There are 3 ways that ING life insurance company won't pay out the death benefit.
1) If you commit suicide within the first 2 years. After 2 years the life insurance company will have to pay out the death benefit.
2) If you misrepresented on the application for the first 2 years. After 2 years the life insurance company will have to pay out the death benefit.
3) If you die from committing a criminal activity (ex: your robbing a bank and the police offer kills you in a stand up)
Tuesday, September 27, 2011
Wednesday, September 14, 2011
Annuity are a goldmine for Insurance Company!
So lately I've gotten replies regarding that annuites are a scam and just a way for insurance companies to make big bucks. It is true that when a client signs up for annuity, it is very lucrative for the agents as well as the insurance companies but at the same time aren't all products lucrative for any financial institutions? (ex: credit cards, savings acct., CDs).
Also annuities can actually be helpful to clients if you are open to coaching. For instance, I met a 60 year old lady who no longer works and has about $80k left in her bank account. After calculating her expense, it appears that she would be running out of money within the next 4 to 5 years. Also at that age, what would be the most appropriate solution? Annuity of course! Why? Because as a babyboomer you definitely shouldn't classify yourself as an investor (take risk) and certainly not an investor with her remaining savings. She definitely wants to stretch out savings. so with the right type of annuity along with her social security income coming in, she was able to realize that she would be able to receive a guarantee paycheck for life even after the principal exhausted. Also if it didn't exhaust within the time she passes away, her beneficiary was able to receive the remaining principle.
Also annuities can actually be helpful to clients if you are open to coaching. For instance, I met a 60 year old lady who no longer works and has about $80k left in her bank account. After calculating her expense, it appears that she would be running out of money within the next 4 to 5 years. Also at that age, what would be the most appropriate solution? Annuity of course! Why? Because as a babyboomer you definitely shouldn't classify yourself as an investor (take risk) and certainly not an investor with her remaining savings. She definitely wants to stretch out savings. so with the right type of annuity along with her social security income coming in, she was able to realize that she would be able to receive a guarantee paycheck for life even after the principal exhausted. Also if it didn't exhaust within the time she passes away, her beneficiary was able to receive the remaining principle.
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