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Julio Said:

Term life insurance policy w/tax-deferred annuity rider?

We Answered:

I believe you or either that company has some mission information. Term insurance does not build any savings or cash value, so there can't be an annuity rider attached to it. A 10 year term seems a bit short, don't you think? And do you know when it is time to renew, premiums will go up? "The waiver of premium" rider is where if you become disabled, the insurance company will pay the premiums for you until the end of the term.

Anyway, annuities grow tax-deferred. It's an investment and life insurance at the same time. There's 2 phases of an annuity contract. The first phase is called "accumulation phase." This is where you can put money into it at anytime. At the same time, it provides life insurance. It will guarantee you a minimum coverage by the total amount you put into the plan. For example, if you invested a total of $10,000 and someday you die during the accumulation phase, it will pay your beneficiary at least $10,000. I say at least because the value of your account can grow larger than $10,000. For example, if you invested $10,000 and the value of your account was $15,000 and someday you die, it will pay your beneficiary $15,000.

The 2nd phase of the annuity is called "withdrawal phase." This is where you want your annuity to start paying you. There's several options you can take. You can either take it in one lump sum OR you can get paid for life. Either way, you will pay income taxes on the gains. During the "withdrawal phase" the contract does not provide life insurance anymore.

I personally believe that annuities are great products, but many companies have high fees associated with them, making this product very unattractive. I think the best annuity product is offered by Metlife's Prime Elite IV. It has low fees and operating expenses and it has many guaranteed features such as increasing the value of your portfolio for up to 10 years during rough economic times (such as the one we are in now).

If you are looking for life insurance and a retirement plan for your company, I would look into group life insurance and the 401(k) plan.

If you doing this for yourself, I would look into term insurance and IRAs.

Viola Said:

Disability Waiver of Premium with New York Life Ins.?

We Answered:

If you are disabled, then the waiver rider shouldve kicked in. Meaning you shouldnt being paying any premiums for the length of the disability and possibly your life insurance converts to a permanent life insurance product if you had term to begin with. As a former agent at Northwestern Mutual that wouldve been the case.

Amber Said:

Do you know any life insurance companies that has all of this?

We Answered:

Life insurance purchases often leave buyers wondering if they did the right thing. This article provides a framework for making informed decisions. It also discusses some of the tools available for evaluating life insurance products.

People make dozens of decisions every day without difficulty, but life insurance purchases often leave buyers wondering if they did the right thing. Carelessness is certainly part of the problem; people are amazingly willing to invest money without knowing what they are doing. However, even those buyers who try to be diligent often lack a decision-making framework to be successful.

For affordable term life insurance, I would recommend http://www.einsured.co.uk/

EINSURED is a firm of independent consultants providing low-cost life insurance direct to the customer, using the most competitive policies available from UK insurance companies. The Company operates through a telephone, postal and internet service and under its ‘price promise’ will attempt to beat any other quotation for life insurance currently on the market in the UK on a like for like basis.

-Michael

Pedro Said:

Please Explain these Life Insurance Riders?

We Answered:

The waiver of premium rider gives coverage if you become disabled then the company will waive (not charge you) the premiums (any money).

Waiver of premium rider can be helpful. And one rider you do not mention is a spouse rider and/or a childrens rider that cover them in case they die for a small death benefit.

Elsie Said:

My life insurance has been cancelled with waiver of premiums. I am 65 and unable to take care of details.?

We Answered:

Was the life insurance cancelled AFTER you were granted SSDI? If so, go back to them, and ask what you need to do to re-enact taht waiver of premium.

If it was cancelled BEFORE you were declared disabled, there's nothing to do - you're uninsured. And as you're disabled, likely, you're now uninsure-able.

Ruth Said:

Variable Appreciable Life Insurance?

We Answered:

All of the policies I sold would pay in case of disability as long as you were disabled before age 65. If your disability continued past age 65 the premiums would still be waived. I don't know about your policy but look at the wording of the disability clause. If your policy drops the disability coverage at age 65, then yes, it is possible for a variable policy to go up that much.

Florence Said:

american mutual life insurance company?

We Answered:

Any policy that old and prepaid has been converted to another policy over the years. Contact the company directly and as them.