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When you take an industry who spent the past 160 years perfecting the “buddy” sales model, and expose its under belly, what would you expect to happen next? Not much! The history of “buddy” sales and why it will always continue and prosper. 
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Your risk exposure to dying may increase as you age. Your financial exposure to dying may decrease as you age. How do you know how much coverage you need, how long you need it for and where you should buy it?  The short answer is YES! The long-term health impact of testing positive for Coronavirus is still unknown. Is it possible that this virus can create future health issues and shorten the lifespan of survivors? Quite possible. A recent study performed at University Hospital in Frankfurt, Germany showed that 78% of people who had recovered from COVID-19 (including many who never had been hospitalized) still had some kind of heart abnormality that was detectable on MRI scans two months later. “COVID-19 symptoms can sometimes persist for months,” according to Mayo Clinic. “The virus can damage lungs, heart and brain, which increases the risk of long-term health problems. Much is still unknown about COVID-19 and how it will affect people over time.”  Imagine, each and every day, sitting in a room with a pile of medical records to review. Imagine that you have to make a medical underwriting decision based on your company’s criteria. Imagine having to evaluate each applicant’s medical history, factoring in their height, weight, medications, diagnoses, doctors’ visits and their previous compliance. Medical underwriters do this every day and if you want to be prepared for your life insurance application interview, you should do this too. The better the story, the better the rating, the better your rates.  The process of going through a divorce is often times stressful and emotionally draining. There are questions, family, assets and financial security to address. Financial security can seem confusing and frightening to the spouse who does not work or provide income to the family. Alimony and child support are an important ingredient to a divorce agreement. These terms are negotiated by the spouses’ attorneys. But what happens when the spouse providing the monthly income passes away? Who is there to continue to provide income to the family?  Outside of the army use, a Swiss army knife is thought of today as a device capable of many uses and applicable to solve many problems. Unfortunately, life insurance is not a “Swiss army knife.”   I have been buying life insurance for 40 years.
Term Life Insurance can be simple; and it can also be complex. It may look like the cheapest is the best - and it may be if that is all you want. Term insurance is a type of policy that has a fixed and guaranteed premium for a certain number of years. After that time period, you can still maintain your policy, but your annual premium can increase up to 20 times your current premium, depending on your age, and will continue to increase each year after that based on a formula called annual renewable term. In your policy, it states exactly what will happen to your premiums every year...  Are you aware that you can now buy a new 40-year term policy if you are age 45 or younger? If you are age 50 and younger, you can buy a new 35-year policy. If you are age 60 or younger, you can buy a new 25-year term policy. Imagine having a term policy that covers you to your age 85. Incredible, right? GUESS who doesn’t want you to know this? Your friendly life insurance agent doesn’t want you to know this. WHY NOT?  This notice is most critical to consumers who have existing life insurance. The risk you run if your policy doesn't perform as planned, is tens of thousands of dollars paid for valuable protection that is not there when you need it. Yes your "permanent" "guaranteed" life insurance policy can collapse. |
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