Life Insurance: Whole, Term & More

What does life insurance help provide?

Summer vacation

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Daily living expenses

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Christmas for the whole family

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A new car

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Life insurance’s basic purpose is:

Having money set aside for emergencies

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Knowing you don’t have to budget

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Having peace of mind to not worry about your children

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Achieving all the things you’ve wanted in life

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What is a term life policy?

An insurance policy that builds cash value and lasts for the insured’s entire lifetime.

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A health insurance policy that covers doctors' visits and hospital stays.

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An investment account that guarantees fixed returns over a set number of years.

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An insurance policy that you purchase that is a for a certain length of time.

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What is a whole life insurance policy?

A life insurance policy with a savings account attached to it.

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A policy that only covers you for 10 to 30 years and ends if you outlive them.

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A policy that only pays benefits for accidental death, not natural causes.

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A retirement savings plans that you can access after the age of 65.

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What is a universal insurance policy?

A temporary policy that only covers the insured for a fixed number of year with no cash value.

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A flexible life insurance policy that provides coverage, builds cash value, and allows adjustments to premiums and death benefits.

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A health insurance plan that is offered to all citizens.

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A savings account that guarantees insurance coverage for five years.

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What is the best advice offered regarding what life insurance plan is best for you?

Whatever helps you build a retirement plan.

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What can you afford to pay.

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Whatever your parents once did.

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Whatever your co-workers and friends recommend.

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What does it mean to have to “go back under underwriting”?

It means your policy automatically cancels and you must get a new one at a higher cost.

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It means your premium stops and the insurance company will pay out the death benefit early.

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It means the insurance company will have to re-evaluate at your current age with a new rate, new medical evaluations, and could be denied.

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It means that your policy is transferred to another insurance company without your consent.

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Which policy can you borrow money from?

Term Life Policy

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Whole Life Policy

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Universal Life Policy

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When you have insurance through your employer, it means:

If you quit, the job will keep paying the policy for you.

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If you leave your job, you can keep paying the company for the policy.

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If you leave your job, most policies are not transferable elsewhere.

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If you leave your job, coverage can continue for double the cost.

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When considering life insurance, most people choose 10 times their annual income, but what does our instructor suggest?

Choosing enough to make your children millionaires.

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Building your number according to the expectations you have for your children.

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Your policy amount should only be for funeral expenses only.

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Your policy amount should reflect your lifestyle.

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SMU isRIGHT FOR YOU?

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RIGHT FOR YOU?