Nearly everyone should have some form of life insurance, but what kind? How much, and for what price? How do you decide when the experts are the ones who are trying to sell it to you? Even when you do research some authors will tell you Term is the only way - the next article will tell you it's a waste of money.
These decisions can only really be made by YOU the consumer based on what YOU want to get from Life Insurance. Do you want to protect your family in case of an untimely death? Do you wish to leave your children a legacy? Perhaps you would like to leave a donation to your favorite organization?
Some of the information below will help you know what you need, where to find a good agent, and what questions you should ask them when you find someone you trust!
The Basic Types of Insurance
- Term Insurance - Generally the least expensive, Covers for a specific amount for only a specific period of time. Ex. 10, 20 or 30 years. Can be used for family protection until children reach a certain age, or mortgage protection - to pay off your mortgage or other bills if you die within a specific time frame.
- Whole Life Insurance - A permanent type of Insurance that offers a specific value at the end. Ex. Cash Value of $100,000 at Age 100. Generally one of the more expensive types you can purchase, but the value is guaranteed.
- Universal Life Insurance - A permanent type of insurance that also has a cash value associated with it.
- Variable Universal Life Insurance - A permanant life insurance that offers a cash value account, but that account is invested in mutual funds, so the amount is not guaranteed. Less than Whole life - but higher risk.
Links for More Information
- What You Should Know About Buying Life Insurance
- Online booklet providing comprehensive information to help consumers with their insurance purchasing decisions. Produced by the US Federal Consumer Information Center.
- Life Insurance 101
- Offers an overview of product types, questions to ask an agent, how much insurance to get, and an interactive quiz.
- Riskylife.com
- Provides information on life insurance and annuities, particularly, term vs. cash-value life insurance, policy loans, variable annuities vs. mutual funds, and life insurance contracts, basics, concepts, and needs.
- GlennDaily.com
- Various life insurance products are explained, and certain industry practices are examined.
- Life and Health Insurance Foundation for Education
- An industry-sponsored site which offers educational information concerning life and health insurance. Its content is both informational and promotional.
- Fool.com: Life Insurance
- Consumer information pages from "The Motley Fool".
- Life Insurance In-Depth
- Guide to buying life insurance, with descriptions of policy types, options, and state-by-state overview of life insurance regulations.
- Understanding and Controlling Your Finances: Life Insurance
- Designed to help readers know how much insurance they need and how much to spend on it. Author favors term insurance.
- Buying Life Insurance
- Tips and advice to help consumers with life insurance purchasing decisions. Prepared by the Alabama Cooperative Extension System.
- Know Your Life Insurance Needs
- Information to help determine how much life insurance an individual needs. Prepared by the Alabama Cooperative Extension System.
- Reducing Your Life Insurance Costs
- Tips and advice to help consumers lower life insurance expenses. Prepared by the Alabama Cooperative Extension System.
- The Two Kinds of Life Insurance
- Discusses the difference between term insurance and permanent insurance. Prepared by the Alabama Cooperative Extension System.
- Universal and Variable Life Insurance
- Explains universal, variable, and adjustable life insurance. Prepared by the Alabama Cooperative Extension System.
- Life Insurance Advice
- Offers advice on selecting a life insurance policy, with discussions of term, whole and universal life insurance.
- The Visible Policy: How Does Participating Whole Life Insurance Work?
- Explanatory article using the author's own insurance policy as a real-life example.
- Savvy Financial: 7 Life Insurance Sales Tricks
- Tips on how to avoid deceitful sales methods used by some agents to hook a client.
- Life Insurance Insights
- This guide defines life insurance, its purpose, who needs it, types of policies and companies, how to choose the right insurance, and offers suggestions for policyholders. Prepared by the University of Nebraska-Lincoln Cooperative Extension.
- Life Insurance - How Much And What Kind To Buy
- A guide to life insurance needs, uses and benefits.
More In-Depth Info
Buying life insurance makes sense at any age.: An article from: Wind Speaker
Amazon Price: $5.95 (as of 01/04/2010) 
Jobs in the Field
Do you have a Life Insurance License? Want to do more?
For many selling life insurance is a very lucrative career. If the information intrests you you can study for the state exam, and find many opportunities in the field. Remember my advice though - BE an agent the customer can Trust!
- Life/Health Actuarial Analyst
-
American Family Insurance - Madison, WI
Personally handles or manages litigation of a more complex nature involving either the corporation and/or its insured within established corporate guidelines... ... - Life Insurance Sales Agents
-
Lynn Watkins - Dothan, AL
themselves. They definitly understand. Our mission is simple: to make the insurance business very profitable for both agents and agency builders. We understand... ... - Life Insurance Sales Agents
-
Lynn Watkins - Frederick, MD
themselves. They definitly understand. Our mission is simple: to make the insurance business very profitable for both agents and agency builders. We understand... ...
How to become an agent
First you have to pass the exam....
It should be fairly simple to find a job opportunity once you are licensed. Some companies will even pay the fees for you to take the exam. There are many ways you can prepare for exam - there are courses you can take or a variety of self study books available. Passkey comes highly recommended. Good Luck!!
Passkey for Life Insurance Licensing/Final Examination
Amazon Price: (as of 01/04/2010)
by ALMOverton
Currently we have 3 girls that mama stays home with. She has worked in a wide variety of industries in her lifetime covering advertising,... (more)
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