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Excellent page - very informative - just straightforward advice and direct
guidance on what to look for in your approach to insurance. Real honest reasoning on
how the insurance business should be looked at. Thanks for the honest comments!...
About Life Insurance Premium Guarantees - Trust Me - The Levies Will Hold
I hit on this point in an earlier section and it bears repeating. I don't want you to have any surprises down the road. I am getting into an area that going to upset some insurance companies. It is kind of an industry secret, so don't pass it on. :)
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Some of the companies sell term products whose initial level rates are not really guaranteed, but lead you to believe otherwise. Here's an example - you want a 20-year level term policy. You can buy that contract from a number of companies and the rate will be guaranteed for 20 years.
Now, in an effort to undercut the premiums of those companies offering fully guaranteed products, there are some companies offering 20-year "projected" rate contracts with lower premiums. With the "projected" type policy, the company may guarantee the premium for 5 or 10 years and "project" (but not guarantee) that it will stay level for the full 20 years. The person selling that contract will say something like this, "in the history of our company, we have always met our projections and have never raised premiums on this type of contract." That is all very reassuring, but not a guarantee.
I wonder if any similar statements were made to the city of New Orleans about their levies holding. You may be able to save a few dollars on your policy, but wind up under water.
Bottom line - read the contract - what's written counts. Don't believe any verbal statement from anyone. By the way, we only offer fully guaranteed contracts on this site.
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