Life Insurance

Life Insurance should be part of your portfolio. Your loved ones will have
peace of mind knowing your life insurance coverage will keep them in
the life style they are used to living.

To Learn more about life insurance, review the following:  

Term Life Insurance

Term means terminate. The periods of coverage are from 10 to 30 years. 

Policies expire a month and a day after the time period of the policy.

If you need more insurance you have two options: 

Before expiration acquire another term policy, at your current age with a new medical exam, or you can convert your policy to a cash policy,

at your current age without a medical exam.  

Cash Value Life Insurance  

Life insurance is also an excellent savings tool.
With the ultimate method of savings for a long-term goal, you have:  

 Preservation of premium and future profit.  
Full control of your money with the capability of accessing it any time
without penalties or restrictions.  

A TAX-FREE savings of 10 to 35 cents for every dollar saved. 

Money compound with a long-term record of beating inflation. 

A way of saving from ages 0 to 90.  

The capability to have a savings for college.  

The capability to put more money away than a 401k plan.  

No required distribution.  

A way to calculate a break even strategy against inflation.  

A way to safeguard a business.  

A way to protect a legacy from estate tax.  

Cash Value Life insurance

is the best method to accumulate money for your retirement.

This is a long-term savings device. You can you make monthly payments
to your plan, and you can increase payments as you would with a 401K plan.

The two major types of Cash Value life insurance policies are Fixed and Variable:  

Fixed

These policies will preserve your premiums and future profit. 

There are two types of fixed life policies.

The first uses the current interest rate. The second uses
the Standard and Poor’s 500 or NASDAQ Index. 

Variable Life Policies

A Variable life policy uses mutual funds for the cash accumulation.

The premium and future profit will fluctuate.
Variable life insurance does not preserve the premium and future profit.

The calculations for the cost of life insurance for
your policy are determined by
the following factors:

Age - the younger you are the less expensive. 

Male/female - the cost is less expensive for females.

Smoke/non-smoker – the cost for smokers is about three times
the average price for non-smokers. 

Medical condition – expect to pay more for any type of medical condition.

Medication – expect to pay more if you take medication.

Height and weight – prices determined by height/weight chart measurements. 

Expect to pay more if you exceed or fall below the norm.  

If you smoke and decide to quit, have the price of the life policy reduced
by getting a letter from your doctor. Insurance company requires 3 years
of non-smoking to reduce the price.  

If you are overweight, but reduce to meet the life insurance standards
of height/weight,the insurance company will lower
the price of your policy with a note from your doctor.  

Can You Borrow Money?

In case of an emergency, the owner of the policy,
(that could be you or someone else)can borrow the money TAX-FREE,
provided you don’t surrender the policy.

The borrowed money does not have to be paid back. The death benefit
would be reduced by the amount borrowed. 

An example of a life insurance policy

When calculating life insurance prices, the companies use pricing to age 121.

I would suggest getting quotes for males -- to age 84, and females-- to age 87.

The policies would expire at those dates, before expiring,

call the life insurance company and get the price to keep the policy active 

without any required medical exams.  

Universal Life cash policies offer pricing from a minimum payment
to a maximum payment. The minimum payment
could keep the policy active for a long period of time.,

If you find that the payments need to be skipped entirely,
the policy would continue,providing there is enough cash accumulation
in the policy to keep it active. 

The maximum allowed by the insurance companies is a calculation

based on the age of the policyholder and the dollar amount of the
death benefit of the policy.

Ownership of the policy

A minor cannot be the owner of a life insurance policy.

The owner controls the policy and makes all the decisions concerning
beneficiaries,cash accumulation, borrowing money,
and surrendering the policy.

The owner or beneficiary of the policy could be the parent, grandparents

or anyone of a legal age (it is different in each state).

The owner of a child’s policy does not have to give up the policy
or the cash accumulation even when the child reaches
the legal age as determined by the state law.

For this reason, obtaining a child’s life insurance policy can be a great
alternativefor someone who might otherwise not qualify because of some
medical or a declined condition. 

A child’s policy can either be a great savings tool for the owner’s
future needs or a generous legacy for a son or daughter.

Borrowing money from your policy

The owner can borrow about 90 percent of the surrender value. 

If payments are made, the policy will continue to produce
a cash accumulation for future needs. The amount borrowed
would be subtracted from the death benefit.

Don’t Surrender the Policy

If you purchase a policy and later decide you don’t need it or can’t afford
the premiums, there’s an option beyond surrendering the entire policy.

You can reduce your death benefit to the lowest amount

as determined by the insurance company and pay for the policy.

Since the policy is not surrendered, the remaining cash can be taken.

Options for life insurance

There are life insurance companies that will issue policies without a
medical exam;however, the premiums are too high, so it behooves you
to go through the process. The life insurance exams only take about
one-half hour, they’re free,and the insurance medical examiner
will usually come to any location specified.

Expect to have your blood and urine tested, your weight checked,

some questions asked, and on occasion, an EKG taken.

The amount of time before a policy is issued averages one to two months.

Life insurance premiums are flexible.

There are two reasons for using the increased death benefit option.

The first is to offset inflation by having the death benefit increase yearly;

the second, to increase the calculation for over funding.

There is a price to pay for the increased death benefit, and that is the cost
of the insurance.If there is a need to increase the cash accumulation after
about 20 years, the policy owner can request from the insurance company

that the death benefit option be changed from an increasing death benefit
to a level death benefit. 

Another option
you have available to you is to discontinue your payments after 20 years.

Providing you don’t have any withdrawals, your policy should continue
creating cash.  You also have the option of lowering your payments back
to the minimum. Instead of selecting an increasing death benefit, you have
the option of one that remains level. You can pay the minimum
for a shorter period of time. Before the policy expires, call the insurance
company to find out how much more money it would cost to keep the
policy active. Another medical exam would not be required for this option. 

Life insurance policies should be evaluated yearly.

Prices have dropped because people are living longer.

I can exchange your older policy for a new one by using a 1035 exchange

without incurring any financial penalties.The money exchanged
into your new policy should lower your premium.

If you own a business, there are three
life insurance business plans

The Business 162 Plan, Key Person Insurance, and  

Split-Dollar Insurance for Businesses. For more information about these
three plans, or any questions, please call or send an e-mail.

"Money Management"
by
Meyer Bendavid Your Personal Coach
CA license # 0B89248

In 1987 I established myself as a licensed
full-service broker working with Dean Witter,
Financial West Group, and National Planning Corporation. 
I specialized in mutual funds, stocks, bonds, annuities,
life and health insurance.

As a money manager, I was responsible for assisting my
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risk level and helping them meet their financial goals
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In 2003 I decided to consolidate my business and work as
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My specialty is life insurance.

I am the author of

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Information about the books

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