Whole Life Insurance Quotes
First, things first....
Do you understand the difference between permanent life insurance and term life insurance?
Permanent is as it sounds. Permanent. As long as you pay the premium, it's usually guaranteed to be there for your loved ones until at least the time you reach age 100; most actually go to age 120 now.
So far so good... Who wouldn't want permanent insurance?
Did you know that the insurance companies make the MOST profit from the typical permanent type policies, such as traditional universal life and traditional whole life?
Ask yourself a simple question, if the insurance company makes the most profit from those product types, who is paying for that profit?
Now, I must say that there are indeed times when a permanent life insurance policy is the best option. However, in my experience, this is usually with HIGH net worth individuals.
When I say High net worth, this is what I mean:
- Individuals with a net worth of over 10 million dollars
- Individuals who have already maxed out all other forms of tax deferred savings.
Did you get that last paragraph? It's very important.
If you do not have all of your available tax deferred savings or investment vehicles maxed out, permanent insurance is probably not the best choice for life insurance.
Having said that, there are those who are do not have a net worth of $10M, but do have the money (yes these policies cost more) who simply want that type of policy and far be it from me to encroach on another's freedom.
If this describes you, I can get you ANY policy from ANY company. So feel free to ask me to run a quote for you, I'll be happy to do it.
For the rest of us, I would say there is ONE (1) Universal Life Product that is absolutely fantastic and it is only 1/2 as much as a "regular" or "typical" permanent policy. the product I am referring to is called "Term to Age 100®" or "Term to 100®".
You may be saying to yourself, "I thought they sounded like they were against universal life???".
Well, when talking about the "typical" types, for "most" people, yes.
However, "Term to 100®" universal life insurance is excellent because it's a newer type of hybrid policy that combines the best of both worlds.
To better understand, let me illustrate this way:
Term Life Insurance:
Good - because it does not take cost you any extra to fund a (usually) underperforming savings "investment" account. When I say underperforming, I mean in comparison to a solid mutual fund like the S&P500.
Bad - because the maximum length term is 30 years and sometimes there is a need for life insurance after the 30 year term expires (and don't even think about invoking your "guaranteed renewal clause" because the PRICE is NOT guaranteed to be low, it will be astronomically high!
Whole Life Insurance:
Good - because it doesn't expire until age 100 or in this case age 120, so you will not outlive your policy. If you do, more power to you.
Bad - because it cost you a lot extra to fund that (usually) underperforming savings "investment account". When I say underperforming, I mean in comparison to a solid mutual fund like say the S&P500.
The Term to 100® product:
Good - because it doesn't expire until age 100 or 120 (in most cases).
Good - because it doesn't require you to fund an underperforming savings "investment" account. It cost more than regular term, but less than regular permanent insurance. It costs more because it is guaranteed to payout. You or your family WILL get paid the benefit for sure.
In this humble insurance broker's opinion, Term to 100® is absolutely the best life insurance product to hit the market since the modified endowment contract rules hit the industry. It really makes sense and it's very affordable, especially considering what it does.
