Life Insurance Products 2_1.pptx

By cbrowninsurancebroker | Updated: Aug. 31, 2024, 9:31 a.m.

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The objective of this lesson is to familiarize the student with the subject of Whole Life, Term Life, and Universal Life, Insurance. The student should be able to distinguish which product is which and be able to see why and how the products provide a solution for the particular problem. After digesting this lessons material the student should be able to decide what product is good for their current needs and should know what products may benefit them in the future.

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Lesson 2_1: Life Insurance Products Overview
July 2023
Objective
The objective of this lesson is to familiarize the student on the subject of Whole Life, Term Life and Universal Life, Insurance. The student should be able to distinguish which product is which and be able to see why and how the products provide a solution for the particular problem. After digesting this lessons material the student should be able to decide what product is good for their current needs and should know what products may benefit them in the future. 
Whole Life Insurance
Whole Life Insurance
Whole Life Insurance also known as traditional life insurance, is a widely used product to take care of estate planning execution and final expenses also known as burial coverage. So if you want to, take care of debts and legal fees associated with taking care of your estate, have a particular burial request, have a wake service and procession involved with your burial, look for a low-cost way to pay for your burial, or would like to have your cremation handled priority. Whole Life Insurance is the product commonly used to accomplish goals.
Whole Life Insurance
Whole Life Insurance is written in a way that allows the policy to pay for itself over time allowing for inconvenient periods and months without payment to not cover the policy to lapse. This makes it more of a solution for expenses being covered when your notable to cut checks or initiate service with a funeral home and/or lawyer. Giving your survivors the money to have business handled quickly and no financial responsibility in getting things done.
Term Life Insurance
Term Life Insurance

Term Life Insurance has been around for centuries like Whole Life Insurance. However, the product is known for large Face Amounts also known as Death Benefits, and lower premiums. The reason most use a Term Life policy is the need to cover debt or seal the deal with desires with your property. 
Houses Business ventures and contracts can have someone liable for hundreds of thousands of dollars. Or more importantly, the survivors may be liable or other financial preparation payouts can be in jeopardy causing further legal fees to protect the legacy or empire you were intending to leave to your family.
Term Life Insurance
This is another reason a person can obtain multiple Life Insurance policies. What makes Term Life Insurance different from Whole Life Insurance is not just the larger Face Amount but the intention on what the product is meant to which is insured for a Term Life product is meant to do which is insure for a term period or amount of time. This can be 10, 15, 20, or 30 years. Term Life doesn't have cash value accumulation but they do have Rider options called return of premium. This can give up to 80% of premiums paid back to the owner of the policy allowing for possible paid-up Whole Life conversion. the return premium comes back to the owner when they end the policy or if they reach the terms end. 
Term Life Insurance
Term Life is in short basically the insurance companies say we will insure you for the month at the price of premium having an idea that at some point the owner/insured may not need the coverage. Younger Owners/Insured seek Term because of their youth and because they are at the of accruing assets and property.

Universal Life Insurance
Universal Life Insurance UL
Universal Life is a Life Insurance product that has a more aggressive investment component. Many us this product over others to purchase insurance and have additional investment vehicles for retirement.

Riders 
Riders 
Riders and living benefits have emerged to provide value to the benefit owner and insured. Riders have been a part of insurance policies since the early 1900s but the concept lived in legislation well before that as it is the same as an amendment. Insurance Riders are provisions that are opted into during the application process therefore written into the insurance contract.
Riders can come free with the Life Insurance policy or can be an additional premium on top of the premium for life insurance coverage. In countries like India, a consumer would have to purchase sachet insurance to accomplish what one Life Insurance policy offers in one contract. Though like in India you can find the same coverages that Riders provide in a stand-alone policy like sachet insurance.
Riders cont’d
All of the Riders are available in the Carriers Life Insurance products consumer guide. Some states do not allow certain coverages to be attached to other coverages so you may want to go over the information with a Broker or Agent.  In the late 1900's Cash Value took over from policies that just provided Death Benefits and maybe some options for Riders.

Summary
Universal Life is a Life Insurance product that has a more aggressive investment component. Many us this product over others to purchase insurance and have additional investment vehicles for retirement.

Life Insurance Products 2_1.pptx

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