Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy that may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). A home insurance policy in the United States typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property.
Thanks Paul. I 100% agree that it’s important to read the fine print and know the terms of your contract before signing on. Convertibility is an option that most quality term policies will have, but you should understand the specifics ahead of time. So I don’t think my statement was inaccurate, as much as you made the smart added comment to “read the fine print”. Thanks for the input!
The benefit to you is enormous. Boomer Benefits provides back-end policy support that you cannot get directly from an insurance company and that none of our competitors offer: a dedicated Client Service Team for our existing policyholders only with 10 full-time employees on call to immediately fix very common Medicare hiccups which are otherwise stressful for you.
Finally, everyone who accumulates assets will have a life insurance policy of one type or another. Social Security currently is “a life insurance policy”. Will it be around in 30 years? Who knows…who knows what will be there. All I know is that a good plan will have a guaranteed income source that they can not outlive. Many people with assets take Social Security before age 70 because they want to be sure to get something out of it…this is a life insurance decision. They reduce their life time income by taking payment early. If they owned a permanent life policy, they could reduce their investment risk by spending assets and leverage the insurance policy to replace the assets they use while they delay taking income from SS and the increased payment the benefit provides can increase their life style, pay the premium and create a legacy for their children, grand children or favorite charity. Life insurance “loans” are not income. They are loans. So if a person planned ahead, they could receive 10’s of thousands of dollars from the cash value of their policy (and ROTH IRA money) and not pay a dime of income tax on the social security benefit. If inflation happens and interest rates and taxes increase, the SS benefits will increase and this person will have increasing income that won’t be consumed by an increase in taxes as all their income would be tax free.
Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs.[27]
Add to this, when a younger person owns whole life (or cash value fixed universal life) they have the life insurance coverage they need, are building a tax free bond portfolio for the future (which as most people realize is what older investors shift into as the age) but also have a accumulation vehicle that can “self complete” if they become disabled. 401k’s can’t provide this…they don’t even match the long term return of the do nothing stock markets because of the fee’s they charge. That is to say…there is no “alpha”
Also, you said whole life is not an investment. But by definition, it is an investment. An investment is simply where you put money into something expecting a return in the future. And whole life insurance does provide that. Plus if it is a mutual company as mine is then you become a partial owner which means you get to vote and help the business make good business decisions.
Within Australia there are also a number of industry bodies that issue professional accreditations to members that comply with best standards of professional practice and integrity and maintain up to date skills and knowledge. The two main accreditations are the ANZIIF[12] CIP (certified insurance professional) and NIBA[13] QPIB (qualified practicing insurance broker) qualifications.

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Many great points and counterpoints. My two points against cash value in general is the monthly cost and the “investment”. Very few people can afford that monthly premium. It is good that you can borrow from the cash value because you will need to at times to make ends meet. Because once you try to make monthly premiums over and over on cash value, you realize the extra $200 to $300 per month that is going out could be in you pocket helping to pay basic living expenses. Then the investment that does have healthy returns. I can look at historical returns for Invesco, American Funds, Fidelity, etc. that go back to the 1960s and 1970s that return an average of 10% + since inception. Why would I pass that up for returns of 5% or lower? Plus, if the policy holder is not careful, their investment can go back to the insurance company. I want my investment to go to me and then my heirs. I strongly oppose cash value as it only benefits a small percentage of the population. The vast majority of the middle class cannot afford it. Once my investments reach a certain amount, I am dropping my term policy because I am now self-insured. Pay as little for insurance(premiums) and get the most coverage (death benefit). If cash value were so good, the investment portion would pop-up in other types of insurance (automotive, disability, etc.) Life insurance is the only type of insurance where it is located and is oversold to so many people that it will not help. Anybody reading the posts in this forum are already doing them selves a service by seeking to understand. Understand that Dave Ramsey and Suze Orman are on the side of the consumers. Base don the tone of my post, you can determine who I sell life insurance for and I am proud to do it. My commission is 1/10 of what a whole life agent makes. Also, we are the only life insurance company that encourages policy holders to drop their policy with us once they have financial independence. Our whole goal is get people out of insurance premiums and direct them to investment vehicles that build wealth. BTID. Buy term and invest the difference. 

Although insurance brokers work for their clients, they aren’t paid by them. Instead, they make commissions based on their sales. The commission is a percentage of the premium cost and varies by state law. It usually is between two and eight percent of the premium. If you work with a broker to buy homeowners, automobile, health, business, life or any other type of insurance, you will not pay them a fee for the services they provide.
The questions we ask on our site are used only to determine which insurance companies and products best match your unique needs. Each insurance company bases its final prices on its own criteria. To more accurately match you with the best company, product and policy for your needs, we gather some general health, lifestyle, family history, and contact information on our site. A licensed representative will then review your submission and, if necessary, either call or email you to clarify any outstanding issues and provide you with the information you request.

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Except for the very wealthy, most people could benefit from a combination of a highly overfunded Whole Life Insurance policy, and a term policy to make up for the difference. For example, let’s say a 25 year old determines that he needs $3,000,000 of insurance. He might purchase a $1,000,000 Whole Life with an annual premium of $12,000, but overfund it buy paying $30,000. He would also get a term policy of $2,000,0000, which he might convert partially down the road, after the first Whole Life policy is well seasoned. 

Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as "traditional fixed universal life insurance"), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance.
Professional liability insurance, also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical practitioners against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called medical malpractice insurance.
The bottom line is that I feel that the insurance industry has adapted to the negative stigma attached to whole life insurance polices and are introducing some variants that do not look at all like the whole life insurance that is described in the above article. They have found ways to counter some of the Reasons not to invest in whole life insurance mentioned in the article above (such as the interest rate). I read about another variant called EIULs and I think there are many other similar products out there. But they can not counter all of the Reasons mentioned in the article above. So buyer beware and do your due diligence!
Question Matt, what are your credentials? On the subject of finance and securities, do you hold any of the licenses I mentioned in my response earlier? Are you in the industry, or were you just sold by an agent and didn’t know what you were buying and now you are having buyers remorse looking at an illustration that was shown to you and figuring how you may have gotten a little less than you bargained for by using a calculator? Because dealing with some of our top clients who are in a tax bracket that you nor I will ever see, they are happy with the level of service we provide and the products we offer, maybe you just had a bad agent that needed to close a deal before the month’ s end and made you a customer and it was very transactional as opposed to assessing your need and making you a client. If you couldn’t afford the policy he should have given you a term policy that you could later convert. People with the money prefer not to “rent” as in a term policy, and people that can afford it get permanent insurance. Some people want their wealth to be managed properly and leave a legacy behind for future generations, that is done through life insurance and the other products we offer.
But here is the key: the most astute line in the article is “If you have a large amount of money, have already maxed out all of your tax-deferred savings, and you can afford to front-load your policy with large payments in the first several years, it can provide better returns than was discussed above. It is a useful product in a limited number of cases.”
Professional liability insurance, also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical practitioners against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called medical malpractice insurance.
Did someone say convenient? Life can be complicated, which is why we make insurance so easy. Our customer service is accessible and personal. You can choose from different payment options, and you’re able to manage your account online for anytime, anywhere access. Just in case you want to view your policy at 2 a.m. while on vacation. Not that you would, but you could.
Insurance is underwritten by The Travelers Indemnity Company and its property casualty affiliates, One Towers Square, Hartford, CT 06183. In TX: Automobile insurance is offered by Travelers Texas MGA, Inc. and underwritten by Consumers County Mutual Insurance Company (CCM). CCM is not a Travelers Company. In CA: Travelers Commercial Insurance Company, One Tower Square, Hartford, CT 06183. Certificate of Authority # 6519; State of Domicile: Connecticut and Travelers Property Casualty Insurance Company, One Tower Square, Hartford, CT 06183. Certificate of Authority # 6521; State of Domicile: Connecticut. In CA: Boat and Yacht insurance is underwritten by The Standard Fire Insurance Company, One Tower Square, Hartford, CT 06183, Certificate of Authority #0335-0, State of Domicile: Connecticut.©2017 The Travelers Indemnity Company.
You seem to be suggesting that NO one at all ever needs life insurance past the age of like 55…..seems odd that you wouldn’t want a death benefit when you’re actually statistically more likely to die…..I am a bit confused by that…And if whole life isn’t a good investment then term life certainly isn’t unless you die during the term of course….Term insurance is like renting a home you pay and pay and pay and pay and you potentially never get a return. Except I could argue renting a home and being able to live there is more advantageous than renting insurance and what hoping you will die so your kids will get the money?

State Farm Bank, F.S.B. Bloomington, Illinois, is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and subject to investment risk, including possible loss of principal invested. Contact State Farm Bank toll-free at 877-SF4-BANK (877-734-2265).
Finally, IF you decide that these are not the right policies for you, it’s generally better to cancel sooner rather than later in order to minimize the amount of premiums you pay. You should even look at your policy to see whether you’re still within an initial period where you could get all your payments back. Again, I’m not saying that you should cancel, just that if you do want to cancel it’s better to act quickly.

Medicare Brokers like Boomer Benefits also often provide simple and easy education to you about how Medicare works. Every year, thousands of Medicare beneficiaries feel frustrated after trying to read the Medicare handbook. At Boomer Benefits, we will educate you by breaking Medicare down into pieces that are easier to understand. This is why we are so well known as the baby boomer’s favorite insurance agency.


We don’t have enough information in these posts to make a recommendation. You should meet with a few advisors and get one you’re on the same page with. If they can’t explain why you “need” whole life (remember, there are other options for permanent insurance, including level-cost T100), dump him…you can do better. You should be requesting a few funding alternatives rather than banking on one strategy with different brokers. You need to really do your homework.
Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities.
Any reputable source will report mutual fund and stock returns as “annualized” figures, which takes the sequence of returns into account. Another term for this is “geometric average”, which again accounts for the order in which returns are received. So while there are some financial “experts” out there touting average returns (cough, Dave Ramsey), for the most part what you’re talking about here is not a factor.

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