Fourth Commitment - Insurance Design Goals
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How long do you need insurance protection?
Are you seeking short term, mid term, or long term death benefit?
The length of time you need coverage will impact your decision on the kind of product and the premium amount. Some products are built to perform best at a certain duration.
What is your focus?
Death benefit protection or building your policy's cash value?
First and foremost, life insurance serves the need for death benefit protection. However, some products offer features and benefits above and beyond the basic need for insurance such as:
- Lowest premium per dollar of death benefit;
- Cash value accumulation;
- Long-term care; or
- Guarantees.
Example : Preserving your estate would suggest the need for death benefit protection with only enough cash value to fuel the coverage and to provide a small cushion.
Next Step: Illustrations provide insight into the mechanics of a life insurance policy and how certain designs can meet your specific needs.
Fifth Commitment
- Illustration Performance
