Be wise; ask/choose well in life insurance

Get your old life policies reviewed and see if you can qualify for better policies


ALAN HAZJ.EY
Guest Columnest
hazley@lbknews.com

A wise wife asked her husband "I would like you to choose for me something that will always remind me of you on my Birthday”. He thought "I must get her a gift knowing how she feels about herself and towards me” He chose for her a gift of a $ Million Life Insurance on himself for her Birthday. Later that evening he gave her the life policy wrapped up In a Big Red Bow with this love note.

Happy Birthday My Love, This Is my I Love You Life Policy. I choose this Birthday gift for you to remind you of me. If anything ever happens to me, I want you to always remember I will always I will always love you no matter.

Love Always xxxxx

The lady loved the thoughtful Birthday gift. They went out that evening for her birthday celebration having a wonderful romantic dinner.

Now when It comes to life Insurance what should a wise person do? What should you choose? Who should you ask? How do you choose an agent?

Some agents are captive life Insurance agents who sell only one company's life Insurance products. They offer limited choices and many of them sell noncompetitive policies to seniors. Other life Insurance agents push whole-life policies rather than term life as if their income depended on lt. Term life is the least expensive life Insurance in the short term and may be best when the protection need is temporary e.g. mortgage debts that will be paid out.

Some life policies are sold by mail order to people with no agent present and with no medical exam. Many of these policies are bought by the elderly from group retirement associations and direct mail life Insurance companies as final expense policies. These policies sold by mall are not competitive particularly for healthy people who could have more coverage for less with a medical exam. Many mail order policies are term policies only with increasing premiums every 5 years where policies will expire without paying out anything. Policies like this need to be reviewed. People over age 65 on a limited budget or fixed incomes should choose to have permanent life coverage with no premium increases even If It means a lesser amount of coverage.

Many people choose low cost term life insurance rather than permanent life and do investing separately. People in a high tax bracket with extra funds to save may want safety and to save taxes. Universal Life policies offer tax benefits which can be designed with no lapse guarantees and for long-term care benefit.

In conclusion ask for guidance on your life Insurance choices from a professional who will offer ideas and competitive life quotes to match your concerns. Get

your old life policies reviewed and see if you can qualify for better policies.

Alan Hazley has over 40 years life and annuity expertise is an independent agent serving clients in Longboat Key Sarasota and Manatee.


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