Ed Hinerman On Life Insurance

But my life insurance agent told me it was guaranteed forever!

February 22nd, 2007

If you just bought a car, a new super hybrid of some kind, and the salesman told you that it would never run out of fuel, would you just drive on down the highway and trust that guarantee? Would you get a second opinion? Maybe do some research? You might find out that the “guarantee” that it would never run out of fuel was only valid as long as certain assumptions panned out.

Let’s suppose you trusted that salesman and went on down the road. The worst thing that could happen is that he kind of misrepresented the facts and you run out and have to do some hitchhiking.

 Your whole life or universal life insurance have guarantees and they also have assumptions. I can tell you that, in my experience, most of those life insurance policies are sold based on the assumptions because the car that doesn’t run out of gas may cost a little more. If one of those assumptions doesn’t work as hoped, your life insurance policy will run out of gas. It will lapse or you will find out that it will take an exhorbitant amount of money to keep it in force.

Your life insurance and the benefits that it could provide to your family are far more important than a car. My guess is that you would never leave the car salesman’s claim unchecked. Are you going to drive on down the road and not check out your life insurance policy?

Call an independent life insurance agent today and find out if your universal life or whole life policy is really good to go forever.

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Entry Filed under: Independent agent, insurance, life insurance, universal life, whole life