- Term Insurance
- Decreasing Term
- Whole life
- Indexed Universal Life
- Guaranteed Universal Life
- Variable Universal Life
- Universal Life
- Whole Life – This is the traditional type of policy. It is a fixed insurance, but only the true permanent policy, I’ll explain in a seocnd. It is the most expensive of all type of policies and not as sexy, however, a great play for fixed position in life insurance. This is a great product to use when utilizing the Life insurance as an asset class theory. I’ll discuss this theory in a later post. Whole life Insurance is a great product to have guarnated cash values and death benefit.
- Term – All of the other products above fit into the term category except for Whle Life. You have your traditional term that has a level term of 10, 15, 20, 30 years and there are also one year terms and decreasing term policies. These are your cheapest life isnurance and are great to get. When buying them make sure they are convertible to a permanent policy so that when the temr is almost up you can convert and maitain your health eligibility. Now the other products are permanent policies and most build cash value. However, as they are built, they are designed to have term (annually renewable) inside them thus driving up the internal cost each and every year which should be offset by cash value growth.
The ottom line is get life insurance and make it a aprt of your plan.
Rodney Mogen, is the president of solveurpuzzles, a business focused company. Helping Financial advisors and insurance agents solve their case troubles and issues. Rodney is also a small business advisor focused on developing financial strategies for small business owners and helping them develop their own strategy and ideas to grow, sell, develop the way they want. He is focused on creating proper financial strategies for Advisors and business owners to assist them in their day to day duties by solving their financial puzzles. Rodney is also the Director of Financial Strategy for The Evans Group. Check out more information at www.solveurpuzzles.com and the financial strategy work for The Evans Group at www.financialselectservices.com.