My Life As Insurance Agent

It is important for you to have insurance in your life. You will get any changes if there is something happen with your life. Besides that, it is become the easiest way for you to protect yourself and your family member. Today, the use of insurance is become increasing. Some people have understood about the importance of having life insurance.

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Insurance companies offer various types of discounts including one called a paid in full discount. A paid in full discount is given when the entire premium amount is paid, it will lower the premium amount and and is a good incentive for those who can afford to pay the full premium. A paid in full discount is a good way to market an insurance policy to a prospective insured.

Insured’s that pay the entire premium for an insurance policy usually receive what is called a paid in full discount from the insurer. This is a discount that is given because the entire premium for a policy is collected all at once. Insurers provide this discount because it is one less policy that they need to send a bill for and process a payment. This discount benefits the insured as well as the insurer whenever an insurance premium is paid in full. This discount is usually available when the full premium is paid for any type of policy. This includes common policies such as an automobile or a home policy but can be available for a life insurance policy as well.

Discounts on an insurance policy are designed to lower the amount of the premium being paid and a paid in full discount is no different. The amount of the discount can vary from insurer to insurer but it usually results is a significant savings on the cost of the policy. Many insurers began to use a paid in full discount because when a policy is paid in full every year they do not need to worry about a late payment or a payment being missed. The benefit to the insured is that they do not need to worry about sending in a payment and having their policy cancel because of non payment of the premium. A paid in full discount is a good way to go to lower the cost of an insurance policy.

A paid in full discount is a great incentive for those who can afford to pay the full premium amount for their policy. Many insurance companies either have begun or have been accepting premium payments made via a credit card. Many people have there home and automobile insurance with the same insurer which makes paying the premium only once is convenient. Also, insurers offer a multi-policy discount for having multiple policies in force. This discount combined with a paid in full discount can lead to a significant saving on the premium being paid for both policies. If an insured can afford to pay the full premium amount a paid in full discount acts as an added incentive.

A paid in full discount is a good way for an insurance company to market their products to a potential insureds. Many times an insurance will suggest paying the premium in full to receive a paid in full discount. Other times the discount can be used as a marketing tool to advertise the benefits of their company.

Permanent life insurance is the complete opposite of term insurance. Its permanence arises from its duration and not from the fact that the policy will continue regardless of context. Permanent life insurance is characterised by the cash value it bears. This type of plan provides coverage for the entire life span or up to age 100, whichever comes first. The essence of the plan is its duration however.

The earliest form of life insurance was term insurance. Term insurance is offered for limited periods and at reduced expenses. The idea of endowment plans and whole life insurance developed subsequently. Whole life plans were the dawn of permanent insurance, where coverage was virtually extended until death. To cater to the changing needs of clients, universal life insurance was eventually developed as an alternative to whole life plans. Permanent life plans can be distinguished by their longevity, monetary rewards and other living benefits like critical illness coverage. Some permanent life insurance plans even have annuities embedded in them.

Whole life policies bear cash values that accrue a couple years after the issue date. The cash value of universal life plans start to accumulate at inception. Another major difference between the universal life plan and whole life plan is transparency of premium. Whole life plans have bundled premiums. Premiums of the universal life plan are unbundled in the sense that you can determine where each part of the premium is allocated.

Whole life plans consist of dividend-paying and non-dividend plans. These plans are varied and have different benefits that are at the discretion of insurers. Universal Life plans include fixed and variable universal life plans. The main difference between these plans is the variability of investment and the death benefit. Generally, universal life insurance is a flexible type of insurance that offers premium flexibility.

Another major feature of permanent life insurance is the availability of non-forfeiture provisions. Since cash-values are available with permanent plans, the plan would not lapse automatically due to non-payment of renewal premiums. The client would have three non-forfeiture options with permanent insurance:
1) Automatic Premium Loan- This is an automatic deduction from the cash value as a result of non-payment of the modal premium.
2) Cash value surrender- Under this option, the policy would cease being in force and the policy owner would be paid the net cash value.
3) Reduced paid-up permanent insurance- If the cash-value is sufficient, it can be used as a premium to purchase a smaller amount of coverage that does not require further premium payments.

Permanent life insurance is a key component of life insurance that facilitates other aspects of financial planning. Forced savings, estate planning and emergency funds are enabled by this type of insurance. While temporary insurance like term plans and endowments are useful in certain contexts, permanent insurance creates added value for clients. Many permanent life insurance plans contain several optional supplementary benefits that are not available with temporary insurance.

You bet your life, it is. Money is the currency that dictates the quality of our lives and there comes a time when we need much more of it than we can afford, or something happens which robs us of it at a moment’s notice, like redundancy, illness an even death. A life insurance policy comes in very handy at those times.

There are nine key reasons why everyone needs insurance.

1.Home Security
The best way to secure your home is through a life insurance, especially if you live with a spouse or family. At least you know that, should the unthinkable happen and you die early, your loved ones will not be homeless or deprived of what should rightfully be theirs.

2. Personal Pension
Due to interest accruing the most from when you’re young, the earlier you begin a life insurance for a pension the better. That covers your needs when you’re older, though some people often fail to see the significance of this when they are young and things are going well. Building for that nest egg with a whole life policy enables a far richer quality of living in the future when you stop working.

3. Income replacement
If you and your spouse have planned for two incomes throughout your careers and one of you dies, life insurance can be used to replace that lost income. it means that the other partner can maintain the same standard of living even if you are not there.

4. Children’s Needs
Children are possibly the biggest reason why one should have life insurance because they are entirely dependent upon parents simply to survive. Naturally, all parents also want their children to achieve the best, especially if they are orphaned. This is where a life insurance policy comes in handy. College fees will have to be found at some timeand, should anything happen to a parent, life insurance would be there to fill the gap and help those children to make the most of their potential.

5. Parents
Many parents suffer financially in old age through high cost of living and possibly ill health. They have to depend on their own children for assistance. But what if they outlive those children and have to struggle even more? A life insurance comes in handy at those tragic times to continue their care and standard of living. Having parents named as beneficiaries in a life insurance policy could mean the difference between them struggling and being comfortable, once their child are gone.

6. Bankruptcy
Many people might not know this but, in case of bankruptcy, the cash value as well as death benefits of an insurance policy are usually exempt from creditors. So at least the person involved would be left with something.

7. Credit Rating
Having a life insurance policy can also help to improve your credit rating. It is considered a financial asset, especially for health insurance, a home loan or a business loan. At least there is a source of income which would be available to creditors if anything happened to you.

8. Tax Free Cash
It helps to secure your estate on death by providing tax free cash which can be utilised to pay estate and death duties and also to assist with business and personal expenses.

9. Funeral
Funeral expenses, burial costs and medical bills can add up to a massive amount. No one wants their loved ones to have to shoulder these burdens. A life insurance is very useful to take care of these final expenses.

When one is hale and hearty, it is easy to dismiss the need for any kind of insurance. But the unexpected always happens in life, and so it is best to be prepared by taking out a life insurance, at least for some peace of mind.

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Life insurance, you can’t live with it and you can’t live without it or can you?

There are basically 2 types of life insurance. The Whole Life, Universal Life, Variable Life and Variable Universal Life Policies are all basically the same. You may find some slight differences but they provide the same basic plan.

You are most likely to be paying a higher premium.

The insurance company will originally be taking the extra amount you are paying in premium to cover “costs”. After a year or two of that, they will start investing the extra premium for you. You will slowly see the investment side of your policy grow. You will eventually be in a position where you have enough in you investment side to pay your premium so you will have a “free” policy. This all sounds really good, you are not only covering yourself with life insurance but you are also investing as you go. The problem with this policy is when you die; your beneficiary will only get the face amount of the policy. If you took out a $100,000 and have accumulated $50,000 in investments, your beneficiary will only get the $100,000. The insurance company keeps the $50,000 that you have worked so hard to invest. Another problem with this plan is the money that the insurance company is investing for you is only earning 2-5% interest. You can easily make 10-12% in Mutual Funds.

Term Life insurance is much cheaper but just as the name says it is for a “term”, usually 15, 20 or 30 years. The problem with Term Insurance is at the end of the term, if you renew, your premium will greatly increase. If, for example you are 30 years old and take out a 30 Term policy, your premium will be extremely cheap. A 30 year old man can take out a 30 year $100,000 Term Insurance Policy for about $110 per year. When it comes time to renew the policy, you will be 60 years old and your premium will be in the neighborhood of $281 per year and you won’t be able to get a 30 year term, they would only give you a 20 year term because of your age. The good news about Term Insurance is that if you take out a policy and invest the difference between what a Whole Life premium would be and a Term Life premium you would be able to be self insured at the end of the term.

Let’s look at an example. If you are 30 years old and take out a 20 year term life policy for $100,000 your annual premium would be about $110. That is about $9 per month. I was paying $125 a year for a $10,000 Whole Life policy so let’s just multiply the $125 times 10 and that should be about a $100,000 policy premium for Whole Life. That means $1,250 for the Whole Life and $110 for the Term policy. If you took the difference in monthly premiums, which is $95 per month and invested it in a Mutual Fund that averages 9% growth, at the end of 20 years you would have about $50,000 and that should be enough to bury you. I used conservative numbers to get that figure; you can easily get 10-12% in Mutual Funds. If you are also investing in a 401k, IRA or Mutual Funds your beneficiary should have at least another $100,000. Again I am using conservative figures.

If you can become debt free, you can throw a lot more money into Mutual Funds and you can easily be sitting with hundreds of thousands of dollars in your 401k, IRA and/or Mutual Funds after 20 years. At that point, you won’t need Life Insurance.

In my opinion you need Term Life insurance for about 20 years, by then if you are smart with your money, you should be able to be self insured