top of page

Life Insurance 101: Part 1

What do you need to know about Life Insurance?

Life Insurance can feel a little bit complex to grasp. However, here are a few simple tips to

help you quickly understand what choice to make in your coverage selection. To start, there are

six different types of Life Insurance to choose from.

  1. Accidental Life Insurance

  2. Term Life Insurance

  3. Group Term Life Insurance

  4. Whole Life Insurance

  5. UL, IUL, VUL Whole Life insurance

  6. Final Expense/ Burial Whole Life Insurance.

A. Accidental life insurance benefits a family only when someone dies by accident. This insurance is mostly sold through banks and through supplemental plans. It is often mistaken for permanent whole-life insurance.

B. Term life insurance is by far the most popular life insurance sold in the country. Many people are looking for affordable life insurance, the cheapest life insurance, or the lowest-cost life insurance in the market. You may have heard the famous slogan "Buy Term Life Insurance and Invest the rest". However, Term life insurance has no cash value, and they period certain policies usually fo 10, 15, 20, or 30-year policies. They often leave people with an unaffordable policy they can't keep because of the super high increasing premium at the end of the term. If you get one, make sure it is convertible to permanent whole life insurance, and not a UL, IUL, or Vul Life insurance of any sort. If your Term Life insurance plan is not convertible, you may lose it due to the new high premiums, and your health will not allow you to qualify for new permanent whole life insurance, or the premiums based on your current age are well beyond your budget for whole life insurance. It is very common to hear most if not all clients who got on the term life insurance trail, say they wish they had purchased permanent whole life 20 years ago.

C. Group Term Life insurance is by far the cheapest life insurance or most affordable life insurance available. However, it is normally purchased through your employer or it is offered as a benefit through your job. Everyone qualify's for group term life insurance for an extremely low premium. If your employer offers group term life insurance, get it right away, however, if you are terminated or retire it ends that day. There are some group life insurance plans that are portable, so you are able to take it with you, but not at the group rates in many cases. This coverage should never be used to cover all your personal risks and debts while employed because it terminates in most cases when you are terminated. This is a common and huge mistake many make every day. Cheap is as Cheap does, no cash value, and someone has to die for a benefit to be paid, the same as accidental life insurance.

Glenn Jones

Ensure Financial Group

1253 W Memorial Blvd,

Lakeland, Florida 33815

863-225-5650 x103

Schedule an appointment at:

Featured Posts
Recent Posts
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
bottom of page