The Life Insurance Process – Video by www.wholesaleinsurance.net
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From the category archives:
Learning Center
Today marks the start of a movement, the Roth IRA Movement to be exact. Created by Jeff Rose, the movement seeks to educate people (in particular young adults) about the benefits of saving for retirement early and taking advantage of financial tools, such as the Roth IRA.
Rose, a certified financial planner and CEO of Alliance Wealth Management, recently visited his alma mater to speak with soon-to-be college graduates about financial planning.
Standing before a crowd of over 50 attendees, he asked if they had ever heard of a Roth IRA. Not a single person raised his hand.
“I was absolutely blown away,” Rose explained. “I’ve spoken to college students before and asked this same question, and each time a few people have come forward.”
He immediately headed to his Twitter page to voice his frustration: “What’s wrong with this picture? I polled 50 soon to be graduating college seniors if they knew what a Roth IRA was. The result: ZERO.” - Wholesaleinsurance.net Joins Jeff Rose’s Roth IRA Movement
What is a Roth IRA?
You can do what I did and visit www.irs.gov where you will find the explanation: “A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.” This was followed by a bullet list that was just as unhelpful.
Roth IRAs differ from traditional IRAs in that you pay taxes on your contributions NOW, instead of later in life when you withdraw funds, and you can continue contributing past the age of 70.
Why is this beneficial?
It is assumed that, as a young adult, you are probably just starting out in life, starting your career, and not bringing in that hefty paycheck (just yet). Therefore, you’re in a lower tax-bracket. The taxes you pay on your contributions today will be a lot lower than the taxes you’ll pay when you’re older and possibly in a higher tax-bracket.
Invest now. Pay lower taxes now.
Pay less taxes on your retirement contributions = more of an investment in your pocket.
Let’s spread the word!
Join the movement and join this list of bloggers: http://www.rothira.com/roth-ira-movement-bloggers
Learn more about the Roth IRA movement
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Dear truckers,
I have two priorities this morning, and I’ll bet they’re the same as yours:
- Help you find a good deal on life insurance
- Help you understand your needs
I just read a blog post by a fellow named “Big Ken,” treating this very topic (life insurance for truck drivers), and I hope that I can take his instruction a step further.
Getting the best price
The thought of paying for life insurance is often enough to prevent a purchase, but with the right tools, even people with health issues may find it more affordable than other types of insurance.
Get the right coverage.
A significant part of getting the best price for your life insurance (trucker or no) is understanding how much and what sort of coverage you need. We’ll shed some light on that matter further down, so don’t just read the first half of this article and think you’ve got enough information.
Agent or no agent?
The term “sales agent” elicits a feeling of distrust and unease in the average American. There is reason to consider that you’ll find an untrustworthy agent (see our page on how to choose a life insurance agent), but there actually is no bypassing agents:
Whether you go to a life insurance company or a life insurance agency, you’re going to have to buy life insurance through a life insurance agent who is licensed by your state of residence.
Don’t worry about agent cost, though. They’re paid on commission, so no agent will charge you for his/her services. (The bad ones have an incentive to get you to buy an overpriced product, though, so read on.)
DIY: do it yourself
Even if you have to conduct your purchase through a licensed agent, you can do your shopping on your own in most cases. If you’re buying term life insurance (the ordinary kind of life insurance), you can compare life insurance rates online, then speak to an agent only after you’ve picked your policy and price.
At that point, the agent should just help you through the application process.
Captive vs. independent agents
“Captive” agents are what we call the agents who work for a particular life insurance company (e.g. MetLife, John Hancock, Prudential). All other agents are “independent.”
The reason to go with an independent agent is that they’re permitted to write business for more than just one life insurance company; they can sell policies from multiple competitors. Unfortunately, the rank and file of life insurance agents have a pretty small repertoire (5–20 life insurance companies), so do your homework. (Here at WholesaleInsurance.net, we do business with over 50 competitors.)
Understand your needs
Health issues
If you have health concerns like high blood pressure, a family history of heart disease, or even something more serious, don’t assume that you are excluded from affordable rate classes.
True, most life insurance companies out there will not be able to give you favorable rates if you have serious health issues, but individual life insurance companies have individual philosophies about individual illnesses. What’s more, their philosophies are constantly subject to change.
A given company might have a more lenient threshold for high cholesterol. Another might allow higher LDL cholesterol if HDL cholesterol is high. Yet another might tolerate more LDL cholesterol if it comes in large particles.
An experienced agent with a wide range of life insurance companies with which to do business can make a tremendous difference. Truck drivers shopping for life insurance are likely to have some of the same issues in common, one with another. You can ask your agent how much experience he/she has writing policies for truck drivers.
What kind of life insurance?
Most people require life insurance only while they’re drawing an income, so term life insurance is the way to go. For added security, there are several types of permanent life insurance available too. Our page on types of life insurance offers an unparalleled catalogue with useful explanations.
How much life insurance coverage?
In other words, how large a death benefit should one purchase? You should figure out this matter before shopping for the best price.
For a quick evaluation, use our life insurance calculator. For a detailed description of how to identify your financial needs and alternative methods of calculating a good death benefit, read our page on how to choose a death benefit. Items you’ll consider include your current income, existing debt, existing property, and goals for family members.
To give you a quick, ballpark (in case you really want to start comparing prices), a decent death benefit is often 8–12 times your current annual earnings.
What to do now
If you’re ready to see what kind of prices the market can offer you, start with our online quoter (click here). In under 3 minutes, you’ll have a list of policies and prices from the companies with which we contract business.
If you have concerns, health issues, or just want to work with a live person, can call us during normal work hours (PST) at 1-800-823-4852.
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Ryan Pinney, from Pinny Insurance Center, was featured on The Mark Montgomery Show!
The radio segment, entitled “Insurance Matters,” focused on disability insurance. What it is, what it is not, and the important roll in plays in protecting one’s income and family.
The Mark Montgomery Show airs 7-9 AM weekdays in Sacramento on 105.5, Sacramento Small Business Talk Radio.
Listen to the segment:
About Ryan Pinney:
Ryan Pinney is a recognized expert in his field, with numerous articles, interviews, and speaking engagements to his credit. He is an active member of the National Association of Insurance and Financial Advisors (NAIFA) and a qualifying member of the Million Dollar Round Table (MDRT) “Top of the Table” and The International Forum – pinnacles of the financial services industry.
About Pinney Insurance Center:
Pinney Insurance Center, based in Roseville, California, is a leading provider of products, tools and services that focus on the life insurance and financial services markets. Pinney Insurance through their Pinney Platform Solutions models offer financial professional’s results orientated tools and services that bridge the gaps keeping organizations and individuals from effectively and efficiently offering insurance products.
http://www.PinneyPlatforms.com
http://www.wholesaleinsurance.net/
View: press release
Connect with Ryan:
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Ryan Pinney, from Pinney Insurance Center, inc., featured on Sacramento’s Mark Montgomery Radio Show
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It is Q & A Time!
A reader of the News.Wholesaleinsurance.net blog posted the following question on ING Introduces New Registered Fixed-Index Annuities:
Q:
“I am just learning about fixed annuities. I was wondering if it is right for me and what fees and limitations exist. For example, I heard that a percentage is charged for fee as well as setting a cap on interest rates of investments. Not sure that makes sense, but I am sure whoever reads this understands my question. Also, I am interested in both pre tax and tax deferred options. Thanks.”
-Steve
A:
Thank you for your question Steve!
For more information on Annuities, visit: www.wholesaleinsurance.net/annuity-annuities
Also see:
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An insurer is a company that provides insurance coverage. It writes (and underwrites) insurance policies. It’s the one that receives your premiums (payments) and that pays out benefits.
For more information: www.wholesaleinsurance.net
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LIFEfoundation – Hear the story of Mashell Ewing, a 2010 LIFE Lessons Scholarship recipient. Mashell describes how the lack of insurance affected her family financially when her mother, a single parent, died of a heart attack. Now Mashell is working hard to remain in and graduate from the school of her dreams, the University of California Berkeley.
Term life insurance is the most affordable and simplest form of life insurance policy. Perfect for protecting a new family.
Compare life insurance quotes for free at Wholesaleinsurance.net
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Does replacing coverage cause new company to cancel existing coverage?
No. The new insurance company you’ve just gotten a policy with will not contact your old insurer to cancel your existing policy.
Check out the video to learn more:
www.wholesaleinsurance.net is a place to compare prices and buy life insurance online.
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How does tobacco use affect life insurance rates? Tobacco use increases mortality risk. Higher mortality risk means higher life insurance rates. Life insurance companies typically have a 12-month look-back: if you’ve used tobacco within the last twelve months, you’ll be considered a user for life insurance purposes. If you haven’t used tobacco for over a year, most life insurance companies will let you buy it as a non-smoker.
Check out the video for more information!
For instructions regarding the “tobacco use” question on quoter forms or applications, see www.wholesaleinsurance.net/life-insurance-faq/tobacco-use-question
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