We all want those we care for to be protected, continually monitoring their safety and well-being. But what about after we’re gone? What’s the best way to protect those we care about after our last Earthly lights have expired?
The obvious answer here is life insurance. What to purchase though? With myriad whole and term life options available, from countless providers—it’s good to know an agent of high integrity, who you can trust.
Our speaker today, Tom Arbaugh of the Tom Arbaugh Farm Bureau Insurance Agency is exactly that high-integrity agent. Tom dedicated his presentation to informing us how whole life insurance might not be the best single selection for most people—but why is a great choice, still, often.
First—it is fairly common for finance professionals to generally recommend that people purchase lower-cost term policies and invest the difference. They also warn that whole life is often over-sold for its investment potential, especially to customers for whom it might not be the right fit.
Rather than treating this common advice like an attack on his profession, Tom very professionally acknowledged it off the top of his talk, and mentioned that his focus would be on sharing for whom these plans might still be the right choice, and what some of the options are:
PRODUCTS
FB SELECT (ESSENTIAL) WHOLE LIFE
Low premiums for permanent coverage. Higher cash values can be attained by adding Paid Up Additions Rider to help supplement retirement, long-term care, or future costs.
SINGLE PREMIUM WHOLE LIFE
People looking to maximize their tax-free death benefits while maintaining liquidity. By using one premium, people can lock in permanent coverage to age 100.
PREMIER WHOLE LIFE
Early and more aggressive cash accumulations along with permanent coverage. Larger death benefit and higher cash value accumulations in the earlier years of the policy. Can also provide enough cash value to cover premium expenses in later policy years.
RIDERS
- Base Insured Term Rider (10, 20, 30 YEAR)
- Accidental Death Benefit Rider (up to $250k max)
- Paid-up Additions Rider (ability to purchase additional death benefit)
- Accelerated Death Benefit (access up to 50% if terminally ill)
- Children’s Rider (5-20k of insurance for any child added to policy w/no premium increase)
- Disability Premium Waiver (waive ongoing insurance premiums while maintaining coverage, if made unable to work)
Tom shared helpful brief examples to make many of these concepts clear. As an active parent and community member in Dexter, where he lives with his family, he is eager to help his friends and neighbors to protect their loved ones too. Connect with Tom today, to make sure that your family is covered!
Visit us next week to connect with local professionals and hear more great presentations like Tom’s—and become a member to eventually deliver your own talk.
