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Permanent Life Insurance - Life Coverage Policy Guide Saco ME

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.

Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Company
Michael J. DellOlio & Associates, L.L.C.
Qualifications
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

Data Provided by:
Hon. Philip Edward Harriman (RFC®), CHFC, CLU
(207) 773-5390
366 U.S. Route 1
Falmouth, ME
Company
Lebel & Harriman, LLP
Qualifications
Education: Husson College-B.S. Business Admin, Major in Ins.American College-1986 Chartered Financial ConsultantAmerican College-1983 Chartered Life Underwriter
Years of Experience: 34
Membership
IARFC, MDRT, AALU, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Family Offices, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

Data Provided by:
Mr. Dermont Thomas Healey (RFC®), CHFC, CLU, RHU
(207) 871-1538
482 Congress St Ste 503
Portland, ME
Company
Scribner Insurance Agency
Qualifications
Education: BS/Business, Providence College
Years of Experience: 42
Membership
IARFC, MDRT, AALU, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Life Insurance, Disability Income Insurance, Long Term Care Insurance, BuySell

Data Provided by:
Bergeron Insurance Agency
(207) 363-8902
118 York St
York, ME
 
Mr. Dermont Thomas Healey (RFC®), CHFC, CLU, RHU
(207) 871-1538
482 Congress St Ste 503
Portland, ME
Company
Scribner Insurance Agency
Qualifications
Education: BS/Business, Providence College
Years of Experience: 42
Membership
IARFC, MDRT, AALU, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Life Insurance, Disability Income Insurance, Long Term Care Insurance, BuySell

Data Provided by:
Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Company
Michael J. DellOlio & Associates, L.L.C.
Qualifications
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

Data Provided by:
Nationwide Insurance & Financial Services
(207) 363-8902
118 York St
York, ME
 
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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