Hello, everybody. Welcome to another life insurance episode with Chad McMahan with protect with insurance. This episode is about whole life insurance for adults. So this is a broad category that includes, anyone that’s going to be between the ages of 18 and up typically as high as about 89, there are some specialized programs that go above that age, but, Most people are going to be under the ages of 89.
Most carriers, they stop at about 80, 85. but again, if, if you’re one of the lucky few agencies out there that has access to a higher range, like we are, then we can help you past, past that age as well. Now, ages 18, I’m going to break this down into, different age ranges. So the first thing is ages 18 through 45, and there are a few elements of this.
And then I’m going to talk about 45 plus because that’s its own special kind of category ages 18 through 45. Typically you’re going to need to be in much better health. So what that means is only minor medical issues. Now diabetes is usually okay. but there can’t be any complications from it. Your height and weight.
they’re expected to be a little high, because that tends to go hand in hand with diabetes, but, it can’t be off the charts. So if you have concern about that, just, you know, call us, text us, email us, just say, Hey, this is my weight up diabetes. This is my age. what can you do for me? And, and we could pretty quickly tell you, in most cases we are able to go above and beyond what other agencies can do.
This just comes with specialized access. We’ve got access to a lot more of these insurance carriers, and we can do a lot more for clients. And that’s why, now, is 18 through. We’re going to break down that 18 through 44 ranch, 18 through about 30, 35. If you are in. Perfect health. You may want to think about a universal whole life policy.
now universal whole life works differently from everything else that we’re going to talk about universal whole life. It is, taxed typically. there is taxation for your, your beneficiaries. there are some different tax implications. Feel free. Again, reach out to us. We’ll let you know how that breaks down.
but universal whole life, the payout to your beneficiaries, it is going to grow larger the longer you have your policy. So let’s say you start it as a 50 or a hundred thousand or $500,000 coverage policy. That’s how much they’ll receive upon your death. as you make payments on this policy for, let’s say 20 years, 30 years, 40 years, 50 years, that amount that they’re going to receive will grow.
It’ll actually be larger. That sounds all wonderful. And that is wonderful. The downside, and the reason why very few people go with universe lecture, two reasons why very few people go with with universal whole life insurance policies, one, you have to be extremely healthy to, they get quite expensive.
So they’re usually going to start off a little more expensive than some options. And then as you get older and you get into your let’s say, and this is an old of course, but just as you get older, as you get into your sixties, your seventies, that universal whole life insurance policy, let’s say it used to cost one or $200 a month for a large policy, big coverage.
Now it’s two, three, four, five times that much per month. So they get very pricey and most people simply cannot afford that. So that’s universal life. Now, the more run of the mill, normal, more common whole life insurance policy. those are going to be a little more common, of course, you know, there’s also term out there and we do, we help lots of clients with term options, mortgage protection, things like that, but your normal whole life insurance policy.
again, you have to be pretty healthy, but not perfectly healthy. only minor issues, minimal prescription medications. again, just if you have concerns, reach out to us, we’ll let you know right away. and the reason why there’s a 44 age cutoff on this is once you’re past the age of 44. you’re getting older to the point where the actuarial tables that these insurance companies use to determine risk and decide upon pricing.
They consider you to be a middle-aged adult. you know, once you hit 45 and they start to offer a lot more standard whole life programs. That, are not quite as critical when it comes to health conditions. So what that means is once you’re age 45 or above, they’re not going to be as hard on you.
You can get, policies, whole life, normal life policies up to about $40,000 or even more. And, they’re going to take it easy on you on the health issues now to clarify that. If you have moderate to severe issues, you can still, of course you can get great whole life insurance. We can take care of that for you.
but if you have moderate or severe health issues, you may have a cutoff of 50 or 55 or above. So you don’t have to be extremely healthy once you’re age 45. But if you have some medical issues, you may have to. Adjust your expectations a little bit. It might be less coverage for maybe the first five or 10 years until you get to the ages of 50 55 plus.
And typically it’s a 50 plus. So there’s this 45 to age 50 window. This is for you, where you may have to settle for 20,000 in coverage, 25,000 in coverage, something like that. And once you’re age 50, then you can get another. 25,000 in coverage, and then your cumulative coverage can be 40, 50,000, something like that.
and if you want even more coverage, of course, we can help you with that also, but we just need to strategize a little bit. It depends upon what exactly what’s going on with your health. now as you get to be a, a senior, and I’m talking about more of a later senior, so let’s say you’re in your seventies or your eighties.
you know, you might be contemplating burial insurance, something like that, just so you know, burial insurance is whole life insurance. It’s the same thing. And, if you’re being approached by agencies getting a bunch of mail about burial insurance, then just be careful about that because burial insurance is a marketing term.
Okay. It’s just whole life insurance. that is set up for the amount of coverage that you think you’re going to need. If you want to be buried. then you’re probably going to be looking at a 20 to 30, maybe $35,000 policy, depending upon. your wishes, things like that, but it’s just whole life insurance.
So, there is a cutoff of about 80, if you have severe medical conditions. and it’s important to be aware of that. It doesn’t mean don’t try to get coverage if you’re 81 or above, and you have something that you feel is severe. reach out to us. We’ll let you know, you know, we shop, we shop these top companies.
That’s why we do so well. there’s a long list of these great companies, like mutual of Omaha and American amicable and a bunch of these other ones, that we shot. We shot them all at the same time for you. So we can do a lot of things that other agencies cannot do. just to. Make this more successful for you in terms of accomplishing that goal of setting up some affordable life insurance, it’s going to take care of your loved ones.
So that’s what we’re here for. so I hope that covers it. You know, whole life insurance for adults. It’s the, it’s the hot ticket out there. And that is, that’s the, the, the broad category of the biggest consumer of life insurance are going to be adults that are wanting this. and it tends to be broken into.
Here are the different terms that you’re commonly gonna hear. There’s family, whole life insurance, there’s burial insurance for seniors, permanent whole life insurance, pure life insurance. These are all the same things for whole life insurance. The only difference is, you know, the term burial insurance isn’t really going to be used, for someone that’s.
You know, 20 years old, 30 years old. but still can be. And so just, just be aware that if someone’s hitting really hard on that burial insurance idea, or here’s the big red flag, if you’re talking with an agency and you say, I already have whole life insurance and they say, but yeah, but do you have burial insurance?
That’s a big red flag. That’s just salesmanship and manipulation. So that’s where you’ve got to be careful. If someone’s trying to talk you out of a policy that you already have. And they’re saying no, but you have to be careful because you don’t have burial insurance, or, but you don’t have family insurance or, something like that.
that is someone that is blatantly being dishonest and manipulative with you. So be aware, You know, we pride ourselves in always being totally honest with our clients. Clients always come first. you know, our, our aim is to help our clients. So, and on that note, if you’re talking with someone you’re getting some red flags, your spidey sense is going off and you’re worrying about it, feel free to reach out.
You know, it is all, we’re always happy to give a second opinion on that kind of thing as well. no strings. So I hope this has been helpful. Please reach out to us. If you have questions, if you have concerns, if you’re just looking for a quote, you can call us, you can text us. You can email us best.
Email is firstname.lastname@example.org. Best work number for us is (928) 323-0933. You can also text us. You can just say, Hey, I’m Amy. I am 83. I’d love to get a quote for life insurance and that’ll be assigned to an agent. And one agent, one agent only will text you. They will not call you. and they’ll be happy to get that for you.
So pretty cool how that works. All right, this is Chad. Again, signing off. Take care of, stay safe out there.