Talk about complicated! Why is it that life insurance has become so complicated? Even term insurance today can be complex when you consider all of the options. The reason is because technology has led to innovation in every segment of our economy. Life insurance is no different. Plus, people are living longer which has resulted in rates going down. A national life insurance research organization has found that almost half of those surveyed overestimated the cost of life insurance at five times what it actually costs. Consider these thoughts:
➢ Life insurance rates have dropped consistently over the past several decades. Do you have the old rates or the new ones?
➢ Product innovations, like living benefits that pay the death benefit early for long term care or serious illnesses, have been introduced. Do you have the old kind or the new kind?
➢ Older universal life policies that were issued when interest rates were much higher are now underperforming. Almost weekly I review someone’s old policy that is going to lapse and they are almost always unaware that this is happening. Will your policy die before you do?
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