DOES YOUR LOVED ONE(S) HAVE PERMANENT LIFE INSURANCE?
Back in the 80s and 90s, insurance agents went door to door selling some form of Permanent Life Insurance. They were exceptionally good at convincing you or your parents to buy it. Did you or your parents buy it? Do they still have those accounts? Are they still paying for them? Have they lapsed?
Here is a war story to consider:
A family purchased policies for each child, $25,000, the stay-at-home caregiver, $10,000, and the financial provider $75,000, in the 1990s. The family diligently paid the bill every quarter, or so they thought!
When the financial provider passed, it was discovered that the financial provider’s life insurance had lapsed. The cash surrender value was used to pay premiums until the cash surrender value was exhausted. There was nothing left! The nest egg the financial provider thought he/she was leaving behind did not exist. Unfortunately, this scenario happens too often.
Find out if this has happened to you now, when planning can still protect the surviving spouse.
To learn more about permanent life insurance, here is an article you may find helpful.
Permanent Life Insurance: What is It and Ho Does It work? (2024)
Need help! BRPS Consulting can assist. I hold NYS C1 and C3 licenses and can review your existing insurance policies to ensure they are right for you!