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 Posted: Sun Jan 04, 2009 9:35 am Post subject: TERM INSURANCE SPECIALITIES |
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This is a good option for low economy level people who love their families and due to low income, they are not able to afford the premiums. Due to this, they are always tense for future. This insurance is a relaxation for their minds.
If you are going to borrow some loan and are the only earning person, this is a boon because the concern for repaying of loans after your existence can be nullified at lower costs. Also another policicies can be taken alongwith this one.
A drawback is, This is no more an investment option as money is lapsed after the maturity. |
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VIJAYRAJ
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| Posted: Mon Jan 05, 2009 6:33 am Post subject: |
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| Quote: | | A drawback is, This is no more an investment option as money is lapsed after the maturity. |
The life insurance policies weren't designed to offer investment opportunities to the buyer, rather, it is to protect the financial future of his/her dependant ones at the time of the pre-matured death of the policy holder. Therefore, term life plans only offer the death benefits. It's been considered as illegal to preach life insurance as an investment tool in some states. And actions can be taken against the agent who has been doing so.
However, I agree that term life plans are useful options if you have unpaid loans. This would reduce the debt burden on the bereaved family. |
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jeorge
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| Posted: Mon Jan 05, 2009 6:56 am Post subject: |
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Well, tough the term life plans are the most affordable form of life insurance and the policy holder can actually buy a big sum at nominal cost, its losing its importance ‘cause of certain disadvantages.
- term life plans don't offer any cash value benefit and no death benefit is awarded if the policy holder doesn't die within the tenure of the term plan.
- the policy will lapse if the policy holder fails to pay the premiums.
- the term life plan doesn't offer flexibility in terms of death benefit, i.e. you can't increase or decrease death benefit to suit your needs.
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Mackenzie
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| Posted: Mon Jan 05, 2009 8:12 am Post subject: |
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The deal when buying Level Term Life comes when the term (10yr 20yr) is more near its ending. The Policyholder has become older but the Term Life Policy premiums remain level throughout the term which were based on the age of the Policyholder when they purchased the Policy. Decreasing Term works in the other direction but will cost less in year one.
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Ins4U
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| Posted: Thu Jan 08, 2009 4:34 am Post subject: |
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| Quote: | | the term life plan doesn't offer flexibility in terms of death benefit, i.e. you can't increase or decrease death benefit to suit your needs. |
You can decrease. You can also increase, but you would have to go through underwriting. Anyway, on a permanent policy you cannot increase to suit your needs unless the increase was underwritten from the beginning. You may have meant to say that permanent policies have different death benefit options, such as face plus cash value (option B) or face plus premiums (option C), but you can't just buy a 1mil policy and then in yr 15 just jack it up to 5 mil just because you feel like it.
| Quote: | | Well, tough the term life plans are the most affordable form of life insurance and the policy holder can actually buy a big sum at nominal cost, its losing its importance ‘cause of certain disadvantages. |
Where did you read the article that stated that term insurance was losing it's importance? Do you have any statistics to back this up, or is this an opinion? I work with over 100 brokers and this is news to me. I want to make sure that I'm aware of the latest trends.
Thanks for the update on term insurance losing it's importance. I hope Gary Spicuzza reads this, because he has a passion for the truth.
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Victor Suris
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victor27s
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| Posted: Fri Jan 09, 2009 1:25 am Post subject: |
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| Quote: | | I hope Gary Spicuzza reads this, because he has a passion for the truth. |
Thank you, Vic.
Yes, I do have a passion for exactly correct information and I don't mind being taken to the woodshed if I have my wires crossed. Of course, with me being from Missouri, that requires one to SHOW-ME.
Regarding the Original Post on this thread, I don't know what to make of our Indian friends who post here. I don't believe the life insurance business in India would be recognizable to us agents here in the USA.
I don't know why they bother to post here,.... except for the fact this site, very uniquely,... actually pays posters to participate.
When you click Contact Us at the bottom of the page the address for this site is:
AmPmInsure
11504 Promenade Rd.
Frisco, Texas - 75035, USA
Texas is about as American as it gets so it's bIzArRe people from India bother to post here, EXCEPT, I guess $0.025679999999 dollars per post is BIG BUCKS over there.
And while the posters probably are very intelligent people speaking English and writing English are two very different things so their posts read very oddly to anyone with English as their first language. Not to mention speaking English and talking American are two very different languages.
In America with cell phone text messages we've now dummied down language and standardized discourse. You is now spelled u, are is r, great is gr8 and college graduates don't know the difference between there, their or they're.
So why this long dissertation you ask?......Simple.... for that $0.45 dollars.
Move over Madoff, Hedge Fund THIS! 
AND as a bonus Madoff's Victim List
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GarySpicuzza
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| Posted: Fri Jan 09, 2009 4:17 am Post subject: insurance |
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| OMG!! "Passion for the truth?"......I BEG to differ on that one. Why are you so 'judgemental' on who posts on this forum, GARY???? your post was vicious, to say the least. ANYONE has the freedom and right to post here. |
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sdchargersfan
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| Posted: Fri Jan 09, 2009 6:04 am Post subject: |
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| Quote: | | Regarding the Original Post on this thread, I don't know what to make of our Indian friends who post here. I don't believe the life insurance business in India would be recognizable to us agents here in the USA. |
Well, I guess Gary that this site is freely accessible from any part of the world. In the past I've seen people from UK, France, Germany and Australia to come and post here. I dunno whether the site admin can actually restrict people form other continents from posting in this board.
Anyone searching with the terms insurance and/or insurance forums can stumble upon this site. And its not hard to find out that this community is generous to offer $$ for posting  |
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JeremyHolter
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| Posted: Fri Jan 09, 2009 9:11 am Post subject: |
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| Quote: | | You can also increase, but you would have to go through underwriting. |
Won't it then be a new policy altogether?
A fresh underwriting process may reveal the policy holder's latest financial updates to the carrier and hence it may not just be an alteration of policy benefits and premiums. It may invite overall changes associated with one or more of the policy clauses. Am I wrong!
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anonymous00
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| Posted: Fri Jan 09, 2009 11:27 am Post subject: |
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| Quote: | | It may invite overall changes associated with one or more of the policy clauses. Am I wrong! |
Yes, you are incorrect and this is a common misconception.
Once a life insurance policy in the USA is issued it can't be canceled by the insurance company for any reason except non-payment of premium.
Off topic discussion removed by moderators
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GarySpicuzza
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| Posted: Sun Jan 11, 2009 5:40 pm Post subject: |
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hmmmmmmm gary, that city, just 'pop' up did it?
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