Most people, when looking for a life insurance policy, just think about “what’s the cost?”, which is a valid question. Most agents, just to get a sale and get a commission, just offer a term policy, vaguely explain the details and make it seem like “for a cup of coffee a day, you have protection on your family”, but is that what you really wanted? Is the coverage you have also enough?
The worst thing is running into an agent with an agenda who only wants to sell you what makes them the most money but may not be suitable for you. There are insurance agents who can only sell term policies and will talk badly about cash value policies (I had a scenario where they told the client that the cash value portion GOES DOWN and other lies of that sort. It’s a generalized statement, because the cash value can go down if not properly structured or if a person starts to take loans from their policy, but to say that the cash value goes down without explaining anything is only to make the person fearful). There are also agents who only offer cash value policies as a way to get people “properly insured” and almost disregarding term policies.
I have a couple I sat down with on Saturday, they applied for two term policies, $250,000 each with an addition of receiving $1,000 a month for disability income if they were to get disabled and they’re self- employed. They both applied for a 30 year- term policy. They also have two kids and they’re looking at getting two cash value policies for them towards their future. A misconception I keep on hearing is “college plan” for children’s policies. Make sure to take a look at the illustration and see how much money will be in the account at 18 before you tell people it’s for “their college”. I always tell my clients “it’s for the future of your child” and show them how much money will be in their account by 60. Also, once the child is approved for life insurance, they have it permanent and will not have to worry when they grow up about having to qualify for a policy, unless they wanted to purchase another one.
Just remember this: THERE IS NO SUCH THING AS A BAD POLICY.
If you have any questions regarding your policy or would like more information, feel free to contact me through here or by my email, danielchalian10@gmail.com
Retirement Fanatic 