Short Report: Whole Life Insurance: Part Four : Tips for selecting your insurance agent.
Tips for selecting your insurance agent
Whole Life Insurance has been sold in this country for over 150 years. You will have no trouble finding an insurance agent to sell you a policy. In fact, your current insurance agent can probably sell you a policy. However I strongly advise against such a purchase until research your agents training. Unless the agent is specifically trained to provide Whole Life Insurance specifically modified to provide maximal cash accumulation you will be very disappointed in the amount of your premium dollars going towards insurance versus the amount going to cash value accumulation.
Traditional Whole Life policies provide very little life insurance compared to the amount of premium paid and large amounts of the first five years premiums are paid to the agent and the insurance companies. Most consumer finance gurus are very critical of Whole Life Insurance for that reason, and recommend term life insurance as giving you the most Insurance death benefit per dollar spent. This is exactly why you only want to deal with an agent with specific training, like that provided by the Nash Foundation. Through a combination of policy riders, including elements of term insurance, flexible premiums and other policy modifications, both the amount of premium dollars which go to cash value in the first years of the policy and the death benefit for the same premium paid as traditional Whole life policies is greatly increased.
I am not an insurance agent and you will pay an insurance agent to help you buy your policy. I strongly recommend you read the material at the R. Nelson Nash Foundation site about insurance agents specifically trained in this specific special use of Whole Life Insurance. My research shows that traditional Whole Life Insurance Policies take 5 or more years to accumulate the amount of cash value the policies designed by the agents trained by the Nash Foundation due in one year. It cannot be emphasized enough that these policies are greatly modified versions of the commonly offered Whole Life Insurance policies and those modifications all benefit the policy owner.
Written by Shortsegments
