Today, I was able to interview Product Specialist Paul Manginelli. We discussed the different forms of Life insurances and the pros and cons of each form. So, let’s take a look at what information Paul can shed light on for us.
What type of life insurance is available on the market?
There are several types of life insurance available, primarily whole-life and term. Term-life is temporary, meaning it’s available for a period of time. With term insurance, you can buy a lot of it for a low price; however, at the end of the term, you have no insurance so you need to re-apply. The primary difference between whole-life and term-life is the duration of coverage purchased. For instance, whole-life gives you permanent insurance that you don’t need to reapply for, and you don’t have to go through any type of health assessment. That’s permanent insurance; you apply and you’ve got insurance for the rest of your life. The term insurance is temporary; it has a place in certain situations.
Why would you propose life insurance to an individual’s family or business?
People ask me that all the time, and the number one reason why people buy life insurance is simple – love. They love their family; they love the people that they work with; they love their business. They love everything that they’ve worked so hard to protect because if they’re not here tomorrow to provide a source of income they want to protect everything that they have. So, they buy it out of love to protect their family, their businesses, and everything they support.
Can you explain a little bit more about the differences between the life products?
Whole-life traditionally builds the cash value and loan value. Also, the premium never changes, whereas the index whole-life and the variable whole-life have a flexible premium. Again, whole-life builds cash value and has long-term value. Term-life is as it sounds; it’s for a term period. It has no type of cash value and no type of long term value. It’s insurance in the purest form.
All right last questions: what determines the price of life insurance?
Wow, I’m glad you asked that question. The most important factor in purchasing life insurance will always be your insurability. Your health buys the policy; the two key factors will always be health and age. Other considerations will be determined by height, weight, medications, and overall health history. Remember that the best time to buy a plan is when you’re healthy.
If you have any questions, please call us toll-free (888) 539-1633.
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