I’m Terry & I Help Businesses & People Make Smarter & Better Decisions When It Comes to Insurance

Properly insuring yourself is serious business. I’ll show you what to look for and what questions to ask about insurance.

Most insurance policies provide a “just in case” umbrella.  

For example, car and healthcare insurance are based on offering financial relief from the potential of an auto accident and illness, respectively.  There are good chances that these events do not occur and, if they do, there are good chances that they will not be serious.  

The chances of events occurring and the different severities of such events are all factored into the premiums you pay and coverage you receive.  However, just because you have auto, healthcare, home, and other insurance policies, do not assume that you are already knowledgeable about life insurance.

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DEBBIE (9)

Life insurance is completely different in that it is based on “when”, and not “if” occurrence, thus making life insurance products more complex.  This fundamental difference is what makes life insurance more like a financial product and why more life insurance consumers are exploited as compared to other insurance categories.

Complexities aside, life insurance offers you peace of mind regarding the financial future of those that depend on you, and can be a part of your overall legacy.  Benefits can range from covering funeral costs to paying for higher education for your children and mortgages.  Knowing the facts will help you to purchase the right policy for your and your loved ones’ specific needs.  Here are some basic life insurance terms and definitions:

PREMIUMS

Monthly, quarterly, or yearly payments required to maintain coverage

FACE VALUE

The original death benefit amount

CONVERTABILITY 

Option to convert from one type of policy (term) to another (whole life)

CASH VALUE

The savings portion of a policy that can be borrowed against or cashed in

BENEFICIARY 

The individual(s) or entity (e.g., trust) that is designated as benefit recipient

PAID UP

A policy requiring no further premium payments due to prepayment or earnings

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LIFE INSURANCE

Know your benefits

LIFE INSURANCE

Understanding different types