Hello, and congratulations on your decision to investigate further into the “new” term life insurance plans VS the “old” term life insurance plans. In the following paragraphs, I will divulge the reasons why this information could benefit your family financially, and give you peace of mind and possibly save you a great deal of money. Don’t we all need that?
The first and foremost reason why it may be of great benefit to you to look into the “new” term life insurance plans, is that people are living longer. This has caused the “mortality tables” that life insurance companies use to calculate rates, to show a lower number of deaths per thousand at the different ages of people in the mortality tables, which consequently has caused lower term life insurance rates, due to the decreased risk to the Insurance Companies, make sense?
Another reason, is that there are some companies out here that are now including “living benefits” in the “new” term life insurance policies, at no additional cost! These benefits include access to some of your face amount if you should come down with critical or chronic illnesses, such as heart attack, stroke, cancer, etc. which would cause you to be unable to perform 2 of 6 of the “activities of daily living”, such as Feeding, Bathing, Transferring, Toileting, Dressing, Continence. If a medical doctor diagnoses that you cannot perform any two of the activities listed, you will be able to access dollars from your “new” term policy, to pay for home care or nursing care, you see, the check is sent directly to you, the owner of the policy. This means that if you prefer a family member to take care of you, your wish is granted. This coverage cannot be called “long term care” insurance however. But you decide if it is similar or not.
A lot of people are also paying for separate policies for critical and chronic care, and it is up to the individual as to whether they continue to carry these types of policies, because if you need to access your term face amount, it will of course reduce the life insurance payable at your death. But at least the “new” term insurance plans give you a choice, the “old” ones only pay if you die, period.
So I hope you can see why it is to your benefit to get a comparison, you have nothing to lose. You can even request the comparison on-line. A detailed comparison can be sent by e-mail and there is really no need to have an agent visit you unless that is your wish, and that’s not what most of us wish for!
However, once you have a chance to see how much money you can save, how much more coverage you can provide for your family, and how many more living benefits you can receive, it will be well worth your time to look it over!