It’s the question most people have in general, but since here we cover aspects of life insurance, I just wanted to let you know that if you apply for a policy and you test positive for the virus, the insurance company will place your file on hold for 30 days. Once you are recovered, you can follow through with the medical exam (if there is one) and all other requirements.
–How do I know if I’m getting the right insurance?
An agent should be able to explain all the details and the pros and cons to term insurance and cash value policies. An agent should be able to you that term insurance is for only a set amount of years. Also, if they offer to get insurance “for your children” and it’s a term policy, that will only pay them if the child passes away and nothing else. I always tell my clients that term insurance is a great product to have because it’s very low in premium and you can purchase a lot of coverage. With cash value policies, you should be shown the max contribution and also the minimum. The difference between the two should be significant, which means the agent does care more about you than about the commission they’ll make. If the difference is very little, the agent is maximizing their profit and giving you, the client, very little benefit for your cash value.
-“I pay $5 a month for insurance”
Are you familiar with Accidental Insurance? A lot of times people purchase these policies, which are very inexpensive but not knowing that they will only pay out the benefit if you pass away in the scenario that comes with the policy, which has to be by a specific accident.
I also read from other agents about “how do I convince clients about cash value policies?” and my thought process is “we’re not in the business of convincing people, all you have to do is explain each product and the client will let you know what they want” and sometimes it might just be the wrong person who doesn’t see it or the timing might just be off.
Retirement Fanatic 