We Can Provide Life Insurance Up To $1,000,000.00 Face Amount With No Medical Exam At Preferred Rates. Do You Qualify? Ask Us. The Best Part, You Get An Expert And Dedicated Agent Along With The Purchase And Usually Policy Approval Within 24 To 48 Hours. See Our Contact Information Below & Call Us Today.
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One of the most under-appreciated areas within many financial plans is the area of Life Insurance. Any good financial adviser affirms however, that a solid and sound life insurance plan is the foundation of any good financial plan. There are reasons for the under valuation of life insurance among certain segments of society.
Quick History Of American Life Insurance:
First, in May 1896, Frederick L. Hoffman, a statistician at the Prudential Life Insurance Company, published a 330-page article in the prestigious Publications of the American Economic Association intended to prove—with statistical reliability—that the American Negro was uninsurable. "Race, Traits, and Tendencies of the American Negro" was a compilation of statistics, eugenic theory, observation, and speculation, solicited by the Prudential in response to a wave of state legislation banning discrimination against African Americans.
Endeavoring to enhance their share of the life insurance market due to the success of Metropolitan Life, the Equitable, and Mutual Life, which were the top three companies in the world, Prudential Life Insurance Company became known as one of the biggest and the best American life insurance companies by selling small “industrial life” policies to families and individuals collecting premiums for policies weekly. For Black policyholders, it was said that not only were they an actuarial risk, but a financial risk as well. Therefore, the initial policies were much smaller as compared to their white counterparts and collection rates had to be maintained. Other companies mimicked Prudential’s practices and reduplicated them as financial standards of the industry. Therefore for many years life insurance was used as a tool of discrimination.
Since the adherence to financial regulations in the 1950’s and later the Civil Rights Act, the pendulum (and lawsuits) swung in favor of individuals causing companies to eliminate, reluctantly to insure Black lives, and discriminatory practices in underwriting and premium charges.
Life Insurance. Why Is It So Powerful?
Life insurance is the purchase of money at a discount to cover expenditures associated with the loss of life and income replacement. Additionally life insurance is one of the only financial tools that offers a combination of tax advantages.
Under normal circumstances, cash values offer tax deferral, death benefits are tax free and withdrawals from the policies up to the basis (premium paid)Â is calculated under the FIFO (First In First Out) accounting method. Therefore, Â in most cases, withdrawals are also tax free. Not to mention, that if a policy is owned the right way ie: properly titled, there may never be a tax payable on either the benefits or ownership of a policy. This is truly a win-win situation for any family, or small business owner wanting to retain and obtain the greatest value of the dollar at times when those dollars are needed the most.
What Are The Different Types Of Life Insurance?
There are basically two types of Life insurance on the market and variations of those two types. The two types are:
1- Whole life (high cost, low death benefits, builds equity)
2- Term life (low cost, high death benefits, no equity)
Both types of life insurance have the following features:
1- A death benefit that will be paid to a named beneficiary or an estate
2- A regular premium due either (except for in the cases of single premium whole life)
Whole Life Insurance Features & Benefits:
One of the most significant features of whole life insurance is the cash value feature. This is the means by whichÂ whole life insurance builds equity. The policy is generally designed to cover a person for as long as they live, thus the phrase "whole life". Some portion of every payment is retained and added to a cash value account within the policy. This cash value account is similar to a savings account in that the policy owner can access it as they wish whenever they wish. In most cases and unless a special option is chosen, cash drawn from this account reduces the policy face value (what the beneficiary will receive if the insured dies). However, cash within this account is generally tax fee up to the basis (what you put in) and is generally always tax free under policy loan scenarios. In a whole life policy, under most scenarios, cash value accumulations will generally exceed what is paid into the plan at some point. Therefore the whole life plan is the only type of plan that could actually provide a return on premiums paid and a low to no net cost of insurance.
Simplified Issue Whole Life (SIWL) ~ is an easy issue whole life that Â usually does not require a medical exam or blood and urine tests.
Guaranteed Issue Whole Life (aka: Guaranteed Acceptance Life) ~ Generally designed to cover individuals who present a high or significant health risk. Â Health questions are limited and no tests are required. Death benefits however increase gradually over time on a scale guaranteed within the policy.
Limited Pay Whole Life (LPWL) ~ (exa: 20 pay life or 10 pay life) This type of Whole Life policy reaches a certain point, guaranteed within the policy, where coverage will continue when payments cease. In other words, an insured person, who has paid all required policy premiums, will have a policy for life with no additional premium payments. While some policies "pay up" in a certain amount of years, others do so at an attained age.
Second To Die Whole Or Universal Life ~ This type of policy is generally suitable for estate planning purposes when there is a predictable tax or transfer or wealth to be made upon the death of the 2nd spouse in a family situation or setting. Plans associated with this type of policy cannot be fulfilled without the "permanent" element therefore debunking the myth that Whole Life is always inappropriate.
Term Insurance Features & Benefits:
The most significant feature of term insurance is the low premium and high face value (what the beneficiary will receive if the insured dies). The monthly cost is significantly less that whole life, all things being equal. However there is no internal cash reserve. All term policies expire at a certain age, date or time. thus the word "term". There is no internal cash reserve (cash value) but a new type of term policy will give back all premiums paid. This is called Return Of Premium Term (ROP).
Return Of Premium Term (ROP Term)~ is a term insurance policy that gives all cash back at the end of the term period.
Term/Critical Illness/Long Term Care ~ This type of insurance seeks to address multiple issues beginning with a term life policy, which at a later date or triggering event gains the ability to covert a specified percentage of the death benefit to funds for long term care or funds to address specified critical illness.
Mortgage Term (MT) ~ is normally a decreasing term insurance policy designed to cover financial costs associated with a mortgage in case of death.
Variable Universal Life (VUL) ~ is a universal life, whole life policy that ties interest growth to the stock market or other investments. Flexible premium payments and enhanced cash value potential are the greatest features of this plan. Dunamis DOES NOT offer this type of policy.
Universal Life (UL) ~ is an interest sensitive whole life known as flexible premium whole life. This type of policy offers flexible premium payments, builds cash values and generally higher face amounts than traditional whole life. interest rate is declared by company annually.
Equity Indexed Universal Life (EIUL) ~ Similar to traditional universal life except that the interest growth is tied to a stock market index such as the S&P 500, NASDAQ or DOW. There is no risk of interest of principle in this type of policy, therefore distinguishing it from Variable Universal Life.
What Type Of Life Insurance Is Best?
As noted, there are a variety of life insurance and each type of insurance can be tailored to meet individual needs. For instance, when liabilities are high and cash is slim, term insurance may best suit and fit the need. Business owners may be in the same situation, but may want to be able to leverage their assets at a later date. In that case a term insurance with a premium cash back feature may be best suited to meet the need. In other cases individuals may need to increase asset values over time and create a flexible tax free reserve of cash, such as a college tuition fund, or a retirement income stream. Only cash value or whole life insurance will meet that need on a guaranteed basis. Then, like many wanting to maximize dollars, a flexible and market growth sensitive life insurance may make the best sense for the individual or business financial needs. In that case an Equity Indexed Universal Life type policy may be best suited.
One thing is for sure, there is no ONE policy that fits and suits all needs. Such myths are the height of insurance malpractice and do not best serve the vast and diverse array of needs that people and business have.
One more thing. We often hear: "I'm Covered At Work"
Current statistics say that only about 60% of all working individuals are covered through and employer plan. In the case of group coverage employers generally provide the first $20,000 of coverage for free. Then with the advent of workplace voluntary benefits, life insurance in some form has never been more easy to obtain. However, what happens when there is a separation of service? In many cases benefits are either lost or are unaffordable to maintain. Events such as these usually occur at the most inopportune time and jeopardize the financial security of all family members. No matter what, individuals should be encouraged to purchase stand alone plans over which they maintain complete and unencumbered control. Life insurance is about providing the necessary benefits at the right time.
The Dunamis Difference
Don't play financial roulette with your family's financial future. Approach your plan with confidence and a proven winner.
Life insurance is an essential part of a families financial plan. A good life insurance plan provides, peace of mind, financial security for the family, security for the business and employees of the business, and does this in the most direct, tax free and unencumbered manner possible. Another vital part of this is securing the right plan at the right price. Dunamis has a multinational network of companies and carriers with the lowest rates in the industry. With our field underwriting skills, knowledge of client needs and ability to secure the best policies in the market, we offer a dynamic combination, that is highly competitive and unlikely to be surpassed.
Call or Email Us Now For A FREE, No Obligation Quote
(309)648-5351 or Dunamis1@netzero.com
Click HERE For An Immediate Life Insurance Quote 24 hrs/day
Dunamis has access to over 50 of the top and most highly rated life insurance companies in the United States to help you obtain the best life insurance deal for you and your family. You ask, we shop and don't stop until you're satisfied!
Our Best Features:
Up to $1,000,000.00 Face Amount Of Coverage With NO MEDICAL EXAM or TESTS For Qualifying Individuals
Application Approval Within 24 to 48 hours
Flexible Scheduling With A Choice Of Company Direct Online Application Or In Person Paper Application Process. We Work At Your Convenience.
High Dollar Face Amount Specialists For Business & Personal Loan Security Requirements
Special Underwriting For Complex & Combination Health Problems
HIV+? We Offer A Full Range Of Life Insurance Options For Individuals Who Are HIV+ With Viral Loads Within Certain Limits (Special CONFIDENTIAL Underwriting & Acquisition Is Required)
Simplified Issue Life Insurance With Limited Health Questions
Guaranteed Issue (Guaranteed Acceptance) Life Insurance With No Medical Questions Or Exams
Flexible Premium Payment Options & Arrangements
Full Range Of Individual, Group & Voluntary Life Insurance Options For Workplace Coverage
Buy-Sell Funding & Business Insurance Concepts And Support Backed By Industry Leading Experts
Key-Man, Carve-Out & Business Partner Hard To Insure Life Insurance Options
Policy Face Amount Options Ranging From $1,000 to over $50 Million
24 Hour Turn Around On All Quote Requests Unless Specified Otherwise
Contact us today for a FREE, no obligation quote or consultation.
By email at Dunamis1@netzero.com
or call us at (309)648-5351
Click HERE For An Immediate Life Insurance Quote 24 hrs/day
Favorable results are NOT guaranteed. Final rates and classification of most plans are based on the individual's ability to meet the underwriting criteria of the selected or presented company. For the most accurate determination of your potential rate outcome, please be prepared to provide current information on medical conditions and additional information such as height, weight and family medical history. Although we have a 24 hour quote guarantee or standard, many times we can have a quote prepared the same day and most often in the same conversation. If you do not know what type of insurance is best suited for your situation, please be prepared to spend 5 to 10 minutes so that we can evaluate your situation and do a needs assessment and a financial profile.
Unlike other online life insurance groups, We promise to give you the best possible value, the ongoing support and service from a professional, licensed, knowledgeable agent, and assurance & peace of mind in the event that a claim will ever have to be submitted. The power to plan, the power to get the job done and the power to help you succeed...
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