I think they already have given you great suggestions. If your plan is renewable and convertible then you have the option whether to renew it or to convert it. Maybe the first thing that you need to know is the type of term insurance you have. Then you can decide after taking all your needs and preferences into consideration.
Posted: Fri Aug 08, 2008 08:03 am Post Subject:
I am not here to offer any suggestion but would like to express my opinion.
Many people probably are in the same situation like what davidg is in right now where their term policies are about to expire and they would like to know how to continue the coverage.
I am not too sure if the agent who sold davidg the 100K term plan gave him any advice. Looking at this situation from the hindsight, it appear as if davidg would like to have coverage beyond the term policy expiration date.
If that is the case, probably the agent did not conduct a proper fact find or periodic review on the financial goals and needs of davidg.
Gone were the days insurance was sold on its own without taking into consideration of other financial aspects of the customers.
Insurance planning or financial planning is meant to take care of the worries a person may have in future. If proper planning was done in early days, davidg would not have such worries now.
Nobody plans to fail but many fail to plan.
Posted: Mon Aug 11, 2008 06:53 pm Post Subject:
And how can we tell if the agent didn't give him good advice and davidg just couldn't afford it?
Posted: Tue Aug 12, 2008 09:08 am Post Subject:
Hi all,
I would quite agree to the fact that we would certainly need to be careful at the time of renewals..we could again go for some sort of window shopping in order to check out with the best industry rates available & tally them with the best possible benefits that are being offered. Most of these term life insurance policy benefits are the same to that being offered under WL for a lower premium as compared to that of the whole life policies (excepting that for WL policies the chances of an uniform premium are more over the years..)
Also need to remember that your chances of living longer would have a key role to decide your current rates..you would also need to think whether you'd like to put your policy on an offer. Don't get confused by agents who'd show you the stock market index in order to set an example of their returns..I say this coz WL policies may ultimately have lower returns than what is predicted due to numerous expenses.
Regards, Evan
Posted: Sun Jun 15, 2008 05:08 pm Post Subject:
I think they already have given you great suggestions. If your plan is renewable and convertible then you have the option whether to renew it or to convert it. Maybe the first thing that you need to know is the type of term insurance you have. Then you can decide after taking all your needs and preferences into consideration.
Posted: Fri Aug 08, 2008 08:03 am Post Subject:
I am not here to offer any suggestion but would like to express my opinion.
Many people probably are in the same situation like what davidg is in right now where their term policies are about to expire and they would like to know how to continue the coverage.
I am not too sure if the agent who sold davidg the 100K term plan gave him any advice. Looking at this situation from the hindsight, it appear as if davidg would like to have coverage beyond the term policy expiration date.
If that is the case, probably the agent did not conduct a proper fact find or periodic review on the financial goals and needs of davidg.
Gone were the days insurance was sold on its own without taking into consideration of other financial aspects of the customers.
Insurance planning or financial planning is meant to take care of the worries a person may have in future. If proper planning was done in early days, davidg would not have such worries now.
Nobody plans to fail but many fail to plan.
Posted: Mon Aug 11, 2008 06:53 pm Post Subject:
And how can we tell if the agent didn't give him good advice and davidg just couldn't afford it?
Posted: Tue Aug 12, 2008 09:08 am Post Subject:
Hi all,
I would quite agree to the fact that we would certainly need to be careful at the time of renewals..we could again go for some sort of window shopping in order to check out with the best industry rates available & tally them with the best possible benefits that are being offered. Most of these term life insurance policy benefits are the same to that being offered under WL for a lower premium as compared to that of the whole life policies (excepting that for WL policies the chances of an uniform premium are more over the years..)
Also need to remember that your chances of living longer would have a key role to decide your current rates..you would also need to think whether you'd like to put your policy on an offer. Don't get confused by agents who'd show you the stock market index in order to set an example of their returns..I say this coz WL policies may ultimately have lower returns than what is predicted due to numerous expenses.
Regards, Evan
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