Life Insurance
Bdlife212 offers life insurance products and services from over 50 leading carriers across all available types including universal, variable universal, 2nd to die, term and whole life.
Life Insurance for the individual or multi-life, fixed or variable, all has been carefully scrutinized to gather companies that offer excellent pricing and features at all ages. Unique product niches are carefully designed to provide the most competitive rates for each underwriting circumstance whether it be smokers, preferred smokers, nonsmokers, preferred nonsmokers, and substandard underwriting.
Term Life Insurance
WHO OWNS THE RISK?
100% of the risk is transferred directly to the life insurance carrier as long as the required premiums are paid on time.
HOW DOES THIS WORK?
If the insured passes away within the designated term period, the beneficiary receives the death benefit tax free.
If the insured does not pass away within the designated term period than the following may occur:
- Policy lapses after the term period
- Policy is renewed by paying the new annual premium required to continue the original death benefit within the policy. This option does not require additional medical information. This option can become quite costly after time.
- Policy may be convertible meaning the client may be able to convert the policy to a permanent life insurance policy without additional medical information. This option is typically much more expensive than applying for a new policy with new medical requirements. This option is commonly used if the client is not healthy enough to undergo additional medicals and receive an approval class equal to or better than the original term policy.
- Policy may return all the premiums paid after the designed term if the product is a Return of Premium term product design.
Advantages
- Lowest cost Life Insurance product
- Can provide a tax free single payment (death benefit) to the beneficiary at the insureds death.
- Premiums and death benefit are guaranteed to remain consistent throughout the term of the policy.
- The ability to return your premiums after the term period with some carriers for an additional cost
- Most common term periods are 1 year, 10 year, 15 year, 20 year, 25 year and 30 year
- Most Term policy can be exchanged for a longer lasting “permanent” policy in the future without additional medical information. (great option if you become ill and unable to pass the underwriting requirements for more life insurance in the future)
- Designed to provide an adequate payout to cover short term goals should you die within the term period.
Disadvantages
- Age limits apply
- Minimal flexibility for future changes within the policy
Reasons to Consider Term Insurance
- Provide the ability for the surviving beneficiary to pay off:
- Home mortgage
- Student loans
- Vehicle loans
- Short term debt
- Burial costs
- Business protection should a key person in your business unexpectantly die resulting in a short term profitable loss to the business
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Providing product is only one part of our value proposition. We recognize support is critical. From simple illustrations to complicated cases, our internal sales support team, averaging over 10 years of industry experience, stands ready to assist you with case design, quotes, and product recommendations.
We have also created a number of tools for you as well as made available several offered by our carriers. These Tools can be found in our Life Product Quick Guides section.
