Whole Life Insurance Sales is Growing Rapidly in U.S. Life Insurance Market
Aman Goyal
October 12, 2009
Americans are re-inventing whole life insurance. Higher sales have proven that more and more people are seeing the advantages of buying whole life insurance . BeamaLife.com has noticed this new and welcomed trend! Whole life insurance has become very popular, especially within professionals that can afford to get it without hesitation.
Neil Jesani, CEO of BeamaLife.com stated "Whole life insurance is a wonderful way to save money for long term goals and live with a sense of security for the rest of your life." Consumers are continually seeking new and better ways to prepare themselves and their loved ones for a solid financial future. They started realizing the proven and time-tested whole life insurance as a valuable cornerstone to an individual's financial plans. According to LIMRA's preliminary estimates reveal that term life insurance and whole life insurance each represented 28 percent of the annualized premium issued in the U.S. in the first quarter of 2009; a record for term life insurance and the highest share for whole life insurance since 1999.
Consumers like the guarantee of cash value during the turbulent economic time. Unlike other life insurance policies, whole life insurance policies accumulate useable cash reserves that can be used for paying for the college expenses or to supplement your retirement . Another major advantage of having a whole life insurance policy is that it guarantees you a death benefit that never decreases or expires as long as premiums are paid. Furthermore, cash value inside the policy grows tax-deferred and can be taken out tax–advantage manner.
A whole life policy allows retiree to spend all their assets they've accumulated or pursuing a more aggressive investment strategy for those assets without worrying about saving some assets for their children and grandchildren. While in most instances term life insurance is initially a less expensive alternative, in some cases it can be costly, without the added benefit of generating tax-deferred build-up of cash values. Additionally, while not guaranteed, dividends from a solid life insurance company can provide a resource the policyholder can use to offset some or all of the premiums due.
Sometimes consumers anticipate whole life insurance to be unaffordable and inflexible. However, newer whole life products are doing a better job of recognizing issues related to cost and the potential for changing needs of consumers. For example, one product design blends term life insurance and whole life insurance. Dividends from the latter are used to convert the term insurance to whole life insurance over time. This design enables a client to obtain the policy they want in more affordable fashion. At the same time, the client can "dial up or "dial down coverage according to their personal changing needs.
It's time to reconsider conventional wisdom and a product well-suited for a time when we all are increasingly seeking permanence, stability and guarantees in an uncertain world.
About Beamalife.com
BeamaLife is a privately held, rapidly growing online nationwide life insurance brokerage firm licensed in all 50 states. While leading the evolution of the life insurance industry into the E-commerce environment, BeamaLife's mission is to educate the general consumer, dispel the myths surrounding the insurance industry and help all educated consumers secure their family's future through proper financial planning and life insurance protection. Please visit BeamaLife.com for further information.
About Neil Jesani
Neil Jesani is the President & CEO of BeamaLife.com. He is also a Certified Financial Planner and recognized by the Consumers' Research Council of America as one of "America's Top Financial Planners". Mr. Jesani contributes articles and financial advice to the top publications within the financial and Indian communities. He has been a guest on several television programs providing sound business and financial advice and is passionate about helping individual consumers and business owners understand the complex and challenging world of Life Insurance and Financial Planning.
Media Contact:
Neil Jesani, CFP®
BeamaLife.com
Neil.Jesani@BeamaLife.com
(732) 465-0065 Ext. 20
Neil Jesani, CEO of BeamaLife.com stated "Whole life insurance is a wonderful way to save money for long term goals and live with a sense of security for the rest of your life." Consumers are continually seeking new and better ways to prepare themselves and their loved ones for a solid financial future. They started realizing the proven and time-tested whole life insurance as a valuable cornerstone to an individual's financial plans. According to LIMRA's preliminary estimates reveal that term life insurance and whole life insurance each represented 28 percent of the annualized premium issued in the U.S. in the first quarter of 2009; a record for term life insurance and the highest share for whole life insurance since 1999.
Consumers like the guarantee of cash value during the turbulent economic time. Unlike other life insurance policies, whole life insurance policies accumulate useable cash reserves that can be used for paying for the college expenses or to supplement your retirement . Another major advantage of having a whole life insurance policy is that it guarantees you a death benefit that never decreases or expires as long as premiums are paid. Furthermore, cash value inside the policy grows tax-deferred and can be taken out tax–advantage manner.
A whole life policy allows retiree to spend all their assets they've accumulated or pursuing a more aggressive investment strategy for those assets without worrying about saving some assets for their children and grandchildren. While in most instances term life insurance is initially a less expensive alternative, in some cases it can be costly, without the added benefit of generating tax-deferred build-up of cash values. Additionally, while not guaranteed, dividends from a solid life insurance company can provide a resource the policyholder can use to offset some or all of the premiums due.
Sometimes consumers anticipate whole life insurance to be unaffordable and inflexible. However, newer whole life products are doing a better job of recognizing issues related to cost and the potential for changing needs of consumers. For example, one product design blends term life insurance and whole life insurance. Dividends from the latter are used to convert the term insurance to whole life insurance over time. This design enables a client to obtain the policy they want in more affordable fashion. At the same time, the client can "dial up or "dial down coverage according to their personal changing needs.
It's time to reconsider conventional wisdom and a product well-suited for a time when we all are increasingly seeking permanence, stability and guarantees in an uncertain world.
About Beamalife.com
BeamaLife is a privately held, rapidly growing online nationwide life insurance brokerage firm licensed in all 50 states. While leading the evolution of the life insurance industry into the E-commerce environment, BeamaLife's mission is to educate the general consumer, dispel the myths surrounding the insurance industry and help all educated consumers secure their family's future through proper financial planning and life insurance protection. Please visit BeamaLife.com for further information.
About Neil Jesani
Neil Jesani is the President & CEO of BeamaLife.com. He is also a Certified Financial Planner and recognized by the Consumers' Research Council of America as one of "America's Top Financial Planners". Mr. Jesani contributes articles and financial advice to the top publications within the financial and Indian communities. He has been a guest on several television programs providing sound business and financial advice and is passionate about helping individual consumers and business owners understand the complex and challenging world of Life Insurance and Financial Planning.
Media Contact:
Neil Jesani, CFP®
BeamaLife.com
Neil.Jesani@BeamaLife.com
(732) 465-0065 Ext. 20
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