise, you can add up all your debts and then multiply your current income by the number of years you want to replace it.
For example, Bob is 32 and earns $ 100,000 a year. His wife, Sally, is a full-time mother to Bob Jr. and Janey. They have a mortgage of $ 300,000 and owe an additional $ 5,000 on credit cards. In addition, Bob would like to pay for both children's college education with the death benefit if he dies. Of course, there are also funeral expenses that he estimates at about $ 15,000.
Based on the rough estimate from above, he would like somewhere near $ 2 million or a little more. If he went with that 10x income number, he would let Sally come up with what he really wanted.
How do you qualify for life insurance?
Additional problems that come to mind when you think of " how much is enough life insurance coverage? " … have any of your children disabilities that require greater care? What type of insurance process will be required if you have diabetes? Do you have a history of terminal illness in your immediate family that may affect the insurance process? <! – ->
It can actually sometimes feel like qualifying for life insurance is a completely different business. which you must understand. And that's an important part of comparing life insurance companies because the warranty process can vary quite a bit from State Farm to Ohio National as a strange example.
The coverage amounts will dictate which special rings you must jump through to qualify. Some companies now use an algorithmic process based on compiled data from multiple sources.
Whether we like it or not, companies collect our data all the time and sell it to other companies every day – your credit card company, grocery loyalty / discount card, web browser, local ISP to name a few. In addition, there is a prescription history database that is heavily relied upon to scrape information about your health.
Are there any riders you need?
There are a lot of different riders that you can add to your life insurance policy but there are only a few that most policyholders can choose to add to their insurance. <! – ->
It probably sounds a little strange because everyone knows that riders are additional benefits that are not covered by the basic life insurance policy no matter what type of life insurance it happens to be – whole life, life insurance, variable universal life insurance or indexed universal life insurance . Riders add extra features and most people think it costs an extra cost.
Sometimes that's true. If you want to add the exemption from premium riders who cover your premium payments if you become disabled, a significant extra cost will be added to your insurance. How much extra cost does this rider add? Well, it depends on your health value, your age and your premium amount.
To contrast this, most modern life insurance policies have included a faster death driver. which gives you the death benefit while you are still alive. Some are only in the event of a terminal illness, others cover chronic illness and others provide some form of long-term care under this rider if you need care or home help. There is no parity in the rider's name or in the terms and conditions.
Do you care about customer satisfaction and complaints?
You should always care about both of these things but you must take into account the source of the information. Sometimes people post comments (especially) about their horrible experience with a life insurance company to later reveal that the problem could be avoided by paying their premiums on time.
With that said, we have definitely established that a good customer service department can make a good life insurance company look bad and a good one can make a mediocre company look much better. What is important, however, is that the company is responsive and follows up on what they say they will do.
If you call and request a recipient change, a very routine request, how quickly do they forward the form to complete the change? Will they send it to you versus just send it to you? Will they let you electronically sign the amendment form or will they just accept a wet signature?
This is just a small example, but how they handle such types of everyday inquiries probably indicates how responsive they will be when it comes to helping you with a death or an insurance loan. Both are very important to handle at the right time.
Who needs life insurance?
Well, that's probably a loaded question to be answered by two life insurance agents who have a website designed to educate people about life insurance.
The simplest answer here is that anyone who has a financial interest in another person should consider buying a futures policy at least. It is cheap, easy to qualify without a medical examination in most cases, covers final expenses and is quick to pay your beneficiaries.
Do you want help getting the best life insurance coverage for yourself?
If you want us to compare alternatives for you, we will be happy to do so. We have spent a lot of time developing our own method for doing just that.
We guide you through the process of determining the right amount of coverage if you are not sure and we can help you decide what type of life insurance fits your budget. It is a manual process for us, but we have found that it gives you the most accurate way we know to look at the best life insurance company and life insurance product that suits your particular situation.
You can be sure that we will not spray any platitudes from the life insurance company's brochure. We do not take their word for it; we actually analyze their financial reports and permit applications to determine which life insurance company compares best for you. To ensure peace of mind for you and your loved ones, please contact us and we will be happy to arrange some time to discuss your problems with you via e-mail and telephone.
We will then develop some useful ideas that you can think of while always keeping your budget in mind so we never try to sell you more insurance than you need or can reasonably afford. Completing a complete comparison of life insurance companies is how we know for sure that you are getting exactly what you need.
Click here and fill in the short form to tell the basics of what you think and we will get back in touch with you as soon as possible.