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Permanent Life Insurance - Life Coverage Policy Guide Oregon City OR

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.

Harold D. West (RFC®), CLU
(503) 597-2700
5285 Meadows Rd Ste 148
Lake Oswego, OR
Company
Sumner Financial Group Ltd
Qualifications
Education: MA
Years of Experience: 48
Membership
IARFC
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Annuities, Life Insurance, Charitable Planning, Asset Protection

Data Provided by:
Jeff Vass
510 SW 5th Ave
Portland, OR
Company
Title: LPL Financial Advisor
Company: Meridian Financial Group
Type
Investment Advisor Rep: Yes
Service
401k Rollover From Employer,CD Alternative,Disability Insurance,Annuities,Long-Term Health Care Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Health Care Insurance,Retirement Planning,Business Succession & Liquidation Planning,Retirement Income Dist

Data Provided by:
Fred King, CFP
The H Group, Inc.
Portland, OR
Company
Company: Fee-Only Financial Planner ("No Commissions")
Type
Registered Investor: Yes
Education
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Service
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

Data Provided by:
AAA Oregon/Idaho
(503) 222-6734
600 SW Market Street
Portland, OR
 
PHIL MABINI
1307 NE PARK LANE
FAIRVIEW, OR
Company
Title: FINANCIAL ADVISER
Company: WORLD FINANCIAL GROUP
Service
IRA, 401k, Roth IRA, QDRO Rollovers,Annuities,Life Insurance

Data Provided by:
Mr. Michael A. Smolak (RFC®), MBA
(503) 445-2626
5901 SW Macadam Avenue, Suite 135
Portland, OR
Company
Dimension Resources
Qualifications
Education: BSMEMBA
Years of Experience: 26
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Asset Protection

Data Provided by:
PHIL MABINI
1307 NE PARK LANE
FAIRVIEW, OR
Company
Title: FINANCIAL ADVISER
Company: WORLD FINANCIAL GROUP
Service
IRA, 401k, Roth IRA, QDRO Rollovers,Annuities,Life Insurance

Data Provided by:
Stephen Kirkendall
12014 Southeast Mill Plain
Vancouver, WA
Company
Company: Kirkendall Financial Services
Service
Income for Life/ Preserve Principal,Alternative Investments,Investment & Portfolio Management,Retirement Planning,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Individual Income Tax Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Annuities,Investment Consulting & Allocation Design,Estate Tax Planning,Asset Protection Strategies & Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Alternative Asset Class

Data Provided by:
Primerica Life Insurance Company
(360) 524-3078
700 North Hayden Island Drive Suite 330
Portland, OR
Services
Term Life Insurance
Prices and/or Promotions
Complimentary Financial Needs Analysis (FNA)

Jack Schniepp
807 SW Industrial Way
Bend, OR
Company
Title: Financial Consultant, CFP®
Company: Wells Fargo Advisors
Education
Westmont College, Bachelor's Degree
East Stroudsburg Uni., Master's Degree
Years Experience
Years Experience: 7
Service
Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Asset Protection Strategies & Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Annuities,Alternative Asset Class Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Life Insurance,Investment & Portfolio Management,Investment Consulting & Alloca

Data Provided by:
Data Provided by:

Permanent Life Insurance - Life Coverage Policy Guide

Provided By: 

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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