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Permanent Life Insurance - Life Coverage Policy Guide Millsboro DE

Life insurance companies make good money on these policies. There are generally incentives to life insurance agents to sell them. Insurers profit from people who buy these plans young and then drop them early.

Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
John Hancock Mutual Life Insurance Co
(302) 678-8271
1679 S Dupont Hwy
Dover, DE
 
Columbian Mutual Life Insurance Co
(302) 652-2518
817 N West St
Wilmington, DE
 
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Jeff Bonifacino
1521 Concord Pike
Wilmington, DE
Company
Title: Financial Advisor
Company: Rockwell Associates
Years Experience
Years Experience: 26
Service
Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Health Care Insurance,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Portfolio Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Disability Insurance,Annuities,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulatio

Data Provided by:
Speller Insurance Group Senior Life
(302) 531-0293
1979 S State St
Dover, DE
 
American General Life & Accident Insurance Company
(302) 735-9620
1052 S Governors Ave
Dover, DE
 
Data Provided by:

Permanent Life Insurance - Life Coverage Policy Guide

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Permanent Life Insurance

The only reason to buy permanent life insurance is that you are going to hold this insurance for life.

By holding the "permanent life insurance for life," we mean for life. There are usually up-front charges which considerably impact the savings component. Eventually, the savings will begin to pay off, but it can take 10 to 20 years for things to begin moving your way.

So what are you really getting? Well, it works like this: part of your monthly payment pays for the actual life insurance (This will normally be close to the amount you'd pay for term life insurance ). The rest of your payment (minus management charges; which are a fee over and above the cost of premium) is applied to the savings component. Therefore, in order to actually build savings, your premiums are higher than term life insurance by the amount of your savings contribution, plus fees to the life insurance company to 'manage' your money.

Now, if you want someone to manage your money, wouldn't you want a specialist? Maybe a bank?

Originally, the cash value that you built in your permanent life insurance was designed to continue to pay your premiums when you get older and premiums become REALLY expensive. This was a selling point because you banked money to pay high premiums to keep life insurance in force after retirement - when you don't make as much.

Another of the big selling points has been that you (as the life insurance policy holder) could access those savings if you need them. Sounds good, right? Well, it doesn't always work as planned. If you want to use those savings for something other than life insurance payments you will likely pay income tax on them; which negates any "tax shelter" status and could even push you into a higher tax bracket (with higher taxes).

Rules to borrow against a permanent life insurance plan can be very complicated, can cost interest, and what if you don't want to pay it back? It's supposed to be "your money" afte...

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