If you are a young person, married, and about to buy basic insurance, term insurance is not the long-term answer. You need permanent coverage until you die, at the lowest net cost. Why? Well, take the case of Mrs. Widow, age 78, at the other end of life. Her husband had carried twenty-year level-premium term life insurance for $500,000. He died fifteen years after it had passed its twenty-year mark. It was too expensive to renew and after all they had bought it to cover the family's Manulife Vitality needs until the children were through school. Unfortunately, retirement savings were inadequate, and Mrs. Widow has had to sell their home, hoping she can manage to live off the net sale proceeds until she dies.
As agents and brokers, we can offer to round out each employee's family benefit program with life insurance, dental coverage, disability income protection, and perhaps add an IRA---and likely still save the employee money. The employee has financial assistance from the federal government and from the employer. As has been said above we wish to be creative helpful compliant and design well to fit Manulife Vitality Plan each client's needs and best interests.
Your family history: Did your parents or uncles need long term care? If they did, at what age did they require such care? Buy your policy ten years before that age.
Many business owners Manulife Vitality health program face retirement situations like Joe. They want to have the ability to put money away without being tied to a bunch of regulations and tax law.
OGet Cash Creative: It's time to get Cash Creative. I want you to look at your spending in creative ways. For instance; many women have the guilty pleasure of grabbing a magazine while in line at the grocery store. Let's say the magazine costs $4.50 and that you have to dive into this magazine every week. That's $225.00 a year you are spending. But what if you got a subscription to the magazine and that subscription only cost $48.00 a year. That's a difference of $177.00 every year. Now that $177.00 of savings could pay for part of your life insurance premiums or your paycheck protection policy. It is possible to have your cake and eat it too...just get cash creative. Or, WOW, you could even save or invest it.
Life Insurance is one of the most intensely customized and personalized products that there is other than maybe dental work or custom orthotics. Yet, it's often advertised, promoted and sold as if it's a "one size fits all" deal. Nothing could be further from the truth. It's vital that you apply for the right product with the right insurance copyright. That's where your Life Agent comes in.
One last piece of advice, no matter how great the life insurance rates you find are, if the process is too complicated, many senior parents will not want to bother with the process and do nothing. Make it as easy for your parents as possible. You may even need to be present at every step of the process. We hope this article has been of help. Feel free to ask us questions or send comments. Be well!