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Term Insurance: Details That Matter


Technology continues to disrupt many industries and the life insurance industry is no different.  Clients can purchase term insurance at work, over the internet, by dialing an 800 number or even at some places they shop.  Do you know the differences and deficiencies of what is being offered in the marketplace?

One thing is clear, a life insurance expert is harder to find but that’s why we’re here for you.

What does your client do when “what if” becomes “what now”?

As with any type of planning, building in flexibility and asking “what if” questions is important. I like to consider that I help place safety nets underneath people to protect them today and tomorrow.  Below is an example of a unique term rider that protects your client for more than death.

Mary buys a 30-year term policy for $1,000,000 at age 40 that includes this unique rider.  5 years later Mary is hit by a car and paralyzed.  Mary would be able to exercise this rider to help pay for care.  Mary will start to receive benefits after she is diagnosed as unable to perform 2 of the 6 activities of daily living.  She will receive $12,000 per month until her entire death benefit is exhausted.  If Mary didn’t face trauma and lives a long life, she has a guaranteed right for long-term care protection no matter how much her health has deteriorated along the way.  If she decides she wants life insurance protection for longer than 30 years she is guaranteed that right as well. 

Interested in learning more about the many facets of Term Insurance?  We now offer a CFP® CE approved webinar on the topic.  Keep us in mind to present for your business, study group or association educational needs –

Term Insurance:  Details That Matter

Many people make the mistake of purchasing term insurance based solely on the lowest price.  Not all term insurance is the same.  Insurance companies continue to take benefits away from the term products they sell so they can offer the “lowest price”.  What used to be included benefits on some term plans are now offered “ala carte”.  Rest assured, quality term plans are still available.  Join us if you are interested in learning more about product features and details that can impact the flexibility and future options available on term plans.  We will also discuss unique benefits and design options and provide you with tips and tools to use when shopping for term insurance.

$1,000,000 Term Tool

Managing expectations and actions of our clients is an important part of the planning process. The problem with many term quote engines is their inability to accurately price the risk at hand.  We understand the need to provide a ballpark price when creating a plan for a client, but once they show more interest it is best to accurately screen their health to help determine the best available pricing and insurance company to consider.  Below is a link to a price grid and prescreening tool we developed to help you manage client expectations.

Sample Term Rates + Life Prescreen



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The information contained on this website is provided "as is" and does not constitute legal, accounting or tax advice. We are not acting as your attorney, accountant or tax professional. We encourage you to contact the appropriate professional for legal and tax information pertaining to your specific needs and circumstances.
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