Life Insurance, Will It Pay When I Die
By Thomas W. Young, CLU, RFC, CSA

CE Credit approved in several states!

Let's face it, the probability that Social Security and pensions will be less than a secure benefit for a surviving spouse is greater today than ever, forcing us to use life insurance to supplement these traditional sources of retirement income.

What may surprise you, however, is that many life insurance policies do not provide a guaranteed death benefit.

In fact, many life insurance policies, by design, will never pay a death claim. According to a 1993 Penn State University study, less than 1% of term insurance is ever paid in a death claim.

One solution is participating whole life insurance, which provides a combination savings and guaranteed death benefit, according to Thomas W. Young of 1st Consultants Inc. of Beaver and author of "Life Insurance, Will it Pay When I Die?"

In addition, Young says participating whole life starts to pay for itself when, in a few years', the annual cash value increase exceeds the annual premium payment.

Young has geared his book to lead the insurance consumer through the process of selecting a policy to provide for your and your family's financial future. The book also provides a history of term and whole life insurance and compares the myriad policies available, with a little help on how to understand your options.

Also, the book walks you through what exactly to ask your insurance agent, whether you are in the process of buying a new policy or if you want to make sure your current policy will provide for your future needs and not run out of money before it's needed.

Young recommends in the book that potential or current clients ask their agent to provide them with a summary illustration of the policy that compares their age and life of the policy with the annual and cumulative net outlay of the policy and the death benefit that would be paid under each scenario.

Young also recommends policyholders request an annual report of their policy's activity.

"We all truly desire to be efficient and effective when making financial plans and insurance decisions," Jody Victor, past president of the Independent Business Owners Association International, said of Young's book. "This book will walk you through that path thanks to Tom Young and his desire to get the word out."

"The problem is many purchased policies that were not guaranteed, and actuarially, husbands usually die first," Young added.

One local woman took Young's advice to heart recently and found out her financial future was not as secure as she thought.

Young said the woman read the book and decided to use his suggestions to compare the terms of her policy to the ones he recommends to clients under a whole life policy.

Turns out, she found out that her policy did not have sufficient value to provide for her family's needs when she dies. After doing the legwork herself to find out where the gaps in the coverage were, the woman was shocked when she consulted her insurance agent, who agreed with her assessment and recommended she increase her premiums.

This woman is not alone, many insurance consumers do not get the attention and information they deserve when shopping for a policy. Young knows that, and that's why 1st Consultants' mission is to help people reach their maximum financial potential in a would where "standards of excellence" no longer seem to be a top priority.

"We are financial professionals, dedicated to helping people build, protect and preserve their assets."

These qualities are also reflected in Young's personal mission statement "To be a principal centered leader with integrity and honesty. To live by the teachings of Jesus Christ. To be an example to others and use the people skills I've learned to help others rise to new heights.

Young said he also strives to teach success and balance in life and minister to those in need financially, morally and spiritually.

 For more information, call 1st Consultants at (866) 316-5071
or e-mail info@1stconsultantsinc.com.