Term verses Permanent Life Insurance 

Retirement & Insurance Concepts,  Inc.
Text Box: How Life Insurance Works – Permanent vs. Term Earning Interest Rate % 6.00 % UL and WL % 4.00 Universal Life- Flexibility Whole Life Higher interest rate All guaranteed – Lower cost of Insurance Interest Rate –Cost of Insurance Change premiums as needed No flexibility High Cost With Permanent policies you pay your premiums on a monthly/annual basis and your money earns interest and builds cash value, and then the Insurance Company takes out the cost of Insurance monthly Permanent coverage costs more but that is to make up for a higher cost of insurance later …your money earns interest and builds cash value to offset high Insurance costs later in life…a permanent policy for someone may be $ 30 per month at age 20 in comparison to a term policy which may only be $10 per month - the difference is later when the term becomes unaffordable Term Insurance is just pure cost of Insurance and only covers a certain period of time depending on the term…. 1,5,10,15,20, 30 years. The major problem with term is losing your coverage when you need it most And that is when you are older…for instance for coverage of $100,000 Cost of Insurance at age 20 may be……………………….. $ 10 per month Age 30 may be………………………. $ 20 per month Age 40 may be………………………. $ 35 per month Age 50 may be………………………. $ 60 per month Age 60 may be………………………. $ 100 per month Age 70 may be ……………………… $ 200 per month And these rates are usually only available to HEALTHY PEOPLE any change in health may leave you totally uninsurable at later ages….all it takes is a little- High Blood Pressure, Diabetes any life changing disease and you may not qualify for reasonable insurance at any age *PLEASE NOTE THESE ARE NOT REAL RATES JUST AN ANALOGY OF HOW LIFE INSURANCE WORKS*

 

 

Universal Life

&

Whole  Life

Life Insurance costs are paid either now or later and if you need it for a life time you are better off paying now when you can afford it!!!

Terms of use : These web pages are for informational use only and not to be used in any illegal solicitation and Retirement & Insurance Concepts, Inc. assumes no liability for its use. Retirement & Insurance Concepts, Inc. recommends you speak with a licensed agent on any matter. Any links connected to our website is also just for informational purposes and does not reflect any connection or relationship with any other party. All use is at your own discretion and all research and actions are of your own free will- COPYRIGHT 2003

Phone: 800-883-9233

Email: steve@ric-1.com

       Retirement & Insurance Concepts,  Inc.

P.O. Box 209 , Ware MA 01082
Text Box: To receive quotes or help click here! Text Box: Estate Planning and the Importance.

CLICK HERE TO SEE TRUE STORIE ON LIFE INSURANCE