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8 terms everyone should know when dealing with life insurance by marc firestone
1. 8 T E R M S E V E RY O N E S H O U L D K N O W
W H E N D E A L I N G W I T H L I F E I N S U R A N C E
B Y M A R C F I R E S T O N E
2. When
deciding
on
the
appropriate
life
insurance,
buyers
often
6ind
the
situation
dif6icult.
Oftentimes
the
confusing
terminology
often
prevents
people
from
making
the
right
decision
or
even
a
decision
at
all
which
could
result
in
leaving
many
families
with
that
safety
net.
3. To
help
you
cut
through
the
dif6icult
terminology,
here
are
eight
essential
terms
that
will
help
you
when
making
your
life
insurance
purchase.
4. P O L I C Y O W N E R I S T H E P E R S O N W H O B U Y S A N D C O N T R O L S T H E
I N S U R A N C E P O L I C Y. T H E P O L I C Y O W N E R M AY O R M AY N O T B E T H E
O N E W H O S E L I F E I S I N S U R E D . F U RT H E R M O R E , T H E P O L I C Y O W N E R
H A S C E RTA I N R I G H T S . F O R I N S TA N C E , I F Y O U A R E T H E P O L I C Y H O L D E R
F O R A L I F E I N S U R A N C E P O L I C Y, Y O U C A N C H A N G E T H E B E N E F I C I A RY
O R T R A N S F E R O W N E R S H I P O F T H E P O L I C Y T O S O M E O N E E L S E .
1 . P O L I C Y H O L D E R
5. 2 . P R E M I U M
N O , W E A R E N O T TA L K I N G A B O U T G A S
H E R E . P R E M I U M , B Y D E F I N I T I O N , I S
T H E A M O U N T O F M O N E Y Y O U PAY F O R
T H E I N S U R A N C E . T H I S A M O U N T I S
G E N E R A L LY Q U O T E D P E R M O N T H O R
Y E A R , D E P E N D I N G O N T H E PA C K A G E .
6. 3 . B E N E F I C I A RY
!
T H E B E N E F I C I A RY I S T H E P E R S O N W H O R E C E I V E S T H E L I F E I N S U R A N C E
PAY O U T, B E N E F I T S , A N D A D VA N TA G E S . U S U A L LY F O R T Y P I C A L L I F E I N S U R A N C E
P L A N S , Y O U C A N N A M E M O R E T H A N O N E B E N E F I C I A RY A N D D E S I G N AT E A
S P E C I F I C P E R C E N TA G E T O E A C H PA RT Y. TA K E F O R E X A M P L E Y O U H AV E A
FA M I LY O F F O U R . Y O U R W I F E C O U L D G E T 6 0 % W H I L E Y O U R T W O C H I L D R E N
C A N G E T 2 0 % E A C H .
7. 4 . T E R M L I F E
I N S U R A N C E
T E R M L I F E I N S U R A N C E I S A
P O L I C Y T H AT L A S T F O R A
S P E C I F I C N U M B E R O F Y E A R S .
D E P E N D I N G O N T H E PA C K A G E
Y O U C A N H AV E A P O L I C Y F O R
F I V E , T E N , O R T H I RT Y Y E A R S .
8. 5 . P E R M A N E N T
L I F E I N S U R A N C E
I N C O N T R A S T T O T E R M L I F E
I N S U R A N C E , P E R M A N E N T
L I F E I N S U R A N C E I S A L I F E
I N S U R A N C E P L A N T H AT
D O E S N O T E X P I R E A N D
C O M B I N E S A D E AT H
B E N E F I T W I T H A S AV I N G S
P O RT I O N . T H I S S AV I N G
P O RT I O N I S W H AT I S
C A L L E D C A S H VA L U E I N
W H I C H T H E P O L I C Y O W N E R
C A N B O R R O W F U N D S O R
W I T H D R AW C A S H VA L U E T O
H E L P M E E T F U T U R E G O A L S .
9. 6 . C A S H
VA L U E
I F Y O U B U Y P E R M A N E N T L I F E I N S U R A N C E , Y O U
A R E G I V E N T H E B E N E F I T O F B U I L D I N G A C A S H
VA L U E S AV I N G S . PA RT O F Y O U R PAY M E N T
G O E S I N T O A N A C C O U N T T H AT G R O W S I N
VA L U E O V E R T I M E . I N A D D I T I O N , Y O U C A N
TA K E A L O A N F R O M T H E C A S H VA L U E A N D U S E
T H E M O N E Y F O R A N Y T H I N G Y O U L I K E S U C H A S
PAY I N G F O R A C H I L D ’ S C O L L E G E E D U C AT I O N .
10. 7 . D E AT H
B E N E F I T
T H I S I S T H E A M O U N T PA I D T O A
B E N E F I C I A RY U P O N T H E D E AT H
O F A N I N S U R E D P E R S O N .
11. 8 . A C C E L E R AT E D
D E AT H B E N E F I T
T H I S P O L I C Y F E AT U R E A L L O W S Y O U T O
R E C E I V E S O M E O F T H E L I F E I N S U R A N C E
PAY O U T E A R LY I F Y O U A R E T E R M I N A L LY I L L .