Self  Insurance

 On the road to Life.......

The Most Common Question: - What is the difference between Term and Whole Life? 

Old insurance adage - Term insurance is for IF you die; permanent insurance ("whole life" or "universal life") is for WHEN you die. 

Interpretation: If you buy a 20 year Term policy, and you die in year 21, your beneficiaries get nothing (except for 20 good years without you dying).   Permanent life insurance expires when you do.  It's one of the only insurance products that is guaranteed to pay off - just not to you!

Next Most Common Question:   Which kind do I need?  Answer (also a question): When do you plan to die?  Less obnoxious answer: Ideally some of both types, but let's talk about what post mortem needs you are trying to cover.

Good reasons to buy life insurance:

• Pay off the mortgage (term)
• Put kids through college (term)
• Final expense (permanent)
• Replace your income (both)
  
• Leave something for the kids when you die (permanent)
• Pay off miscellaneous debts (either)
• Protect business partner (term)

Want a quote?  If you are the independent type, you can visit the site below.  But please give us a call if you need a little guidance, or if you are ready to apply for coverage.

Life Quotes

(start by selecting "Term Quote Engine" )

YOU:  "OK, so what does it cost?"

US:  "Probably less than you think. How much coverage do you want? 

YOU again:  "I don't know - what's the price?"

US again: "Don't know. What do you want?" 

This could go on forever, but we have a solution!

Your Self Insurance agent can provide live quotes, on a trial and error basis, for around 20 of the top rated companies.  You can even watch (see Useless Link) while we zero in on the best policy, for a price you can handle . 

Bottom line - We can help you think through the risks  and put some $$$ on the various ways to cover them. 

And we can explain this graph - - really, we can!

 A Few Buzz Words (to impress friends):

Return of Premium (ROP) - Option to have monthly payments returned at end of Term (if you are still alive when Term expires, all is not lost). 

Face Value -  Amount paid to beneficiary upon death of the insured (beware of decreasing face values and/or increasing monthly premiums).

Cash Value -Money available with some Permanent policies for loans, or payment on cancellation.

Accelerated Death Benefit -  Option to use some of Face Value prior to death, if terminally ill.

Contingent Beneficiary -  Next in line to receive death benefit if primary beneficiary is not around (i.e. not living).  Good idea to designate CB, since accidents can often take the insured and the PB.

Simplified Issue -  Rapid approval Term insurance, with no medical records or exam.

Accidental Death Benefit - Extra Face Value if death is due to an accident, but be careful with accident only policies that pay nothing for death due to illness or age (the most likely causes). 

Accidental Death and Dismemberment (AD&D) - Accidental death policy, along with payments for loss of limbs.  OK if included for free, or for small  cost, but probability of payout is very low.