Page 30 - Equity Movement Magazine-Issue2

INSURANCE RESOURCE

Life Insurance:

The Evolution

By Dierra M. Bean

Have you heard that the Life Insurance Industry has What If…you get a dreaded report from your doctor,
made major strides in providing consumers with more after running several tests, only to find out that you are
value, at more affordable rates and have bundled
benefits just like our phone + internet + cable? Maybe
it’s time for you to take a second look at insurance!

Still today, there are many Americans who choose not to
discuss life insurance because of its association with
DEATH, making it one of the least joyous topics to
discuss. Or some may say, “I don’t believe in life
insurance!” Listen folks, you don’t need to believe in life
insurance, it’s not a religion! Just know that it’s one of
the most valuable contracts that you will establish in
your lifetime, with one of the highest returns on your
contributions. Let’s talk about how life insurance is
nearly unrecognizable today due to the facelift that
many of the newest policies have received.

Traditionally, even though it’s called “Life” Insurance,
the oldest type of coverage, Term Insurance, would pay
out to beneficiaries ONLY if a Death occurred during the
specified length of term, i.e., 10 years, 20 years, or 30
years. About 59% of families in the US today are
covered by some form of Life Insurance and the majority
own Term policies, primarily because of the attractive
1
cheap premiums. But can you guess how many of these
term policies will ever actually pay out before the term
expires? If you guessed less than 1%, you are
2
CORRECT!! Now, before you think Insurance
Companies are out to scam you, you have to realize that
people are living longer these days and, as a result,
outliving their term policies.

Well, what’s the alternative? Is there a way to make sure
that your life insurance coverage doesn’t expire and you
can actually take advantage of your policy’s benefits,
even BEFORE you pass away?? YES!!! Terminally Ill, predicted to have less than 12 months to
live? Do you think you’d want to go to work the next
The newest, latest and greatest life insurance plans day after receiving this news? Would you want to spend
available today offer coverage until you’re 121 years old as much time as you could with your family? Would you
and provide LIVING BENEFITS that can provide for many have the financial means to take off of work and pay for
of the “What-Ifs” in life. world-class travel to make up for life’s explorations that

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