Steck believes consumers benefit from getting an objective, third-party opinion, but feels they can do so without incurring a fee by using an independent brokerage firm. His firm offers a “performance evaluation” of clients’ existing life insurance policy at no cost.

3.  Permanent life insurance is one of the most
confusing topics in personal finance. This makes
a discussion of whether to buy term or
permanent insurance a daunting task.
 Let’s first define some terms:
 Term insurance provides a level premium and a
level-death benefit protection for a stated period
of time, such as 10 or 20 years.
 Permanent insurance typically provides both a
death benefit and cash savings. There are
different types of permanent insurance, including
whole life, universal life, index-universal life,
variable life and variable-universal life.

4.  The initial premium for permanent insurance is
higher than for term insurance with a
comparable death benefit.
 A portion of the premium may be invested,
eventually providing a buildup of cash value.
 Pros and cons of term insurance.
 Term insurance can be a good fit for younger
individuals and families, who need protection
against the loss of income of a primary earner for
a stated period of time, at an affordable cost.
 In most cases, a medical examination will be
required.

5.  Term insurance does not build cash value, so at the
end of the term, the policy will have no value.
 An additional benefit of term insurance is that it is a
simple product, so comparison shopping is quite
easy.
 The market for selling term insurance is competitive,
presenting good values for consumers.

6.  Blended policies are not a panacea. Steck generally
does not recommend them because of the heavy
reliance on non-guaranteed dividends.
 When considering the purchase of permanent
insurance, Steck believes it’s important to focus on
what is guaranteed and what is projected (or
hypothetical).

7.  Steck believes consumers benefit from getting an
objective, third-party opinion, but feels they can do
so without incurring a fee by using an independent
brokerage firm. His firm offers a “performance
evaluation” of clients’ existing life insurance policy at
no cost. He says many clients require only an
adjustment to their existing policies, rather than
replacement insurance.
 Source : (bit.ly/1cJoiJl)

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