Rewrite Many of you have heard of term life insurance; in this video, we break down what it is, how it works, and why it is the best investment you can make as a young family.
When it comes to life insurance, there are two buckets of insurance. There is a permanent bucket, including whole life, universal life, index universal life, and variable universal life, and each should have its own video. Today we will dive into term life insurance, where you choose how long you will need a death benefit.
There are a few reasons term insurance is best for young families, the first being the affordability factor. Term insurance is cheap when you are young and healthy and gets much, much more expensive as you age. In fact, for clients over 60, a term is more expensive than a permanent one at this point. Most people are blown away at how affordable life insurance is for its value.
The second benefit is leverage. No other vehicle can do what a term life insurance can do. Let’s say your neighbor Bob purchased a 1 million dollar policy last month. On his way home, the worst imaginable thing happened. Bob was killed in an accident upon impact. Bob paid $50 last month, and that $50 just bought his family a 1 million dollar tax-free benefit. Where else can $50 turn into 1,00,000?
The other benefit of a term life insurance policy is the convertibility feature. You can purchase a term for 20 years for a million dollars, then 20 years later, you may not need that much, kids are grown, assets paid, but you would like to have some permanent coverage no matter when you die. You can convert up to 1 million into permanent with the same rating.
If you would like to know more about life insurance or find a life insurance professional near you, please visit our website at www.icainsurance.com.
0:00 – Introduction Permanent
0:38 Term Life is Ideal for Young Families
1:21 – Price comparison for term life insurance for a 30-year-old vs. a 50-year-old
2:27 – Term Life insurance can provide you with leverage
3:23 – Convertibility factor for your term life insurance policy
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