Life Insurance Coverage

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Life Insurance Coverage

What is Whole Life Modified Insurance?

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Whole Life Modified Insurance, more commonly known as a "final expense" or "burial" insurance, may be a viable option for those with past or existing health conditions. It is generally less expensive and more readily available for policyholders. Purchasing a modified premium whole life policy can also assist policyholders in qualifying for more extensive coverage at a lower rate after carrying the policy for a minimum of two years.

Benefits of Whole Life Modified Insurance

Funerals in the United States cost an average of about $7,000. Whole life modified insurance is designed to cover funeral and burial or cremation expenses. Premiums are typically upwards of $50/month for this type of policy, a relatively small price to pay to ensure loved ones can properly mourn their loss without the added stress of financial strain. Additional benefits include:

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There are a number of reasons why we get life insurance to begin with. Maybe you want to be able to cover your family for the future which is the unknown, maybe you want a whole life policy to be able to borrow against in the future.. whatever the situation is, a whole life policy has no expiration date. When we are talking about whole life insurance, we are talking about protecting you and your family for the rest of your life. There are lots of individuals who feel that Life insurance is a very big waste of money, in some cases this is true, and other cases this is false. When speaking about a whole life policy, it is indeed not a waste of money.

When you put money towards a whole life policy you do not lose that money, in fact you keep that money for the rest of your life, you may borrow against the policy for the future which is going to be known as the cash value, this cash value option is where the insurance companies will pay a dividend back to your policy with the premiums that you've paid it into the policy. This cash value is essentially a dividend/savings option that your policy collects overtime. Once you take the cash value away, it will in fact affect your death benefit, if taken before the policy has matured. Whole Life insurance is just that, your entire life, and covering you for that timeline. So when someone says that whole life insurance or life insurance is a complete waste of money, think again.

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Why choose a Whole life policy?

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If in the future you would like to use some of this cash value for a college fund you may do so, but it does not stop there. You can use this cash value for whatever your needs are. Now there are some carriers that will give you a whole life policy with no medical exam. Other companies have different levels of coverage that will make the medical exam be a requirement. For example: Royal neighbors has jet whole life coverage, from 50,000 to 250,000 dollars of coverage they do not require a medical exam, however, at $250,001-$500,000, they will require a medical exam, this is also dependent on age, so if this is a type of policy that you're interested in, please fill out the form on this website so one of our licensed brokers can reach out to you and be of service.

Life Insurance Coverage

Basically, a whole life insurance coverage lasts your entire life, and makes it the right type of policy for anyone who cannot run the risk of their policy expiring. And if you are a high income earner, whole life policies can be incorporated into your financial strategies as a supplement to other investments.

Damian Gerry -

NPN: 19473448 License: 4038677

Tax Savings Investor

Our Top Ranked Carriers

Here is a list of carriers that we work with: AIG, Royal Neighbors, Prosperity, Trinity/Benefit life, Liberty Bankers Life, Foresters, American National, Guarantee Trust Life, Mutual of Omaha, Protective, and more!

Royal Neighbors
Trinity Insurance Company
Liberty Bankers
Gurantee Trust Life
Mutual of Omaha
  • diverticulitis
  • scleroderma
  • hepatitis a, B, C
  • blood clots
  • type one diabetes
  • anxiety medications
  • defibrillator or pacemaker
  • water pills
  • Type II diabetes
  • chronic kidney disease
  • fibromyalgia
  • alcohol/drug abuse within two years(partial coverage only)
  • high blood pressure
  • diabetic retinopathy
  • Home healthcare
  • cystic fibrosis
  • Diabetic neuropathy
  • sarcoidosis
  • epilepsy
  • arthritis(all kinds)
  • cholesterol issues
  • liver cirrhosis
  • congestive heart failure(Partial coverage only)
  • asthma
  • Angina chest pains
  • COPD, emphysema, and chronic bronchitis
  • systemic lupus SLE
  • crohn's disease
  • insulin usage
  • heart attacks over one year ago
  • you need help with activities of daily living
  • Parkinson's disease
  • mini strokes
  • cancer over two years ago
  • blood thinners
  • multiple sclerosis
  • morbid obesity
  • atrial fibrillation
  • seizure issues
  • graves' disease
  • non-cancerous tumors
  • sleep apnea
  • bipolar disorder
  • schizophrenia

How will life insurance carriers/companies determine the costs?

There are various factors that life insurance companies use to determine the insurance rates that they are going to charge you.

Overall, an adverse medical history makes you a risky candidate to the insurers and increases the cost of your premiums automatically. Your weight, any present or past diagnoses, along with prescription history will all have an impact on your overall health profile.
The older you are the higher risk you give to a life insurance company/carrier. The life insurance rates will increase by 8-10% every year that you age.
This is a commonsense question overall, because the higher coverage amounts you get, the higher the premiums will be.
Life insurance policies with longer-term lengths cost more, which is why Whole Life Insurance is more expensive than Term insurance, Term insurance is for a specific amount of time, making it cheaper.
By adding on supplemental coverage to your life insurance policy it can increase the cost of your premiums, however, some carriers will provide a rider on your policy for FREE.

Major benefits of a Whole Life policy

Different types of insurance have unique and amazing benefits. If you pick a whole life policy, you stand to enjoy the following benefits.

The death benefits are funds that are paid out by the life insurance company/carrier at the time of death of which it is TAX-FREE.
A whole life policy comes with a beneficiary that you choose which may include your loved ones such as spouse, your kids, a trust, a business partner, a friend, nonprofit organization and other legal relationships and organizations.
The premiums are how you pay for your policy; some companies will allow you to pay monthly, annually, semi-annually, and even quarterly.
The cash value in a whole life policy is one of the major reasons to attain this type of policy, because it also functions as an investment vehicle. It accrues interest overtime and can be accessed while you're living also known as a ?living benefit?.

Types of whole life policies

The different types of whole life insurance policies include the following.

Final expense/Burial policy
Final expense policies will mainly be used by individuals that are not the healthiest, while still receiving a cash value feature, the most this type of policy will go to is $35,000, once again if the individual is older in age, along with lots of health complications this will be the type of policy for them.
Regular Whole Life Policy
This policy is a true whole life and as general as it gets. With this policy you get your desired death benefit coverage which can range between $50,000 and $5 million, some carriers will go higher than this; you also get a cash value feature.
Universal life insurance
This type of policy has a cash value with a variable interest rate. After your cash value builds up over a general amount of time, you can use it to pay your premiums.
Variable life insurance
This also has a cash value but with an interest rate that can grow or shrink depending on the market trends.
Variable universal life insurance
This allows you to determine what assets your premiums invest into. With this type of policy, your premiums will fluctuate depending on the market rates. Variable Universal Life Insurance offers a cash value feature.

If you buy a Variable universal life insurance policy, you can invest the cash value in various separate accounts just like in mutual funds. You can choose any separate accounts that you want to invest in. The "variable" in the name refers to the ability of the policy to be invested in separate accounts with values that value. They differ because they are invested in bonds and or stock markets. The "universal" denotes the flexibility of the contract owner in paying premiums. Some months you may pay nothing and in other months you can pay the maximum amount for life insurance as stipulated by Internal Revenue Code. This is different from whole life insurance which has fixed premium payments that have to be paid, failure to which the policy can lapse. However, to avoid this eventuality, one may surrender dividends to make whole life premium payments or exercise an Automatic Premium Loan feature.

Variable universal life is an example of permanent life insurance. This is because if the insured passes away the death benefit will be paid as long as there is enough cash value to pay the value of insurance in the policy. The other difference between VUL and Whole Life insurance is that VUL does not have an endowment age which is 100 for whole life. Endowment age is the age when cash value is equivalent to the benefit amount.

Our Top Ranked Carriers

Here is a list of carriers that we work with: AIG, Royal Neighbors, Prosperity, Trinity/Benefit life, Liberty Bankers Life, Foresters, American National, Guarantee Trust Life, Mutual of Omaha, Protective, and more!

Royal Neighbors
Trinity Insurance Company
Liberty Bankers
Gurantee Trust Life
Mutual of Omaha
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23811 Washington Ave, Ste C110265

Murrieta, CA 92562

Monday 7 a.m.- 6 p.m. PDT

Tuesday 7 a.m.- 6 p.m. PDT

Wednesday 7 a.m.- 6 p.m. PDT

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