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Jill Boynton does a great job here explaining why people may sell life insurance policies and obtain cash from that sell for other planning or personal objectives.  Their are plenty of mixed reviews to this strategy of “discounting” in the Life Insurance world and I personally believe it really depends on the circumstance and why the policy was sold in the first place.  Check out snippets from the article below and click the link to read the full version…

Selling Life Insurance – Managing Your Money – Boston.com

When times are tough people often look to the cash value in their life insurance policies as a source of cash. In addition to borrowing the cash value, one strategy that is sometimes recommended is to sell your life insurance policy to a third party. You would get more than the cash value but not as much as the death benefit. Although this might seem like a good way to raise cash, in general this is a strategy that financial planners don’t recommend.

Selling your life insurance to a third party is called a “life settlement.” There are several things to be aware of before jumping into such an arrangement.

Investors who buy life settlements are really only interested in policies for individuals over age 65 and in poor health, and this group is particularly vulnerable to aggressive sales tactics.

As I said above, an alternative to selling your policy is to take a loan on the cash value. If you don’t need the cash value but are having trouble keeping up with the premiums, ask your adult children, if they are the policy beneficiaries, to pay the premiums.

Technorati Tags: sell life insurance, life settlements, term life insurance

Great article on Banner Term Life Insurance and how they are very competitive in the marketplace for term life products and plans.  Read more and see if these products might fit into your financial planning for insurance.

Life Insurance guide to Banner Term Life Plans | banner life insurance, banner life, banner term life insurance | Boise Term Life Quotes

Banner life insurance is an example of the top Term Life carries in the country today. They have done a stellar job of targeting term life insurance products but have lately introduced some pretty nice permanent Universal Life Plans.

Non Smoker Rate Classes:
Preferred Non Tobacco – Second best rate class
Standard And Non Smoker-
Standard Non Tobacco-

Type I or Type II Diabetes, Caner of organs or any skin cancer.
* Blood Pressure: Must fall into a certain range 136/50 as an instance in the Preferred Best rate class, if medicine is taken must be well controlled and under Dr. * Family History: Looking for history of Cancer or Heart Disease in Parent’s or siblings

Technorati Tags: banner term life, term life insurance,

This is an awesome article about Life Insurance in general, how much you need the different types of life insurance and why people buy this product.  Please do yourself a favor and if considering purchasing a life insurance product read this article!  It is written in a very simple and easy to understand manner but packed with useful information…

Is Whole Life Really Whole Life?

Most people don’t wake up in the morning with the thoughts of implementing a life insurance policy. It might take the motivation from a spouse, possibly an insurance agent or an attorney.

Normally, it’s suggested to have six to eight times your income, plus your bills, as a starting point in figuring out what death benefit you need.

What type of coverage you implement depends in a large part on what you feel like budgeting toward your life insurance program.

Term insurance is pretty simple. You buy a death benefit for a period of time. The longer the period of time the premium is level, the more you pay.

Permanent insurance is much more complicated. There are three kinds of permanent insurance.

Universal life gained popularity in the late ’70s and early ’80s. This was a time of high inflation and double-digit interest rates. Universal life was based on these interest rates and unfortunately, some representatives used this high interest rate in their projections, low-balled the premium and represented this as a permanent life insurance plan.  Similarly, variable life, which is contingent on stock market performance, if projected at a high rate of return, will look better than if projected at a lower rate of return.

All three kinds of insurance will work as long as they’re properly funded. A lot depends on how you want the cash value invested, how many guarantees you want, how much premium you pay and how long you want it to last. It’s always a good idea to make sure the death benefit you have doesn’t lapse before you do.