Why Consider “10 Year Term” Life Insurance?

Posted on May 24, 2012 by Chris Huntley

The most affordable type of life insurance is 10 year term.

This insurance is perfect for a young family, who needs some protection, but can’t afford to pay much. It’s also great for short term needs.

It’s amazing how much life insurance someone in their 30’s or 40’s can purchase for less than $20 bucks per month if they’re in good health, and applying for 10 year term.

10 Year Term Explanation

Most term policies actually guarantee coverage up to age 95 or longer. However, the premiums are only guaranteed to stay level for the first ten years. That means your premiums will stay fixed during the initial 10 years, and in most policies, will rise annually thereafter.

There are various term lengths, such as 20 or 30 year term, which means the premium stays fixed for a longer duration, and remember, the lower the term duration, the lower the premiums. For more information on alternatives to the ten year term, see our post on Types of Life Insurance.

10 Year Term Life Insurance Quotes

Age	$500,000	$1,000,000
30 Year Old Male	*$14	$21
40 Year Old Male	$17	$28
50 Year Old Male	$43	$78
60 Year Old Male	$117	$217
70 Year Old Male	$339	$625

*Note: All prices are MONTHLY as of 2/17/12, based on healthy, preferred plus, non smoker, and are subject to change.

Using Term for Buy/Sell Agreement or Key Man Insurance

Many business partnership arrangements require term life insurance on each partner, in the event that if he or she dies, the remaining partner/s will have liquid cash from the life insurance benefit to buy out the decedent’s family and or heirs of his or her share in the company.

10 year term life insurance is a popular choice for buy/sell contracts, since it’s the most affordable, and most businesses figure they either won’t be working together that long, or will probably restructure the ownership agreement by the end of 10 years anyway.

Estate Planning using Term Life Insurance

With the current “Band-aid” on estate taxes and the exclusion amount, some people aren’t sure what their long term estate tax implications could be. A 10 year term policy with a conversion to permanent insurance may be a good solution for high net worth individuals whose estate value is approaching the current taxable threshold, but now quite there.

For example, a married couple with an 8 million dollar estate, with a properly structured AB Trust or bypass trust, may not owe any estate taxes if they were to both die in 2012. However, if the current estate tax exemption (currently 5 million per individual) were to drop to, say, 3 Million per individual, then this couple would have an estate tax problem.

Since we don’t know what the future holds for estate tax legislation, some affluent families are purchasing 10 year term as a “wait and see” type strategy. If the exclusion amount gets permanently set at 5 million per individual, or if estate taxes are done away with completely, then these wealthy individuals may decide to drop their coverage.

On the other hand, if the exclusion amount is permanently decreased, at least the policyholder will already have a policy in place (the 10 year policy), and could decide to convert it to a permanent policy such as guaranteed universal life or whole life.

You may also want to see this article for more information on using life insurance to avoid estate taxes and life insurance trusts.

Companies Who Sell 10 Year Term

Just about every company offers a guaranteed level 10 year term policy. In my opinion, the 3 companies who are most consistently among the list of “low price leaders” for term insurance are Banner Life Insurance, ING-Reliastar Life Insurance, and Genworth Life Insurance.

Keep in mind, however, that some companies commonly show up in the top 3 in price quotes, but aren’t quite as lenient in underwriting, so it’s harder to actually qualify for their best ratings. Two companies that come to mind here are Savings Bank Life (SBLI) and Ohio National. On the contrary, you have a company life Prudential, who is usually not in the top 10, but maybe top 15 or 20, but are very fair on underwriting .

Apply for Term Life Insurance

To get started, simply call us at 877-996-9383 or get an instant quote using the form on the right.

Thanks for reading our article. If you liked it, please share on Facebook or Google Plus 1.

Life Insurance Coverage for Ages of 41 to 45

Posted on May 10, 2012 by Chris Huntley

At Huntley Wealth Insurance, we are the experts at helping men find affordable term life insurance at age 41 to 45.

If you’ve been searching for the best price on the internet, we hope this will be where your search ends.

It’s so very important for you to do your research and I can help you target the best life insurance, click here for more information.

We offer a variety of term and whole life insurance policy options from over 30 top rated life insurance carriers, so there’s no need to go from website to website getting new quotes. Just use our instant life insurance quotes form on the right, and search for the best price from dozens of carriers whom we represent.

Term Life Insurance Quotes Age 41 to 45

$500,000 term policy for Preferred Plus Non Smoker.

Age 10 Year Term 20 Year Term 30 Year Term

Male Age 41    $215        $390 $675
Male Age 42    $240    $435 $738
Male Age 43                          $265          $490               $810
Male Age 44                          $290          $555               $890
Male Age 45                          $320           $610             $975 — All Quotes “PER YEAR”

Our allegiance is to you as an independent broker, which means we find the life insurance company willing to offer you the best deal, and that’s who we submit our application to. For example, we used many companies to provide the level term quotes above, including Banner Life Insurance, Genworth Life Insurance, and Ohio National.

Types of Insurance Age 41 to 45

If you’re a male age 41 to 45, there are no restrictions as to the type of coverage you can purchase. We offer a range of policies from 10 year term life insurance to level term policies for 25 or 30 years. If you need coverage longer than that, we also offer two types of permanent coverage: whole life and universal life insurance.

We even offer some odd numbered term policies through American General and Prudential. For example, there’s no such thing as a 22 year term, but let’s say a 43 year old wants coverage exactly to age 65, his retirement age, he can purchase the PruTerm WorkLife 65 for that exact 22 year term…. (continued on page 2)

Pages: 1 2

Life Insurance for College Planning

Posted on April 15, 2012 by Chris Huntley

You can use a life insurance policy to finance your children’s college education.

I’ll bet many of you folks out there didn’t even realize that you could.

College and university tuitions have skyrocketed over the past 2 decades, and many of your kids who take out loans start off life with a huge debt looming over them.

How Expensive Is College and University Tuition?

If you have young or teenage children, you want them to get the best start in life. A college or university degree is pretty much the way to go if you want your kids to have a successful and financially comfortable life.

But, it’s not cheap!

The National Center for Educational Statistics has some pretty startling news about how much education costs. The average cost for a 2 or 4 year undergraduate program which includes tuition, and room and board for the academic year of 2010 – 2011 breaks down as follows:

Average Annual Cost for Public Institutions                                 $13,600
Average Annual Cost for Private (For Profit) Institutions             $23,500
Average Annual Cost for Private (Not for Profit) Institutions       $36,000

This is a heck of a debt load that both you and/or your children will be facing as the cheapest 4 year program would be $54,000. 00 while the most expensive college program would work to $144,000.00.

We all want out kids to have the best in life and give them a helping hand because that’s what every parent wants to do. But many people simply can’t save enough, if anything at all, especially with all their other debts such as a mortgage, personal loans and credit cards.

So! How can a life insurance policy help solve this dilemma?

Permanent Life Insurance as an Asset

Everyone wants to protect their family financially which is the reason they buy life insurance in the first place. First of all, forget about term life insurance policies altogether. They can help, but only if you die because they pay death benefits only.

You want to help the kids while you’re still alive right?

The way you can help finance your kid’s education is to buy a permanent life insurance policy. The big difference between a term life insurance policy and a permanent life policy is that the permanent policy has a cash value accumulation feature. It is also an asset because it has liquidity which I’ll explain about further on.

There are 3 types of policies which you can buy which include whole life, universal life and variable life. All 3 types of these policies have a cash value accumulation component.

How does the Cash Value accumulation Work?

When you pay your premium the money is divvied up 3 ways. A portion goes towards your death benefits. A portion goes to the administrative costs of managing the policy. And the third portion goes towards the cash value accumulation portion. continue page 2……

Pages: 1 2

The Most Honest Review of Ohio National You’ll Find

Posted on December 21, 2011 by Chris Huntley

Awesome ratings, Low premiums... This is a great little company!

I’ve been contracted to sell Ohio National’s products for three years now, and I’m contracted with a dozen or so other life insurance companies, so I think that makes be the ideal person to write an Ohio National Life Insurance review, as I can compare them to other carriers, and discuss the pros and cons of going with Ohio National.

#1 Advantage of Ohio National Life Insurance – Financial Stability

During these economic times, I get asked more and more frequently about a company’s financial strength and/or ratings. After all, who wants to pay premiums for years into a life insurance contract, and worry about whether the company will be able to make good on a death benefit payout?

Fortunately, I never have a problem “selling” the stability of Ohio National. They’ve been in business over 100 years (just celebrated their 100^th anniversary in 2009, in fact). And even after all that time, they are still a growing, vibrant company. They’ve somehow managed to grow their individual life sales business for a remarkable 21 years straight.

Also they have over $30 billion in assets, and are rated A+ by A.M. Best, their second best of 16 ratings, which means their ability to meet ongoing claims obligations is “superior”, in the opinion of A.M. Best. To compare their company size to a large cap insurance giant, Ohio National is pretty small. For example, ING has over $362 Billion of assets under management.

Having said that, Ohio National still has a wonderful, successful history, and I’d feel comfortable recommending their products to anyone. For more information, click here to Review Ohio National Life Insurance Co.’s history and financial info.

No Gimmicks – No Games

When you learn about the inner workings of how some insurance companies manipulate their whole life and universal life illustrations to show tremendous cash value growth, Ohio Life is like a breath of fresh air. They don’t play those games.

Many other companies as of late, when needing to generate revenues, have increased their cost of insurance by increasing mortality expenses, which forces clients to add more premiums. Ohio Life Insurance hasn’t raised mortality expenses ever, and has lowered them three different times.

Advantage #2 – Excellent Term Life and Whole Life Pricing

And what review would be complete without a discussion about pricing? Well, Ohio National is consistently among the top 10 in pricing for term and whole life insurance on Term4Sale, as well as in my quote results as provided by Compulife. Sign up for quotes using our form on the right to compare Ohio National with other companies.

Please also note that Ohio National’s offerings are not limited to life insurance in Ohio. Their products are approved in most states.

Intangibles that Make Ohio National Great

One thing I like about Ohio National as an agent, is they offer a deferred compensation plan for their agents. I don’t know of any other insurance company who does this. Basically, if you meet a certain level of annual premium or sales, then they contribute to a deferred comp plan on your behalf at some percentage of your sales. I’ve never done enough business with them to qualify yet, since most of my business is submitted through Genworth and Prudential, but the point is they take care of their agents, and I think that’s just good business.

A Couple Negatives… Possibly

The only issues I have with Ohio National is that their underwriting guidelines tend to be a bit more strict than at other companies. So if you get a quote for a 44 year old healthy male, for 10 year term life insurance, and find that Ohio National shows up as having the lowest quote, assuming you can qualify for their best health class, just be careful to check with an agent to make sure you can actually qualify for that rate.

Here’s what I mean. If you review Ohio National’s underwriting guidelines, you’ll see that they don’t currently allow blood pressure treatment within their Super Preferred class. Also, their weight chart is not very forgiving. So say you take Lisinopril and have well controlled high blood pressure, and are 5’10, 200 lbs, you’d have two reasons you couldn’t qualify for Ohio National’s best rating… your hypertension medication and your weight, since their max weight for a 5’10 person is 190 lbs for their best class.

If you applied to a company with more liberal guidelines, such as Genworth, you’d be able to qualify for their best class, and Genworth’s premium would end up coming in lower at their best class than Ohio National’s premium at their 2^nd best class.

To be fair, you can argue that the reason Ohio National has been successful for so long is because they are more careful with their underwriting. So even though they may not “give the farm away”, isn’t that actually somewhat a good thing for their policyholders, to know that they carefully and conservatively assess the risks they’ll insure?

No Internet Leads

The other issue I have with them is they don’t allow sales that come in from internet leads. So for example, Select Quote or Accuquote don’t quote Ohio National, as well as many other life insurance agencies who primarily generate their leads online. We do have a contract with Ohio National, however, and leads from our website have been approved as acceptable.

Maybe you can guess why. How serious is the Google searcher for “cheap term life insurance quotes” about their life insurance search? These type of internet shoppers get several quotes, and more competition leads to a lower placement ratio.

Again, I can defend them for their stance here. Internet leads are not always the best quality leads. A lot of the sales end up getting withdrawn. So Ohio National has noticed that trend in their new business department, and one day said: ‘Hey, we’re spending time and money processing all these cases, and far too few of them are panning out’, so you could argue they made a good business decision in banning internet lead business.

If you liked this review, please also see our Monumental Life Insurance review and leave a comment, “Like” the article or Google Plus 1 it please.

Overall, I’m very happy with Ohio National, and would recommend them to anyone, including my closest friends and family, and anyone reading this post. To request a term life insurance quote, please use our form on the right. If you have any questions about my review, please call me at 877-996-9383.