Insurance That Deserves a Second Look

by Wes Bridel on August 27, 2012

in Stewardship

We’re starting a new series on types of insurance that deserve a second look.  We’re calling it that because each has seen an incredible transformation over the years.  Over three years ago, we gave an introduction to the insurance topic here.  We’ll be focusing on 3 types of products in this series (that will really be 3 short series back to back.)  We’ll show you below why these three types of insurance need to be reexamined and the powerful new benefits that are bestowed or the dramatically cheaper way that benefits can be achieved.

These topics are:

1) Long Term Care Coverage as a free add on to other products

2) Fixed Annuities that deliver well above average guaranteed growth rates

3) Fixed Index Life Insurance that gives you much of the upside of the market without the downside risk

Let’s look at each briefly and the subsequent posts will elaborate in much more detail…

Long Term Care – Traditional long term care insurance has faced an enormous challenge to consumers.  When it’s inexpensive, most people are usually alot more concerned about putting money away for retirement or their kids education than they are the possibility that they won’t be able to take care of themselves in old age.  When they’re past those concerns, the premiums for Long Term Care coverage are simply too high for many people.  Traditional long term care coverage is still the best option, however, there are now some very strong free add ons to other products that can pay for all or part of a future long term care need and cost you little to nothing if you don’t have that need.  Keep in mind that most people that make it into old age, do end up having this need, so this is a powerful benefit!

Fixed Index Annuities – We gave up on these products years ago because most of them had to drop the growth that they could offer to levels that were not all that exciting.  Yes, they always offer more than the banks, but not a whole lot more.  Well, we’ve recently become aware of the very powerful guaranteed roll up rates being offered towards lifetime retirement income.  These rates can be 5, 6, 7, 8, 9, or even 10%…guaranteed!  In addition, there are still a couple companies offering the possibility to do much better than that without the possibility of losing money in a market downturn (in much the same way the next example does.)

Fixed Index Life Insurance – This type of life insurance can give you much of the upside in the stock market with none of the downside.  We back tested one example of this that allowed you to receive up to 15% of the upside of the market in any given year without any downside participation and it soundly beat the market over the last 60 years even though that period had a couple incredibly strong bull markets.  The secret is avoiding the losses in the down years!

We’ll continue this discussion soon, but we thought it would be a good idea to give you a bird’s eye view of where we’re going…

You can find the first few of this series at: 1) Innovative Insurance, 2) Long Term Care, 3) Long Term Care Solutions, 4) Free Long Term Care Insurance, 5) What is an Annuity?, 6) Immediate Annuities, & 7) Fixed & Variable Annuities.  If you’d like to read the entire series on insurance that we referenced above, you can do so by reading Pt 1, Pt 2, Pt 3, Pt 4, Pt 5, Pt 6, Pt 7, Pt 8, Pt 9, Pt 10, Pt 11, Pt 12 and Pt 13.

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