Simple Honest Universal Life Insurance Explanation
Toronto Life Insurance Expert Jack Bendahan gives a live one on one Rogers TV Interview on the show ” In the Know”. The discussion is about the notorious Universal Life Insurance and how it should be explained and presented in a clear and concise way. This product occasionally gets a bad name because of dishonest brokers who worry more about making commissions then about the needs of their clients. Universal Life a relatively new product compared to its predecessor whole life insurance seemed to be the be all and and all when the markets were hot post 2006. But because the advantages of this life insurance product are usually tied to investments after 2008 it’s caused a lot of turmoil in the insurance industry and has let many clients with a bad taste in their mouth. Jack aka The Lifeman, life insurance expert explains that the product does have a place and purpose such as tax advantages but the broker must explain how it works and how it can hurt you if you are not prepared for the outcome in the later years. He also explains in a very simple way how Universal Life INsurance Yearly renewably terms works, and how the cost of insurance can change every year you get older. This can effect your rates long term and although you may think that your premium is level, many clients signing up with that impression were misled and asked to add more money to the policy. It is his advice that you take out a level cost insurance and invest if you should desire to about the level cost
Tax advantages to Universal Life Insurance
The tax advantages of a universal life insurance are quite simple to explain. What ever you invest above the cost of insurance is paid out tax free. This is advantageous because even your registered retirement savings plans are taxed, whereas your death benefit + investment are paid out tax free on death. One thing to note is that although you have a cash value, removing it may incur surrender charges or tax penalties. It is worthwhile to speak to Jack to get an honest opinion when it comes to Universal Life Insurance Products.
Jack Bendahan 416-995-8705 or firstname.lastname@example.org tackles Universal Life Insurance on Rogers TV Live Show “In the Know” where he explains how Universal Life can prove to be very confusing and how in some cases clients or taken advantage of. He explains to His Toronto following how you have to be sure your are dealing with an honest life insurance broker. He explains in layman terms what universal life insurance is ? How it works ? and even the pitfalls that are associated with Universal Life Insurance.
Posted by Jack Bendahan.