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FAQ

Wealth Transfer Plan

  1. How can it increase value of my asset? (CD, Mutual Fund, etc.)?
    If you had a CD, or Mutual Fund, worth $100,000 today, you die and your children get $100,000 less Tax of 28%=they get $72,000. If you are say about age 65, and you take that same $100,000 put it in a SPWL plan and you die, your children will get a little over double what you put in - that’s around $210,000 and it would be Tax Free.

    That makes what goes to your children about $138,000 more than the $72,000 the way it is now. I would say this qualifies as an increase.

  2. Is a Wealth Transfer Plan life insurance?
    Yes, single premium whole life - this is the only product that can do this.

  3. Do I have to qualify medically for this?
    Yes, but the medical information is taken by phone or on line, and the underwriting is very liberal.

  4. Will I be able to use the money I put into it for emergencies?
    Yes the funds are available to you for long term care, nursing home, terminal illness. Also loans, or withdrawals, are available.

  5. Does an agent have to come to my home?
    No, we handle all applications on line, or by phone.

Whole Life Insurance

  1. Why should anyone buy whole life when term is cheaper?
    You absolutely should buy term, it is cheaper, and offers security to your loved ones, if you’re 30 years old. This coverage is not for senior clients, too expensive if you can get it, and may not be there when you need it.

  2. Does my premium ever go up?
    Absolutely not, it is the same based on the age you are when you buy.

  3. Does my coverage ever go down?
    Not a penny, it stays the same face amount as when you purchased it.

  4. Does it have cash value in it?
    Yes, both cash value, and loan value.

  5. Does an agent have to come to my house?
    No, we handle all applications online, or by phone.

Fixed Annuities

  1. Is this like my IRA?
    Yes IRAs use annuities as funding vehicles all the time.

  2. Is my money safe in an annuity?
    About as safe as you can get, the insurance company guarantees the value in the contracts. Each company is not only rated by several outside sources, but they also have strict guidelines to follow in each state where they do business and each state has provisions that also protect funds in annuities. Most companies follow regulated investment strategies because of the guarantees that the contracts provide. This is definitely not a get rich quick type investment.

  3. Is there any health requirement to purchase an annuity?
    No, an annuity is a financial contract between the annuitant and the insurance company. No health questions on this type contract.

  4. What if I die before I start taking any money, or income out?
    The value in the contract would then go to your beneficiaries who are listed on the application which is made part of the actual contract.

Final Expense

  1. Do I have to qualify for the coverage medically?
    Yes there are health questions on the application, but the underwriting on this product is very liberal. It is a senior product so the companies take illness, medication, and conditions, into account when underwriting this coverage. The companies know a fair amount of applicants will have health problems, and are still allowed coverage.

  2. Why do they call it Final Expense?
    Usually because the policies are earmarked by the insured to pay for specific costs of funerals, and residual expenses at death.

  3. Won't my other insurance cover my final expenses?
    Yes, if you already have insurance, it could also be used for these expenses. Most people purchase this type coverage because they don’t have insurance for final expenses, or the amount they do have is inadequate to cover the costs.

  4. Does an agent have to come to my house?
    No, we handle all applications online or by phone.