South Florida Hospital News
Friday August 17, 2018
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June 2018 - Volume 14 - Issue 12

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Don’t Buy a Life Insurance Policy From Anybody Without Reading This First

There are basically 7 different types of life insurance policies. When you combine that with more than 100 companies offering several options, that gives you several hundred different policies to choose from.

So how do you choose?
 
Clearly identify:
- Why you need life insurance?
- How long you want that life insurance to be in place for?
- How long you want to pay for it?
- Do you want a policy that has the potential to accumulate cash?
- Do you want the potential growth to come from an interest rate, dividend rate or the stock market?
- Are you purchasing a cash-value policy for death benefit or to access the cash accumulation for future use?
- If you purchase a term policy, is convertibility to a cash value policy important to you?
- If yes, what type of cash value policy do you want to convert it to?
- If yes, how long do you want the right to convert without any evidence of insurability? Do you know what this means and the implications of this option?
- Do you know what underwriting classification you received and why?
- Do you know how the particular insurance company you applied to treats your underwriting issue if you have an issue?
- Do you know who should be the owner and who should be the beneficiary of the policy?
 
*Loans and withdrawals will reduce death benefits and may impact the amount and frequency of future premium payments. If you take a policy loan or withdrawal, you may incur a significant income tax liability if the policy terminates before the death of the insured. When taking loans or withdrawals, your policy should be carefully monitored annually with your agent or other financial professionals, that Guarantees are based on the claims paying ability of the issuing insurance company.
 
If you know the answer to all these questions, you purchased life insurance. If not, someone sold you life insurance. The answers to every question are critical to the ultimate success of your premium investment in life insurance.

For more information, please contact Howard Wolkowitz at HWolkowitz@mycoastalwealth.com or (954) 558-3673.

 
The opinions above belong to Howard Wolkowitz and the information contained herein does not necessarily represent the opinions of MassMutual or its affiliated broker-dealer MML Investors Services, LLC.
 
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. Securities, investment advisory, and financial planning services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC . OSJ: 1200 S Pine Island Rd., Suite 350, Plantation, FL 33324. CRN202004-227477
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