The difference between "whole life" and "universal" life ins. policy, anyone?
826001
Don't let anybody sell you whole life insurance no matter how much they try to talk it up to you, it is a waste of money.\n\nWhole life is basically a life insurance policy that lets you borrow money from the policy amount, like a Home Equity Line of Credit would.\n\n"Next, you should only look for one type of coverage: Term life insurance. Do not-I repeat, do not-buy any other type of life insurance. There's another kind, called "cash value," which is a colossal waste of money, if you ask me. These cash value policies come in a variety of flavors, including whole life, universal life, and variable life. Just say no to anyone who tries to talk you into one of these plans. They can be more than 10 times as expensive as a term policy, yet you don't need any of the "extras" they come with. In fact, the big added feature of a cash value policy is that it provides an investment component. I won't go into a ton of details here other than to tell you that a life insurance policy is a lousy way to save and invest. So stick to a policy that simply provides life insurance and leave off all the expensive bells and whistles."
709529
Do you know if that the correct title?  I'm unable to find any information on this program on the Lifetime website.  Past or present.  Sorry I couldn't be of more help!
107828
Strictly speaking, they are equally tax advantaged. It is true that withdrawals from the annuity prior to age 59.5 will receive a 10% penalty.\n\nHowever, I would not recommend purchasing a VUL unles you need the death benefit. There is no point in paying the extra costs for a benefit you don't need.
755688
There are three types of insurance policies.\nTerm - No investment (hence very cheap premium and good life cover)\nEndowment - Investment in traditional markets ( you get 6-7% return per year and bonuses)\nUnit Linked - They invest in stocks and hence can give higher or lower return depending on market conditon..\n\n\nIf you are married & have children, then look at insurance as protection and look more at the Sum INsurred then at the returns.\n\nIf you are bachelor and live alone, why invest in insurance.. the whole world of mutual funds, stocks is for you:)
524595
I worked in life insurance and annuity administration a couple years ago.  Here's how it goes:  Not just anybody can take a policy on you.  There has to be a matter of insurable interest; meaning that if you die, there will be financial burden to the beneficiary of the policy (this can be family or possibly a business, estate, etc...).  This prevents people 'betting' someone is going to die, then cashing in the policy.  Generally, immediate family members can be the owner and beneficiary of the insurance policy, but the insured must acknowledge somewhere on the application they are aware there is insurance taken out on them.  Unless they are a minor.  That is another explanation.  \n\nHope this helps.
925306
My condolences about your friend and her loved one.\n\nI’ve linked to articles describing how to choose a life insurance and how to calculate how much life insurance you need. I’ve also linked to online calculators to help you figure it out. Deciding how much life insurance is enough is a very personal decision – what’s right for you might not be right for someone else.  I’ve also linked to an article about what to look for in renewable term life insurance.\n\nYour concentration on the life insurance company is a good idea, since your life or disability policy will only be as solid as the financial strength of the insurance company you choose. After you read the articles below and get a firm idea of what kind of policy you’re looking for, try visiting MostChoice.com. You can compare insurance policies online quickly and speak to multiple insurance agents working in your community – all without any obligation. It’s a quick and simple way to swiftly survey the local insurance market, and MostChoice provides information on more than 140 companies with A+ or better financial ratings.\n\nYou can find MostChoice here:\nhttp://www.mostchoice.com/life-insurance.cfm\n\nHope this helps,\nBarnes@MostChoice
944565
Please!  Like comparing apples to  . . . orangutans.  \n\nBlanket is a PROPERTY option, where you have one limit covering all your "stuff" on a commercial policy, at multiple locations.  It's really good when you shift "stuff" from one location to another - like different stores.  \n\nUmbrella is a LIABILITY policy, which offers an additional amount, in $1,000,000 increments OVER an existing policy, such as general liability or auto policy, if someone sues you for an injury.  \n\nUmbrella policies are straight liability coverage - they will NOT increase your property limits.  \n\nA property policy (with or without blanket endorsement) pays the insured.  A liability policy (such as umbrella) pays a third party.  An insured will NEVER collect under the umbrella policy.
1078008
'life insurance' is a mis-nomer, something that's improperly named. It should be called 'high dollar death benefits', or monies that'll be paid to someone else when you die. The insurance company isn't going to give you a new life to replace the old one when it's been 'totaled', or a new body to put that life in. We're centuries away from 'freejack', and god knows we wouldn't want to see life insurance companies in some sort of fraudulent body-parts schemes, we've seen what the car insurance companies can do with a motor vehicle! LOL Frankly, I think the whole business with 'life insurance' should be abolished. That'd eliminate some people's motives for killing others, and remove the temptation to 'cash in' for those in dire straits, financially. Don't we already waste enough of our lives chasing a buck? LOL
1097906
There does not seem to be any such policy that the government endorses in the Philippines.  Now individual companies, especially international ones, may actually have some protections like this in place.  The company iteself has the guidelines, not the state.
1056780
What kind of insurance are you talking about?\n\nIf this is health, yes you can have group or family health coverage (up to a certain age for children).\n\nIf this is life insurance, most companies will allow you to add riders to your policy, that way everyone is covered. You want to avoid buying separate policies because each policy cost money (processing and underwriting).\n\nIf this is auto insurance, yes you can have group insurance.
393360
First of all you can't just pick a price. There are alot of types of life and disability insurance. For instance life insurance is a whole different thing from disability insurance. There are many kinds of life insurance plans such as; cash value ins., whole life ins., universal life ins., variable life ins.My best suggestion is to find a local life agent with the knowledge to help you understand what all the difference are. Everything is pretty simple to understand you just have to specify your needs. Everyone has different plans for the future so find a local agent. Right now I would for a Farmers Agent in  and not just because I work there Farmers offers alot of great plans for people like you. And every Farmers agent has been trained with the lastest information on needs like yours.
45277
Term insurance is temporary insurance.  Over long periods of time it is very expensive, over very short periods of time it is very cheap.  I will explain why in a minute.\n\nWhole life insurance is permanent insurance, it covers you for your whole life (hence the name).  It ranges from single payment whole life insurance, where you pay once and you are covered for life, to payments spread out over your entire lifetime.  It's premium can be level, but some start with a low initial premium that jumps after five to twenty years depending on the contract.  It is really declining term with the difference invested.\n\nFinally, there is universal life.  It is a hybrid of the two.  They give you an estimated premium amount, you can pay whatever you wish, subject to certain contractual minimum payments.  Like whole life, it has cash buildup so you are buying declining term and investing the difference, unlike whole life you can be at risk if your payments work out to be insuffficient.  The difference is the premium is flexable.\n\nTerm insurance over long periods of time (basically to advanced old age) will cost you about 6 times the amount you are insuring, whole life will cost you a fraction of the face amount and usually becomes self funding in 10 to 20 years depending on the contract.\n\nIn term insurance, you provide a small payment equal to your expected risk of dying plus insurance company costs minus expected earnings on the premium by the insurance company in terms of its investments.\n\nIn whole life, and to a lesser extent universal life, you provide a larger payment.  Over decades, the payment is split between cash value, company expenses, insurance costs and earnings by your policy credited to your account.\n\nTo illustrate, imagine you have a $100,000 policy and you buy term at a young age.  You send in premiums each year, and each year the premiums increase.  If you die, your beneficiaries get $100,000.\n\nThe counter example is a whole life policy.  You buy it at the same age.  Each year the premiums stay the same.  After ten years of paying, the cash value equals the amount of premiums you already paid in.  You break even.  To make the calculation simple, lets assume the premium is $1000 per year.  In year 10, if you die, your beneficiary is paid $100,000.  Of that $100,000, $90,000 was money that was money that the insurance company covered and $10,000 was money you had covered.  You shared the risk with the insurer so over time your premiums are lower.  Imagine another ten years go by and you call up your insurance agent about cancelling the policy.  You have been paying all these years and you would like to stop.  He checks on your policy and the earnings are sufficient that it will pay for itself.  You can keep the policy, never pay tax on the gain and have access to the cash value if you need it.  Your twin with the term is simply out of insurance.  If they invested the difference, they paid taxes on the gain every year.\n\nPermanent insurance (whole and universal) also come in two flavors, variable and traditional.  In variable, the cash value varies with the stock and bond markets and you have a small family of mutual funds to invest the cash value with.  In traditional, the company invests the money for you and credits you with your prorata share of the earnings.\n\nThere is one other flavoring, participating and non-participating.  In participating, usually sold by fraternals and mutuals, you own part of the insurance company, any profits you participate in.  In non-participating, you have no claim on the underlying company any profits are kept by them.
300093
dsinngerdj,\nYou are providing poor information to the public and any clients that you meet with.  It appears that your only product line is term insurance so you say that that is the only type of insurance that makes sense for anyone.  That is simply wrong.  Every person has a different financial situation and until they have reviewed their situation and established a plan, you can not say that.  For many people a combination of term and permanent coverage is their best bet.
506351
Term: Known as "pure" type of insurance such as car insurance. It offers maximum coverage available for low amount of premium. People buying term know that they do not need life insurance forever because they have less financial obligations to pay off (like mortgages, kids) as they get older. People should consider investing in mutual funds when purchasing term.\n\nCash value: A savings plan attached to a life insurance policy. Also known as whole life, universal life, or variable life. A portion of your premium is going into your cash value and the rest into your insurance. When you decide to use it, you have to borrow it and pay back with interest (keep in mind, interest is kept by the company.. it is not applied to the cash value). Cash value are not good investment vehicles for retirement or for education because they earn an average rate of return of less than 3%.\n\nFinancial experts say you should keep investments separate from insurance because it is less expensive that way and you have better control of your finances.
1146730
Do you want a term policy or a lifetime policy?\nHow much love do you want insured?  The rates vary depending on whether it is puppy love, carnal love, a simple crush, unrequited love, romantic love, familial love or eternal love.  God's love is free and insured by heaven, so we don't cover that.  Is the love you are insuring going to cover just yourself, or another person as well?  Do you want injury protection in case of broken heart?  Do you need medical coverage for injury incurred during love making?  Do you want full coverage or depreciation over time?  I need all these things answered before I can help you.
815576
The problem with life insurance is that people don't fully understand it, so they believe everything the life insurance agent says.\n\nLife insurance is suppose to be use as a protection of income, not as a tool to use for future goals. Reason why many life insurance companies sell cash value products is because they are more profitable than to selling term.\n\nThe problem with cash value is that when you die, your beneficiary will get the death benefit, but not the cash value. If you live to age 98, you are no longer covered, but you get the cash value. How many people do you know that actually live to age 98? Of those people at age 98 or above, how many are actually sane enough to know they even had life insurance in the first place?\n\nYou are correct that investments should be kept separate from life insurance, but the insurance agent is not going to show the client why it should be kept separate. Buying term and investing the difference is the most cost effective thing a person can do. Check out this blog about the cost between term and whole life: http://obe231.blogspot.com\n\nWhen people read that blog, buying term and investing the difference would make more sense.
366262
Neither one is better than the other. Each product has their own characteristics. Every person in the market for insurance has their own individual needs. NEVER listen to anyone who tells you to only buy either one or the other. Most people will carry a mix of both. The best thing a person can do is consult with a financial professional and have a needs analysis done.