I am looking to purchase term

 

  • james m 1:09 pm on March 30, 2010

    Western-Southern is a reputable company. But you might want to compare with others, such as Met Life, Prudential, New York Life, Liberty Mutual, Motorists Life. Or just check with your LOCAL auto insurance agent.

    You should have a LOCAL agent do a free Financial Need Analysis (FNA), or other total needs program, for you to help you determine in your own mind how much life insurance you need.

    You also might want to consider, after your FNA, to purchase a combination of Permanent and Term. You see, statistically, only about 2-3% of death claims are settled by term insurance.

    Term insurance is good for a specified period of time. Most term policies are guaranteed renewable, but at a higher rate. Sometimes, the insured will renew the term policy for as long as he/she can, but it eventually gets too expensive, and it’s lapsed with no benefit. Not so with Permanent insurance.

    Permanent insurance has guaranteed non-forfeiture values. After the policy has been in effect for a period of time, it accumulates guaranteed cash or loan values (better than stock market right now), reduced paid up insurance, or extended term.

    I said that a permanent life insurance policy is a better investment than stocks at this time. Instead of losing value, the values in a permanent life policy will ALWAYS increase, as long as the premiums are paid.

    Even a Universal Life would be a better investment right now than the stock market.

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