Ken: Hi everybody, welcome to Dolans.com. Can you believe it your honestly wants again a video on insurance. All right, okay. These are first in a series of videos we’re going to do on the different kinds of insurance. Things that you should understand, we got a lot across on our national radio show, term versus whole life, universal that—it’s like 9,000 different kinds.
Today for a few minutes I’m going to talk to you about term insurance. Now let this sale people of whole life and other kinds of insurance. Don’t have to panic at that. We’re going to talk about the uses of other kinds of insurance. I’m going to talk about term. I’ll compare some cause and whose term appropriate for. There’s a number of uses for a number of different kinds of insurance and when we finish this series you’ll feel really comfortable that you’re able to make a right choice.
Okay let’s talk about term insurance. Term insurance is basically insurance to ensure your family that if anything happens to you. Your family gets significant other. Something happens to you that the face value will be paid off to pay bills, credit cards, college education, mortgage, whatever. All right now you probably know the difference here but I’ll tell you anyway. Term insurance has no cash value build up unlike a whole life policy which we’ll talk about in another time. The bad news is I guess this is no cash build up. The good news is it’s your biggest bang for your dollar whether you’re a young dad or a young mom with the young family or maybe at middle age where you still got kids in college or you still got a mortgage. There’s no doubt that the most coverage for the least expense is term insurance. Is that mean go out and run by term insurance because that’s the answer, maybe, maybe not.
But many people, term insurance have the basis or the base piece of an insurance policy. Set period of time usually between 10 and 30 years. The good news is you can buy a particular policy with a particular life 10 20 or 30 years depending on when sort of the bills are gone. When you think the mortgages paid off, maybe you don’t need term insurance. After the kids are out of college and you got a few bucks left and you pay off the mortgage maybe you need less insurance. So biggest bang for the dollar, no cash value build up, no investing, we don’t believe insurance investing. I’m sure I’ll get into insurance sales and be crazy but lets get pay a price. Best generally for younger family.
$500,000.00 of term insurance protection, $500,000.00 protection for 35 year old male, healthy, non-smoker. By the way get your pencil I’m going to tell you some good site you can check prices and learn more. $500,000.00, 35 year old male healthy, non-smoker is about $600.00 per year. Again approximation is about $600.00 a year. The same $500,000.00 of whole life insurance with cash value build up, 35 year old male and non-smoker healthy is about three hundred dollars a month. So you can say it, same coverage 600 a year for term, $300.00 a month for whole life. Prices not the only comparison but I want you to see the difference. There are different kinds of term guaranteed renewable term. No need for medical exam at the end of the period where you could automatically renew it.
Does it get more expensive as you get older? The chances of the insurance company paying off for greater as you get older. One way to start shopping if term insurance makes sense to you as a base and from many people that make senses of base, you could shop on line. Some of the benefits of shopping online, the advantages of this about advantage, you know high pressure sales, maybe some time you see that in the insurance business. You can shop when you want on line. You can shop a bunch of different “services” now give you some. Oh that’s the advantages.
Somebody might say disadvantages. You know I’d rather talk to an insurance person. I want to talk and discuss my needs. Well that’s fine. Maybe online isn’t for you but I say for anybody to learn more about the insurance term whole life and others will discuss, you’re going talk annuities here in this series that online shopping to learn and get started make sense. Here’s some website, take a look at QUOTESMITH.COM, ACCUQUOTE.COM is a very good one and SELECTQUOTE.COM and good source of information, and insurance information institute III.ORG. Next in the series is whole life and then at the end we’ll summarize it up. Turn life, biggest bang for your dollar. That’s an insurance video.
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