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SVTPerformance's Chain of Restaurants
Road Side Pub
Term life
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<blockquote data-quote="VENOM1" data-source="post: 16625329" data-attributes="member: 23090"><p>This is an area of expertise for me given I’m an agency owner. There are two ways to purchase term life products, straight term life or term life with living benefits. Straight term life is truly just death insurance meaning you cannot access the funds until the insured parishes. Term life with living benefits offers the same type of coverage as straight term life does but also allows the insured to access part of the death benefit (20-30% typically) prior to death for major medical reasons, long term care, home health care, etc. </p><p></p><p>Additionally, most major carriers will also allow the insured to use this money to offset income once they have been diagnosed or under the care of a medical professional. Lastly, if you do pull from the policy the amount is subtracted from the death benefit. As an example, $500,000 death benefit policy with 20% living benefit rider, allows the insured to pull $100k out but lowers the death benefit to $400k </p><p></p><p>I always encourage my clients to have term with living benefits considering the strong statistical data outline how many will need some sort of medical care prior to the age of 65 years old. I would always rather have someone pull from a policy like mentioned above opposed to an asset or appreciating policy of some sort. </p><p></p><p>I’m happy to answer any specific questions you may have. Just let me know.</p></blockquote><p></p>
[QUOTE="VENOM1, post: 16625329, member: 23090"] This is an area of expertise for me given I’m an agency owner. There are two ways to purchase term life products, straight term life or term life with living benefits. Straight term life is truly just death insurance meaning you cannot access the funds until the insured parishes. Term life with living benefits offers the same type of coverage as straight term life does but also allows the insured to access part of the death benefit (20-30% typically) prior to death for major medical reasons, long term care, home health care, etc. Additionally, most major carriers will also allow the insured to use this money to offset income once they have been diagnosed or under the care of a medical professional. Lastly, if you do pull from the policy the amount is subtracted from the death benefit. As an example, $500,000 death benefit policy with 20% living benefit rider, allows the insured to pull $100k out but lowers the death benefit to $400k I always encourage my clients to have term with living benefits considering the strong statistical data outline how many will need some sort of medical care prior to the age of 65 years old. I would always rather have someone pull from a policy like mentioned above opposed to an asset or appreciating policy of some sort. I’m happy to answer any specific questions you may have. Just let me know. [/QUOTE]
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Term life
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