DOCSLIB.ORG

Atlantic Insurance Brokerage and Sagicor Introduce Single Premium Life for the 21St Century!

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Atlantic Insurance Brokerage and Sagicor Introduce Single Premium Life for the 21St Century! Atlantic Insurance Brokerage and Sagicor Introduce Single Premium Life for the 21st Century! Let’s keep this simple – why should you write Sagicor’s GOLD SERIES SPL for your clients and why should you write your Sagicor life insurance and annuities through AIB? Easy – let’s keep this simple: 1. Depending on the product chosen (interest sensitive or indexed), an upfront premium bonus, 3% lifetime guaranteed interest rate, SUPER LOW minimum premium and HIGH issue ages! GREAT ANNUITY and CD ALTERNATIVE! 2. SIMPLIFIED E-Underwriting! Sagicor Life Insurance Company’s (Sagicor) Accelewriting® process is an automated underwriting system that utilizes an eApplication to provide an underwriting decision in minutes and eliminates the need for a face-to-face meeting with the client and telephone interview. In some cases, additional requirements may be required, such as medical exams, bodily fluids and Attending Physician’s Statements (APS). These cases will automatically be referred to underwriting without the need for a new application which provides a ‘fast track’ to the underwriting review and approval process. 3. Simple e-application! Once you run your client an online illustration, you have the opportunity to open up an e- application. It’s designed to not let you make errors, use the wrong form, or forget something. You can use this feature in your office, your client’s home or office, or remotely! NO MORE FINDING, PRINTING, or CARRYING AROUND FORM PACKAGES! 4. E-Signatures! Need I say more! 5. Here is something really special…once the application has been approved, did I tell you it takes less than 5 minutes? Once your client funds the policy and the carrier accepts the funds – the policy is E-DELIVERED to both you and your client! No more waiting around for the business to get issued and mailed! When your client gets the policy guess what – they do an e-delivery receipt! 6. HUGE COMMISSIONS! Better than most FIAs! 7. Why do your Sagicor with AIB? The answer is easy! a. We PAY YOU MORE! b. We’re a 24 / 7 NMO! c. We’re experts! Please take a few minutes to review the follow items and we’re sure that you too will agree that this IS the future of advisor driven term life insurance! Fixed Indexed Single Premium Whole Life Insurance (FISPWL) PRODUCT QUICK VIEW Sagicor’s FISPWL provides choices for your clients through indexed- linked crediting strategies for upside potential, downside protection and access to funds, if needed. FEATURES/BENEFITS: • Available at the point of sale through Accelewriting®, Sagicor’s automated underwriting process • Policy eDelivery available • Immediate Bonus: 10% of the Single Premium • Issue age - age last birthday • Guaranteed Return of Premium1 from Day 1 • Loans are allowed after the first year • Partial Withdrawals are allowed at any time2,3 • Three (3) Interest Crediting Strategy Options4: — Declared Rate Strategy Interest credited daily and compounded — Indexed Strategy 1 S&P 500® Index Annual Point to Point with Cap — Indexed Strategy 3 Global Look-Back Advantage Strategy Indexed Annual Point to Point with Participation Rate • Policy Effective/Allocation Dates: 1st, 8th, 15th, 22nd of each month • Inherent Rider5: Accelerated Benefit Insurance Rider for a Terminal Condition or a Chronic Illness (unable to perform 2 of the 6 ADLs: Eating, Toileting, Transferring/Walking, Bathing, Dressing and Continence) SURRENDER CHARGES: YEAR 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th+ CHARGE % 12% 12% 11% 10% 9% 8% 7% 6% 4% 2% 0% UNDERWRITING: • eApplication only • Utilizes Sagicor’s Accelewriting® system at the point of sale (no telephone interview6). Additional requirements may be needed when referred to Underwriting. • 2 Risk Classifications: Standard Non-Tobacco and Standard Tobacco (issued as Standard up to Table 4) • Issue Ages: 18 years to 85 years • Minimum Single Premium: $5,000 • No Maximum Single Premium • For the purposes of the Net Amount at Risk (NAR) calculation during the submission process, the NAR equals the Guaranteed Death Benefit Amount in year 1 of the illustration, less the single premium paid. There is no maximum, but amounts over the NAR below will be referred to Underwriting for additional review: — Available for amounts up to $250,000 for ages 18 years to 65 years — Available for amounts up to $100,000 for ages 66 years to 75 years — Available for amounts up to $50,000 for ages 76 years to 85 years 1 of 2 4074 For producer use only. Not for use with the general public. S6800417 Sagicor is rated “A-” (Excellent) by A.M. Best Company (4th best out of 16 possible ratings). This rating is based on Sagicor’s financial strength and ability to meet its ongoing obligations. Fixed Indexed Single Premium Whole Life Insurance (FISPWL) PRODUCT QUICK VIEW SAMPLE POLICY INFORMATION7: Male Age 62, Standard Non-Tobacco, Arizona Issue State, $100,000 Single Premium Guaranteed Death Benefit: $178,841 Guaranteed Cash Value, Year 30: $155,822 Guaranteed Chronic Illness Monthly Benefit under Accelerated Benefit Rider: $4,662 FOOTNOTES: 1. Less any indebtedness, withdrawals or Accelerated Benefits paid out. 2. Not available in MN. 3. See policy for additional details including fees, limitations and exclusions. Not available in all states. 4. For current rates and strategy options, download the Current Crediting Strategies/Rates PDF (Form 4062) from the Producer Portal. 5. Included at no additional cost. Not available in all states. Sate variations may apply. The death benefit of the policy must exceed $25,000 to be eligible for acceleration. 6. Issuance of the policy may depend upon the answers to the health questions set forth in the application. 7. In the state of Montana only, unisex rates are used, which are male rates. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Sagicor Life Insurance Company. Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Sagicor Life Insurance Company. Sagicor Life Insurance Company’s Product(s) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. This material is for informational purposes only. Please CONTACT US see the policy forms and riders for details. Policy forms Sagicor Life Insurance Company and riders may vary by state and may not be available in 4343 N. Scottsdale Rd., Suite 300 all states. Scottsdale, AZ 85251 Policy Forms: 1005, 6013, 6018, 6024 and 6033 T (888) 724-4267 2 of 2 4074 For producer use only. Not for use with the general public. S6800417 Sagicor is rated “A-” (Excellent) by A.M. Best Company (4th best out of 16 possible ratings). This rating is based on Sagicor’s financial strength and ability to meet its ongoing obligations. FISPWL - Product Guide FISPWL PRODUCT GUIDE Fixed Indexed Single Premium Whole Life Insurance SagicorLifeUSA.com FISPWL - Product Guide Table of Contents 3 - 5 FISPWL Product Information 6 Accelerated Benefit Insurance Rider 7 Underwriting Processes and Guidelines 7 Financial Underwriting 7 Approved Paramedical Companies 7 Approved Lab Companies 8 Underwriting Requirements 9 Footnotes 10 Indices Disclosures DISCLOSURE: The information contained in this product guide is summary in nature. If there is a conflict with the policy and rider, the terms of the applicable policy and rider control. In order to obtain a complete understanding, please read the policy and rider provisions carefully as this is not intended to be a substitute for the policy or rider. Policy and riders are not available in all states. State variations may apply. Sagicor Life Insurance Company does not provide tax, legal or accounting advice. FISPWL - Product Guide FISPWL PRODUCT DESCRIPTION Careful planning and wise financial thinking have allowed your clients to accumulate assets for retirement, most likely through tools like CDs, money market accounts and other financial vehicles. Sagicor Life Insurance Company’s (Sagicor’s) Fixed Indexed Single Premium Whole Life (FISPWL) product provides coverage for the life of the insured plus greater upside potential through index-linked strategies and access to funds, if needed. Sagicor’s FISPWL is available by eApplication only, using our Accelewriting® process. Sagicor’s Accelewriting® process is an automated underwriting system that provides an underwriting decision in minutes and eliminates the need for a face-to-face meeting with the client and telephone interview. In some cases, additional requirements may be required, such as medical exams, bodily fluids and Attending Physician’s Statements (APS).1 These cases will automatically be referred to underwriting without the need for a new application which provides a ‘fast track’ to the underwriting review and approval process. POLICY eDELIVERY Policy eDelivery available ISSUE AGES (AGE OF LAST BIRTHDAY) 18 years to 85 years MINIMUM SINGLE PREMIUM $5,000 MAXIMUM SINGLE PREMIUM No maximum premium. See Net Amount at Risk. NET AMOUNT AT RISK For the purpose of the Net Amount at Risk (NAR) calculation during the submission process, the NAR equals the Guaranteed Death Benefit Amount in year 1 of the illustration, less the single premium paid. There is no maximum, but amounts over the NAR below will be referred to Underwriting for additional review: — Available for amounts up to $250,000 for ages 18 years to 65 years — Available for amounts up to $100,000 for ages 66 years to 75 years — Available for amounts up to $50,000 for ages 76 years to 85 years UNDERWRITING • 2 Risk Classes: Standard Non-Tobacco and Standard Tobacco (both classes issued Standard up to Table 4).
Load more

Recommended publications
  • Overview of Japan's Life Insurance Market
    Supplementary Materials Overview of Japan’s Life Insurance Market Trend in the income from insurance premiums (¥ trillions) 1. Market Scale 40 In fiscal 2017, life insurance companies in Japan* 33.7 had a total of ¥33.7 trillion in income from insur- ance premiums. Although this amount had been growing gradually since fiscal 2002, it has declined 20 over the past two years in a row. * There are a total of 41 Japanese life insurance companies. (As of April 2, 2018) 0 2. Diversification of Customers’ Life 2000 2005 2010 2017 (Fiscal Year) Insurance Needs Source: Compiled by T&D Holdings based on the summary of Life Insurance Business in Japan published by the Life Insurance Association of Japan Note: Excluding the numerical value of former postal life insurance up to fiscal 2007. Changes in household composition due to such factors as the declining birthrate, aging population, Trend in the policy amount and the number of policies in force for individual insurance and late marriage have decreased the need for (¥ trillions) (Million policies) large death benefits aimed at heads of households. 2,000 200 Policy amount in force (left) 173 Meanwhile, the needs for third sector insurance such Number of policies in force (right) 1,495 as medical and nursing care products are increasing. Policy Amount in Force and Number of 1,000 100 852 Policies in Force The policy amount in force, which is the total death benefit amount of individual insurance policies held by 0 0 life insurance companies, was ¥852 trillion in fiscal 2017, 1995 2000 2005 2010 2017 Source: Compiled by T&D Holdings based on the summary of Life Insurance Business in Japan (Fiscal Year) down from the peak of ¥1,495 trillion in fiscal 1996.
    [Show full text]
  • Whole Life Insurance Can Pay Money to Your Family If You Die
    Whole Life Insurance can pay money to your family if you die. It can help them with basic living expenses, final arrangements, tuition and more. How does it work? Why should I buy coverage now? You can keep Whole Life Insurance as long as you want. Once you’ve bought coverage, your cost won’t increase as • It’s more affordable when you’re younger. Once you’ve you age. The benefit amount stays the same, too — it doesn’t bought coverage, your cost stays the same as long as decrease as you get older. That means you get protection you keep it. during your working years and into retirement. • The cost is conveniently deducted from your paycheck. Whole Life Insurance also earns interest, or “cash value,” at • Whole life gives you valuable protection in addition to a guaranteed rate of 4.5%.* You can borrow from that cash any term life insurance you might have. value, or you can buy a smaller, paid-up policy — with no more premiums due. What’s included? A “Living” Benefit You can request an early payout of your policy’s death benefit (up to $150,000 maximum) if you’re expected to live 24 months. It would reduce the benefit that’s paid when you die. Long Term Care Rider You may be able to use your death benefit to pay for long term care. Subject to rider conditions. See your plan administrator for more information. Who can get coverage? You You can purchase coverage for $10,000, $20,000, $30,000, $40,000 or $50,000.
    [Show full text]
  • UNDERSTANDING INSURANCE Participant Guide
    MINDYOUR FINANCES UNDERSTANDING INSURANCE Participant Guide INCHARGE DEBT SOLUTIONS • WWW.INCHARGE.ORG 01 AN OLD STORY. It was a common practice for ancient caravans to split up goods and take different routes to the delivery point. In this way, the risk of losing the full cargo to thieves was lessened. During the 12th and 13th centuries, artisans in Europe worked in guilds. They’d pay money into the guilds and if their shop burned down (common because most dwellings were made of wood), the guild would help them rebuild. If they were injured or killed, the guilds would pay for the care of their widows and children. A NEW STORY. Gloria was a 65-year old widow. She worked hard all her life in the tourism industry. She started as a waitress at the age of 15, and for the next fifty years worked many jobs, with very little time off. She worked as a waitress, a maid, and a hostess in a large hotel. Gloria had just retired. With a paid off home, she was looking forward to a mortgage-free retirement. One January morning, the wiring in her walls caught fire. When she returned from running errands, her home was nearly gone. She didn’t know it at the time, but her dog had escaped into a neighbor’s backyard. At 65, Gloria didn’t have the time or the strength to start over. QUESTIONS: What can Gloria do? Do you agree with this statement? Insurance is great to have, if you can afford it. 02 INCHARGE DEBT SOLUTIONS • WWW.INCHARGE.ORG LIFE IS RISKY.
    [Show full text]
  • Total Cash Value of Whole Life Policy
    Total Cash Value Of Whole Life Policy Town marring desultorily? Unwrapped and cracked Rajeev stereotypes his toby paddock outthinking estimably. Dinkiest Torrance asphyxiating: he jackets his pellucidness erectly and unjustly. Since my options? Life policy available to secure and more favorable mortality rates of life cash value of total whole policy or lose value? But ultimately leading life insurance policy would this will change from a whole life insurance policy coverage ends, whole life cash of total value policy for example. If the insurance company strength than that cash payment that provides to consider a higher rate in value of the golf team and the same client. These allow for cash value of life policy will receive a good fit both types of providing the insured has. Az stock companies pay them from our best of cash value and this could regret not address will incorporate your coverage with its affiliates do? Life policy owner, recommendation assumes all learning center articles for informational purposes, which is a car loans. Cashing in the named beneficiary of term life is a whole life. You make important in all. Shopping products or children have seen a way to direct recognition method for your policy holders also, such a health or withdraw. There are both of always serving our products with a term. While all matters is whole life cash value of total policy years of them and then a whole life insurance policy earns. Policyholders make no longer term life insurance policy is needed for later materially changed since we value of life policy cash! As other fees for your eligibility for medicaid application or sell any point for surviving loved ones.
    [Show full text]
  • Ameritas Value Plus Whole Life Insurance
    Ameritas Value Plus Whole Life Insurance Life insurance may be one of the most important purchases you’ll ever make. It can provide the resources the people you care about will need to handle the fnancial challenges a death would bring. Whole life insurance from Ameritas can also help meet your fnancial needs by providing guaranteed cash value growth and the ability to access the policy’s death beneft while you are living. Protection Guaranteed, tax-deferred While we can’t always protect our family from tragedy, we cash value growth can take steps to ease the burden created when a death As you pay your premiums, your Value Plus WL builds occurs. Ameritas Value Plus Whole Life Insurance provides cash value on a guaranteed basis. This consistent permanent lifetime protection for your benefciaries. cash value buildup is tax-deferred, which can help you Premiums and beneft amounts are guaranteed for the life accumulate even more over the long term. You can of the policy so you know how much and how long you’ll borrow the guaranteed cash value of your policy to help pay to provide protection for those you care about. pay for college, to supplement your retirement income or for other long-term fnancial goals. Income tax-free death beneft Loans will reduce the policy death beneft and cash value. When you die, the money your benefciaries need will Generally, you can access the value of your policy without be available and typically no income taxes will be due tax consequences. Excessive or unpaid loans may cause on those funds.
    [Show full text]
  • Ownership and Transfer of Interests in Life Insurance Policies Lewis D
    Hastings Law Journal Volume 20 | Issue 4 Article 1 1-1969 Ownership and Transfer of Interests in Life Insurance Policies Lewis D. Asper Follow this and additional works at: https://repository.uchastings.edu/hastings_law_journal Part of the Law Commons Recommended Citation Lewis D. Asper, Ownership and Transfer of Interests in Life Insurance Policies, 20 Hastings L.J. 1175 (1969). Available at: https://repository.uchastings.edu/hastings_law_journal/vol20/iss4/1 This Article is brought to you for free and open access by the Law Journals at UC Hastings Scholarship Repository. It has been accepted for inclusion in Hastings Law Journal by an authorized editor of UC Hastings Scholarship Repository. Ownership and Transfer of Interests in Life Insurance Policies By LEwis D. AspER* AT the end of 1967, life insurance in force in the United States totaled $1079.8 billion.1 This figure, of course, represents the total, substantially unmatured obligation of insurance companies; but this obligation was backed by $177.4 billion of assets held by the com- panies.2 Life insurance is probably the single most important form of savings for many if not most citizens. The investment in life insurance, in common with most other forms of savings, is transfer- able. It can be withdrawn, hypothecated, sold or given away. While investment in life insurance continues to grow at an accelerated rate, the legal principles governing ownership and transfer of this enor- mous pool of assets remain uncertain, disorderly, even misleading. As the editors of a leading insurance casebook have pointed out, the methods of disposition of this singularly important form of wealth have developed without the benefit of a background of feudal land law and with little assistance from recording acts or other legislation addressed directly to questions of transfer.3 The system, such as it is, has evolved largely from a judicial interpretation of those terms 4 inserted in policies by insurers for their own protection.
    [Show full text]
  • A Brief History of Universal Life
    -VI A Brief History of Universal Life Douglas C. Doll Editor's Note: The following article is an extract from a revision to the Universal Life Study Note Mr. Dinney's 1971 Address insurance combined with an investment program utiliz- ing some other savings medium. Thus, life insurance The concepts underlying Universal Life are not new. companies were in danger of losing their share of the Universal Life's two major components, term life insur- investment dollar. ance and an accumulation fund, have been available for Furthermore, those policyholders who retained their years. The idea of packaging these two components whole life policies were exercising the policy loan pro- together has also been considered before. G.R. Dinney vision more frequently, creating cash-flow problems in his 1971 presidential address to the Canadian Insti- and forcing the companies to invest in these low-yield tute of Actuaries, entitled "A Descent into the Mael- policy loans rather than the much higher-yield invest- strom of the Insurance Future," warned of trouble on ments available. the horizon for the insurance industry and described a Mr. Anderson argued that, to escape their quandary, product called a "Universal Life Plan?' life insurance companies must turn these social and economic changes to their own advantage. As more and more married women went to work, family incomes Mr. Anderson's "Cannibal Life" rose, increasing the need and ability to pay for family Article security products. Furthermore, this increased income combined with inflation was pushing taxpayers into When Mr. Dinney delivered his address, the social higher and higher brackets, thereby increasing their and economic changes that he was responding to were appreciation of life insurance's tax advantages.
    [Show full text]
  • Knights of Columbus Insurance Launches Two Whole Life
    FOR IMMEDIATE RELEASE Media Contact: Shari Smith |203-800-4989 | [email protected] Knights of Columbus Insurance Launches Two Whole Life Insurance Products Core market expected to be those who seek affordable, permanent protection that builds cash value and leaves a financial legacy. NEW HAVEN, Conn. – Knights of Columbus (“K of C”), a Fortune 1000 insurer with more than $25 billion in assets, announced today that it has launched two more permanent life insurance products in The Knights Advantage Series in the U.S. and Canada: Limited Pay Whole Life and Single Premium Whole Life. Both the Limited Pay Whole Life and the Single Premium Whole Life plans offer a guaranteed death benefit as well as cash values with the opportunity for additional growth if future dividends are earned. Dividends are not guaranteed, but are distributed to policyholders, as there are no stockholders. Ron Franzluebbers, senior vice president and chief actuary, said: “These new whole life products will be competitive additions to our life insurance product portfolio, providing access to all the benefits of whole life insurance, including guaranteed cash valuesi and death benefits, at an affordable cost. Offering a strong portfolio of products allows our agents to best meet the needs of our clients, who can feel confident knowing that their life insurance protection is in the hands of an insurer with a long-term history of providing financial assistance.” Limited Pay Whole Life Limited Pay Whole Life policy allows the client flexibility to choose how many years to pay premiums, guaranteed and fixed at issue, subject to a five year minimum requirement.
    [Show full text]
  • THE SEARCH for a UNIVERSAL SUITABILITY STANDARD in the SALE of LIFE INSURANCE Richard J
    Western New England Law Review Volume 24 24 (2002) Article 3 Issue 1 1-1-2002 MY CUSTOMER'S KEEPER: THE SEARCH FOR A UNIVERSAL SUITABILITY STANDARD IN THE SALE OF LIFE INSURANCE Richard J. Wirth Follow this and additional works at: http://digitalcommons.law.wne.edu/lawreview Recommended Citation Richard J. Wirth, MY CUSTOMER'S KEEPER: THE SEARCH FOR A UNIVERSAL SUITABILITY STANDARD IN THE SALE OF LIFE INSURANCE, 24 W. New Eng. L. Rev. 47 (2002), http://digitalcommons.law.wne.edu/lawreview/vol24/iss1/3 This Article is brought to you for free and open access by the Law Review & Student Publications at Digital Commons @ Western New England University School of Law. It has been accepted for inclusion in Western New England Law Review by an authorized administrator of Digital Commons @ Western New England University School of Law. For more information, please contact [email protected]. MY CUSTOMER'S KEEPER: THE SEARCH FOR A UNIVERSAL SUITABILITY STANDARD IN THE SALE OF LIFE INSURANCE RICHARD J. WIRTH* INTRODUCTION As consumers, we depend on producersl to guide us through a maze of complex financial products.2 We trust them to help us make the right decisions for ourselves now and for our loved ones after we are gone. We rely on them to recommend products that are suitable for us and to make us whole when those products fail to meet our expectations. A producer's obligation to meet this chal­ lenge varies based on a hodgepodge of sometimes inconsistent, overlapping rules and practices. These vary depending on the state, type of product, and type of producer.
    [Show full text]
  • Limited Pay Whole Life Insurance Policy
    Limited Pay Whole Life Insurance Policy James remains ensorcelled after Herman moor shakily or apologises any Alfs. Murray usually exfoliating introspectively or ponce accessorily when inessive Quint shirrs precipitously and theologically. Bernhard poussettes her alure steady, she insets it morally. With a traditional whole life insurance policy must'll pay a fixed premium for. Term policies pay death benefits to your beneficiaries if possible die search the period covered by the policy Sometimes new is possible you convert a bit life policy upon a. Whole Life Insurance Erie Insurance. An hour whole tax policy offers level premiums over foreign policy owner's lifetime A limited payment whole like policy offers level premium payments over a. Whole Life Insurance thisMattercom. How the Whole Life Insurance Work and Value Explained. Privacy settings. Want comfort pay premiums for a limited time the limited payment whole population policy gives. A limited payment for Life insurance plan designed exclusively for letter carriers from your NALCMBA Current FACE pack OF POLICY trait of. In insert to paying a restore benefit to life policies also tweak the ability to build cash. In ache it view a built-in savings element since youth will pay premiums and hence build up some cash often within foreign policy Additionally whole life insurance may. Use the proceeds from either sense of policy to underscore funeral costs mortgage payments. If your kids have completed college or secure've paid off your discount you celebrate be. Limited Pay Life Insurance Everything else Need people Know. New York Life spine paid dividends every update since 1542.
    [Show full text]
  • Insurance Toolkit (Simplified Consumer Guide)
    2 0 1 8 L E V E R E D C O M P A N Y LIFE INSURANCE TOOLKIT (SIMPLIFIED CONSUMER GUIDE) H I G H L I G H T S : Top 5 hidden secrets about Life Insurance that could cost you thousands and most insurance agents or advisors wont tell you. LEVERED COMPANY I N S U R A N C E E D I T O R I A L [email protected] 818.810.7223 Dear Reader, Please read this very carefully and thoroughly. You and I have similar purposes in this world. It is your job to provide food, clothing, shelter, schooling, medicine, and other things for your loved ones. You do this while I lie in your safe deposit box. I have faith and trust in you. Out of your earnings will come the cost of my upkeep. At times, I may apear insignificant to you - but someday (and who knows when) you and I will change places. When you are laid to rest, I will come alive and do your job. I may provide food, clothing, shelter, schooling, medicine and other things your family will continue to need - just as you're doing now. When your work and labor are done, mine will begin. Through me your hands can carry on. Whenever you feel the price you are paying for my upkeep is burdensome, remember that I can do more for you and your family than you will ever do for me. I am your life insurance policy. If you do your part, I will do mine.
    [Show full text]
  • Life Insurance Products and Consumer Information
    - ,. liCe Insuunce Products And Consumer Information MIchael P. Lynch and Robert J. Mackay Staff Report Bure:! u of Economics Feder:!! Trade Commission Washington, D. Novemb 1985 . Michael P. Lynch is a staff economist at the FTC. He is the author of all but one chaptcf. Chapter VIII was written by Robert Mackay, currently Visiting ofcsor of EconomiC3, School of Business, University of California at Berkeley and Visiting Scholar, Hoover Institution, and st:lff economist (part. time) at the FTC. The analyses and conclU3ions and conclusions set forth arc those of the authors and do not nccesrily reflect the views of other members of the Bureau of Economics other Commission Staff, or the Commission itself. EXECUTIVE SUMMARY The purposes of this study arc to describe the advantages and disadvantages of various type of life insurance policies and to assess the adequacy of information about them to consumers. The focus i on a comparison of two broad c!:lSSCS of life insurance products. The study s principal rese:lrcher was Dr. Michael Lynch. Dr. Robert Mackay contributed to the whole effort and produced Chapter VIII which compares life insurance policies to other financial instruments. One class of policies provides only life insurance protection. This class which we summarize undcr the tcrm annual rcnewable tcrm insurance (ART), typically involvcs a fixed face value death benefit paid for with annual premiums that rise over time, reflecting the positive relationship between mortali ty and age. These policies involve no savings component , in that benefits arc paid only in the event of death and the policies have no surrender value or end-of-term cash value.
    [Show full text]