Buying Life Insurance can be brutal. What policy do I buy? Who do I buy it from? How do I know that the policy I am buying is any good? It’s enough to make your head spin. In this article we will answer these questions and discuss getting life insurance with living benefits.
And a lot of folks, they end up not getting coverage at all. You don’t have to be a policy genius to figure out that if someone gets really confused about something, they will tend to sit on their hands and do nothing. Better to have no coverage, than to have the wrong coverage.
It’s totally understandable. And many years ago I felt much the same way. I was very successful in different ventures and I clearly remember getting “hit on” constantly by folks selling life insurance. Guess what, I looked at them as a bunch of sharks just wanting to take my money for something I would never even benefit from.
Then I Got Married. And Then I Had my First Son.
And then everything changed. I thought, geez, if something happens to me, what would they ever do? It’s nothing like having someone you really care about to push you into getting the coverage.
I now have two policies in place. My wife is younger than me. At some point she will benefit when I am gone. I could take the attitude that I don’t care what happens when I am dead, but it is just so wrong. At least for me.
I never tell a potential client that they should have coverage. I always ask them first if they have someone they truly care about that they would want in a better position, once they are gone. If they have that person, then I tell them they should consider very strongly having life insurance coverage with living benefits.
In truth, about 40% of the time, folks I talk to really don’t have a solid beneficiary. I don’t really like offering them life insurance with living benefits. First of all, a lot of them end up canceling the plans. Second, sometimes they will use it to hold over someone else’s head. “You be good to me or I am taking you off my life insurance policy as a beneficiary”.
So Wrong, But it Happens
I’ve heard of those threats being made more than once. It’s not the reason to buy a plan. You get coverage to protect someone you truly love. End of story
When purchasing life insurance folks focus on the “death benefit”. You die, they can’t pay you, so instead they pay your most loved and trusted one(s). But there is more than that.
Some Life Insurance Carriers Offer Living Benefits
Which is code for you getting money before you pass. The carriers are very competitive. They know some folks will need financial assistance before they pass. As we have often said, you don’t have to be a policy genius to see that the carriers want your business and will bend over backwards to get
Living benefits can mean an accelerated death benefit for term or permanent life insurance policy. The benefit is included carriers policies or can be added to your policy as a ‘rider’. A rider is coverage that is purchased separately. It is then added to the policy you already have.
Dividends are a living benefit of some permanent life insurance policies. Though not guaranteed, these payments to policy holders are based on company profitability. You can have a variety of options to expend dividend payments.
Be a Policy Genius and Find The Most Affordable Whole Life Plan
As we’ve said, be very clear. Whole life burial insurance plans are more expense than term plans. Term plans are often seen advertised on TV with huge payouts, but only for 10 years of coverage. The problem with term insurance is that an estimated 94% of term plans end with no payout. You live too long.
I know we all think we are going to pass, but a lot of times, for whatever reason, we seem to outlive term coverage. The insurance carriers get rich and your beneficiary gets no payout.
Whole Life Insurance is So Different
As long as you keep up with the reasonable monthly payments and you don’t live forever (you would be the first to do that), then your beneficiary will be paid. It’s a 100% certainty and it is what true WHOLE life coverage is all about.
True, you could just tell your loved ones to “figure it out on their own”, but is that really the way any responsible person wants to handle things? Again, everyone is different, so we don’t mean to be judgemental, but someone is going to have to pay for your final expenses once you are gone.
Better to supply them with a nice cash payout, then ask them to put in on a credit card, or two or three and then add the 29% interest rates to the bill. A $10,000 funeral could end up costing $50,000 or more with the gouging credit card fees that banks charge.
Think twice, before thinking the city dump will take your body and be used in place of a decent cremation or burial. I actually hear that from time to time from folks who I speak with and it really makes me wonder.
For the Record, Bodies Cannot be Disposed of in That Way.
There are thousands of different life insurance companie policies available, which means that you could spend YEARS looking for the best plan. In fact you could spend so many years looking that by the time you find that perfect policy, you will already be dead. We don’t want to be so blunt, but some folks have it all together when it comes to being prepared and others are a complete mess.
Our team is smart. We can bring you the best packages instantly. You don’t have to wait for a TV commercial from Colonial Penn with their overpriced coverage. We can get you great coverage in minutes and in most cases with no ridiculous two year waiting period.
If You Have Any Questions About Life Insurance & Especially Living Benefits with Your Plan, Please Call Us
We are more than willing to talk. Moreover, we will not pressure you. We will answer your every question. If your not happy, then we are not happy.
You never know what tomorrow brings, which means putting off life insurance is just asking for trouble. If disaster strikes and you were one of those people that just kept putting off coverage, you better hope (from the great beyond) that your family and loved ones have plenty of room on their credit cards, because that’s where the bills are going.
Cremation and Burial Costs (from funeral director or cemetary) are a Rip-Off in the opinion of many
So what do you do? Get yourself covered.
They are absurdly high considering the struggles of middle and lower class America. You are playing into their hands by trusting a credit card to do what normal life insurance coverage should do.
Just imagine, you could get a policy, make a few monthly payments of $35 each, unfortunately pass away early and then entire burial is covered with money left over.
Or in the exact same scenario minus the coverage, you could saddle your family with $50,000 or more of bills when you consider the cost of interest from a credit card. $105 vs. $50,000 … it seems like a simple choice.
Most of us consider the quality of life provided our family to be the most important choice.
Stop putting it off. Use the quoter on the right hand side of the page to see how reasonable coverage can be for you.
Worst Choice: Colonial Penn Final Expense Whole Life Insurance
Best Choice: Mutual of Omaha Burial Insurance