| Text 408-854-1883 for a field underwriter near you and to match your insurance needs from 17 insurance carriers. What is term life insurance? Provides death insurance coverage for 10, 20 or 30 years with no cash accumulation and return of premium. More affordable than whole life insurance. John Hancock: Runner-Up, Best Overall AIG: Best Level Term Transamerica: Best Guaranteed Renewable Term Mutual of Omaha: Best for Young Families ; Includes accidental death benefit rider (2x death benefit), children rider and waiver of premium rider Mutual of Omaha has added a new product to their portfolio, Guaranteed Advantage Accidental Death Insurance. Guaranteed Advantage pays a benefit to your clients’ family if they die as a result of an accident. When term life declines happen or the client can’t afford the premiums. |
| How much life insurance do I need? Based on your assets and income, you want to insure your value in the event of death to pay for the mortgage balance, other debts and to leave and estate to your family. Most insurance companies say a reasonable amount for life insurance is six to 10 times the amount of annual salary. Another way to calculate the amount of life insurance needed is to multiply your annual salary by the number of years left until retirement. The calculations behind life insurance rates are all about life expectancy. That’s why life insurance costs more as you get older. If you outlive your policy term, the insurance ends and you must buy another policy if you still want to carry life insurance. However, the annual premium for another policy could be quite expensive because you’re older and an insurer will take into account health conditions. That’s why it’s important to choose a suitable term length early in life. You would need to buy an additional term life policy at an extra charge if you find a term life policy isn’t sufficient. |
| Which is better term or whole life insurance? Use term or whole life insurance based on your financial and insurance goals. If you want to leave a legacy or an estate to your family with no cash accumulation and return of premium, choose Term life. Whole life insurance is a “straight life” or “ordinary life,” is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date. Whole Life Insurance is permanent insurance with strong guarantees. It has a guaranteed death benefit, guaranteed premiums, and guaranteed cash value growth. Cash Value builds inside of whole life insurance policies. Imagine this cash value portion like a savings account, that you can access at any time. We say it is a savings account because the cash value will only go up. It never fluctuates up and down. You can get extra cash value by getting more paid-up additions on your policy. See infinite banking. You can access the cash value by: – Loans – Distributions – Take out dividends as cash |
| Life Insurance Amount Calculation: How much life insurance do I need? Another way to calculate the amount of life insurance needed is to multiply your annual salary by the number of years left until retirement. For example, if a 40-year-old man currently makes $20,000 a year, the man will need $500,000 (25 years x $20,000) in life insurance. |
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What, Why and How of Life Insurance
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