When people hear the term life insurance or permanent life insurance most people think primarily of death benefits. What about life insurance as a life planning strategy?
It’s been done. People, ordinary people with a dream, made it happen. And not only was their strategy to benefit themselves but it also benefits us today. And just to name a few:
Walt Disney. In the 1950’s, after his television show became a huge success, he funded (with his life insurance cash value) his dream of a place where parents and kids alike could come and have good, clean fun. That place is called Disneyland.
In 1939, a young couple had a dream of owning a farm with chickens and turkeys. That couple had borrowed $1,000 off their life insurance policy for a down payment on a farm. With that investment out came Foster Farms. Foster Farms has over 10,000 employees and locations throughout the U.S. That young couple was Max and Verda Foster.
As a milkman, Ray Kroc was more interested in hamburgers. He contacted the McDonald brothers, Dick and Mac, about a successful hamburger stand he saw in San Bernardino, Ca. The McDonald brothers were interested in franchising nationwide. In 1955, Ray Kroc opened his first McDonald’s in Illinois and by 1961 he bought out the McDonald brothers. Today, McDonald’s is internationally known and there are more than 30,000 locations.
These everyday people took a chance and it changed their lives (and ours too!).
Withdrawing from your life insurance policy early is not without its drawbacks. Depending on your policy outlines, you could face penalties and taxes.
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Bundling insurance products with one company – and scoring cheaper premiums as a reward – isn’t a new concept. But, according to a recent study by J.D. Power and Associates, not only is bundling still popular among consumers, it also results in higher customer satisfaction.
The study found that nearly 60 percent of customers bundle auto and homeowners policies with the same insurer.
When customers need additional products – such as motorcycle, boat and life insurance – 77 percent of them choose to bundle. The study notes that insurance bundlers also tend to be more satisfied with their insurers overall, not just with the premium discounts they’re getting.
“It’s easier to manage insurance policies when you don’t have to work with multiple insurers. And if you have a claim, you just need to call one company.”
Take a look at all your insurance policies. If they’re not with the same insurance company, you could be losing as much as 25 percent in bundling discounts on each car, as well as on your homeowners policy. Think about including your life insurance, as well, which could result in another 2 to 5 percent in savings.
Research options for renters. If you don’t own your home, bundling may still be an option. Look into bundling a renters policy with your car insurance, which might result in as much as a 20 percent discount on your auto coverage. Because renters insurance is inexpensive, it may almost pay for itself by savings through bundling.
Brigette Hunter was just 27, and a new mother, when she was widowed. Her husband, Matt, was killed in a car accident. To compound her pain, she had to borrow money from her parents to pay for Matt’s funeral, as he had no life insurance.
Just six months later, friends introduced Brigette to Anthony. She wasn’t looking for a relationship, but Anthony was persistent. “He could sell snow to an Eskimo,” Brigette says. They married and soon opened their own electrical business. With the business and three children to support, the couple bought small life insurance policies. Lisa Rinehart, a financial professional, met them several years later, determined that they needed considerably more life insurance, and helped them through the buying process.
A year later, Anthony found a bump on his chin. He had recently walked through a spider web at a job site and assumed it was a bite. But it didn’t go away, and Anthony learned it was melanoma, a cancer he had battled as a teenager. It soon spread to his lungs, brain and bones.
Still wanting to provide for his family, Anthony invoked a provision in one of his life insurance policies that allowed for an early payout to a terminally ill policyholder, and used part of his death benefit to buy a nicer home for his family. He oversaw renovations and was able to spend a month in the house before he died at 34.
The remaining money from Anthony’s policies helped Brigette pay off medical bills and meet her household expenses. It also kept the business afloat. She could make payroll and pay vendors while she and her foreman reassured clients that the business would continue. “Without the money I would have had to close,” she says.
Here are the Top 3 Blog Posts for March 2013. Thank you for making our blog a success. We post articles that are educational, relevant and fun. Please tell us how we can improve! Enjoy, Your Scurich Insurance Services Team!
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