Dan Keil, President, RocketInsurance.us, A DotCom Magazine Exclusive Interview
About Dan Keil and RocketInsurance.us:
We specialize in insurance retirement products. Annuities, Long Term Care, and all life insurance products. Rocketinsurance.us offers long term care with unlimited years of coverage. This is the only LTC product in the industry that offers this. We also have fixed index annuities, to keep your retirement funds safe from fluctuating market conditions. Rocketinsurance.us looks forward to helping your family secure the insurance product which best fits your needs.
SENIOR WHOLE LIFE INSURANCE
Usually purchased by people in the 50-85 year age range. This product can insure people with major health issues such as diabetes, heart conditions, nerve issues and other health problems that traditional life insurance products will not cover. There is no medical testing, or physical exams needed to qualify for coverage. The premium payments never change and the face amount coverage never decrease. Cash value will build up through the years that can be borrowed from, or taken out of the policy without repayment. Customers will use these funds for burial needs, bills, and other life expenses without burdening their family and loved ones. Coverage up to 100 years of age.
TRADITIONAL WHOLE LIFE INSURANCE
Usually purchased in the 30s and 40s but can be purchased at later ages usually up to 70 years of age. Can be purchased for individuals for life time coverage up to age 100. The premium payments never change and the face amount coverage can increase but never decrease over time. Cash value will build up in these polices and can be borrowed from the policies. In large face amount purchases there is medical testing and blood work done in the convenience of your own home. Children polices can be purchased for coverage at birth. The cash value in later years can be used for college, automobiles, or bills needed to be paid. Interest accumulation in these policies are normally much higher than what banks and credit unions offer. This makes traditional whole life an excellent option for many people.
SINGLE PREMIUM WHOLE LIFE INSURANCE
Usually purchased by people that have a lump sum payment that has accumulated from a whole life insurance policy through the years. Money that has been in a CD account at a bank. Any lump sum funds that are available to purchase this policy in one initial payment. The attributes that make this policy attractive to most people are there are no more insurance payments ever after the initial deposit. Customers that have their money in a taxable account can purchase a single premium whole life product which gives their beneficiaries no tax advantage owed when the money is disbursed. The single premium used to set up the policy also builds cash value and gives immediate cash value when opened. The face amount coverage is usually 1.5 times larger than the original deposit. There is medical testing done normally on this product.