Life Insurance for Every Age and Gender
There is a misconception that life insurance is only for a certain age group, there is also a bit of a lingering belief that only the male head of a household needs to get insurance. These beliefs are completely false, everyone can benefit from setting up a life insurance policy.
Life Insurance for All Genders
The belief that only a male head of household needs to have a life insurance policy is rooted in a day that is long gone in America, when the traditional nuclear family saw the man as the breadwinner and the wife staying home with the children. While this arrangement still occurs today, a woman’s value to the home is now recognized in a way it wasn’t in the past. This means that both genders need to set up a life insurance plan to provide for their families and heirs after their death.
Life Insurance for All Ages
While someone who is in the prime of their life may have a need for more life insurance than someone who is very young or very old it doesn’t mean that they’re the only people who need insurance. First of all, everyone has some funeral expenses to deal with and having life insurance can help defray those costs. There can also be some medical expenses to deal with and having life insurance can take care of those bills. Elderly adults may want to consider their grandchildren when purchasing life insurance so they can take care of their futures, or they may want to send some money to causes that are important to them. And for anyone, a whole life insurance policy can serve as a saving vehicle.
Whatever the situation, life insurance is a great idea for everyone.
Life Insurance and Universal Life
Life insurance planning can be confusing, which is why it’s very useful to have a trusted life insurance specialist on your side. But prior to even speaking to an insurance agent you may want to learn a little bit so you know what to expect.
Life Insurance and Guaranteed Universal Life Insurance
Guaranteed universal life insurance is a great option for people who don’t want to pay a lot for premiums yet they want insurance to cover them permanently. Term life insurance is sometimes chosen because it is inexpensive initially, but it terminates after a certain period and after that you have no life insurance. Universal life offers a better solution because it has the benefit of being inexpensive and it lasts your entire lifetime. Guaranteed universal life is basically a hybrid of term life insurance and whole life insurance.
Life Insurance: Whole Life versus Guaranteed Universal Life
Whole life insurance covers you until death but it also can serve a number of different savings and investment functions that can be quite beneficial, but it’s the reason that the payments for a whole life insurance policy are more expensive. If you’re just looking for an inexpensive life insurance that will provide for your family after your death, then a guaranteed universal life insurance plan is exactly what you want.
If you’re new to the life insurance game and still not sure exactly what you want and need it’s important that you at least understand the three types of insurance we mentioned. A whole life insurance policy will provide coverage until death and give you a number of ways to save money and provide some education benefits and tax benefits as well. A term life insurance policy is inexpensive but only covers you for a set period of time. A guaranteed universal life insurance policy is a hybrid of both, offering you insurance coverage until your death at lower premiums.
Robert Maroldi
As a relative newcomer to the insurance industry, I consider myself very fortunate to have been exposed to BeamaLife. I was promised two things when I first spoke with BeamaLife:
- I would acquire more knowledge than 90% of the existing insurance representatives currently in the marketplace.
- I would not have to make cold calls, as all leads would be provided.
In the two months that I have been here, I am absolutely impressed with the caliber of knowledge here as well as the training sessions. My clients are always asking me how I am so knowledgeable and I respond that it is a combination of our training program and my own study; promise one kept. Leads are supplied daily and I have yet to make any cold colds; promise two kept.
BeamaLife not only trains you on insurance types and aspects, but also hones your selling skills via training.
The experienced people are always willing to help, and the CEO’s door is always open. I would encourage anyone who has the desire to be the best, and wants unlimited earning capability to apply for a sales position in New Jersey with BeamaLife. If you are chosen to join us you will be in control of your own destiny and your rewards will be commensurate with your efforts.
Archana Jayakumar
BeamaLife offers a new dimension to selling in the insurance world. The work culture and the business structure are very well designed for a new person to get adjusted very easily. The training sessions are very informative and offer an opportunity to exchange views and opinions. The quality of leads is fantastic, thereby aiding in focused selling. Overall the atmosphere demands attention to details and ability to work in a fast-paced environment, resulting in encouraging real talent.
Whole Life Insurance as a College Savings Vehicle
Did you know that a permanent life insurance policy with a cash-saving component, such as whole life insurance, can be used to effectively fund your child’s college education?
These ash values receive almost the same favorable tax treatment as 529 plans (after federal income tax contribution, tax-deferred growth, and tax-free withdrawal options via policy loans). Whole life insurance cash values can be borrowed against or withdrawn as a policy loan without any tax consequences for any purpose and at any time. If you do not use the money for qualified college expenses, there is no 10% IRS penalty, as there can be with 529 plans.
Plus, your family gets the added important benefit of life insurance protection while also meeting the important college financial planning goals. If you die prematurely, the death benefit is there to provide sufficient funds for your child’s education at his or her college of choice. And if you add the waiver of premium rider (should you become totally disabled as a result of a sickness or injury), the insurance company will pay your life insurance premiums.
In short, no matter what, with a college savings plan that uses the cash value of a whole life insurance policy, your child will be able to achieve his or her education goals without a lack of funds holding them back.
Friday Poll: What was the biggest lesson you learned during Life Insurance Month?
Today is the last day of life insurance month. We’ve truly enjoyed the opportunity to talk in-depth about life insurance. It is truly a unique financial planning tool that will allow a policy owner to provide for his or her family for years to come after their demise.
We have especially enjoyed the chance to talk about the different kinds of life insurance available to you, and to educate you about the different facets, benefits and opinions that exist regarding this crucial financial planning tool.
We want to know what you all have gotten out of reading these posts. After all, at BeamaLife, our goal is to educate as many Americans as possible about the benefits of life insurance – in particular, whole life insurance. So please, tell us what you thought were the most insightful and helpful posts, so that we can keep spreading the message about the importance of financial planning and owning life insurance!
More Celebrities and Life Insurance
As we discussed earlier, the lifestyles of different celebrities and high-earning professionals can have a big say in how their life insurance shopping experience should go. And their high-profile status certainly does not exempt them from needing such coverage in the first place – quite the opposite in fact, given the amount of money and assets these individuals are likely to have.
But inherent in that statement are other, larger questions. How do the individual achievements and over-arching trends of high earning celebrity affect not only the all-star community, but the nation as a whole? Below are several items that tackle these weighty subjects.
How should a high-earning professional handle searching for life insurance?
Celebrities and Life Insurance
Several months ago, we detailed the specific life insurance needs of different celebrities. And throughout our time, we have explored how life insurance questions arise easily from different entertainment news items.
First, we would like to help you understand the different types of people who need life insurance by revisiting several of these posts. They give detailed information about how life insurance would protect the families of each high-profile entertainment personality. The details of each of their lives dictate their levels of need, as well as the kind of life insurance (and other insurance) products they should investigate as part of their financial planning strategy.
Read on about…
Later on, we will revisit several insightful articles about both the overarching trends and isolated incidents that could potentially affect one’s life insurance and financial planning views and needs.
How can I find the truth?
As you can see, the din of misinformation can easily drown out logical, reasonable arguments about life insurance (as it can for all things). The Internet has simultaneously made it easier to find information, and easier to be misinformed by so-called experts in the field.
The most important thing to keep in mind in terms of finding the truth may seem like common sense – it’s trust. You need to trust your source. If you’ve found the information that has you reconsidering your personal finance planning on a blog written by a person you’ve never heard of, never met and know nothing about, it would be worthwhile to at least investigate a second opinion.
But what you truly need most is a trusted opinion of someone who knows your specific financial goals, needs and roadblocks. Talk with a recommended financial planner or life insurance agent that will go through the specifics of what you should do given your individual situation.
It is great to conduct research online – an educated consumer tends to be a happier consumer, after all. But take these generalized bits of information and advice with a grain of salt, and keep in mind first and foremost what your needs and wants are.
Dave Ramsey and Life Insurance
The name Dave Ramsey is practically synonymous with the concept of personal finance expertise. But while he has built himself something of a one-man empire, and his views on credit management are spot on, his perspectives on life insurance are extremely misguided. And considering how many people follow his advice, we felt it was our responsibility to refute his claims with a detailed breakdown of his inaccurate arguments.
Below are links to the entire five-part series, as well as descriptions of each chapter of our rebuttals.
The Truth About Dave Ramsey – My Response to Dave Ramsey’s Article “The Truth About Life Insurance,” Part 1
(In which we explain Ramsey’s assertions and start to explain why he is wrong)
The Truth About Dave Ramsey – My Response to Dave Ramsey’s Article “The Truth About Life Insurance,” Part 2
(In which we start to explain why term life insurance, while a fine product on its own, is inferior still to whole life insurance)
The Truth About Dave Ramsey – My Response to Dave Ramsey’s Article “The Truth About Life Insurance,” Part 3
(In which we point out the unrealistic nature of the rationale behind Ramsey’s support of term life insurance)
The Truth About Dave Ramsey – My Response to Dave Ramsey’s Article “The Truth About Life Insurance,” Part 4
(In which we point out the issues that arise when a term life policy expires, as it will for 99% of term policy owners)
The Truth About Dave Ramsey – My Response to Dave Ramsey’s Article “The Truth About Life Insurance,” Part 5
(In which we conclude and summarize our arguments about the merits of whole life insurance, compared to term life)
