The Truth About Life Insurance
While we understand, sell and service an array of products, life insurance is our primary focus. Essentially, life insurance provides a death benefit when the insured individual becomes deceased; however, life insurance can be so much more. It is unique in that it can be used as an investment tool to leverage your finances.
Advantages of life insurance include:
- Policy cash values will accumulate on a tax-deferred basis.
- Policy death benefits are received income tax-free.
- Policy cash values may be accessed on a tax-advantaged basis.
For a time in the late 1970s and early 1980s, life insurance seemed to be viewed as a commodity. While price is important, it is not the sole factor to consider when purchasing life insurance.
Other considerations should be:
- Does the agent have access to the right products and sufficient experience to meet your needs adequately?
- Does the agent have any influence with the carrier selected?
- Is the insurance carrier financially sound?
- Does the carrier have a history of equitable treatment of existing policyholders?
- Will the service levels provided by the carrier satisfy your requirements?
- Is the product able to adapt to changes in your personal and financial goals or situation?
- Are the pricing assumptions of the product economically sound?
- In a term purchase, what products are available if conversion occurs?
- Are these products comparable to the current marketplace?
M Barrington recognizes that these considerations should take priority when choosing a life insurance carrier. This is why we utilize the power of the M Financial Group. The experienced professionals of the M Financial Group are a valuable resource in assisting our clients. Furthermore, the collective buying power of M Financial allows us to utilize more favorable proprietary products instead of “off-the-shelf” packages. Reinsurance through M Financial enables us to have greater insight into the pricing fundamentals of various policies and to offer dedicated service. These advantages provided by the M Financial Group make the selection of M Barrington a prudent choice.