Life insurance is obtained from a life insurance company through direct purchases, or the insurance company will arrange a life insurance policy for an insured using agents or brokers. A significant number of people approach life insurance with the incorrect mindset. They tend to think that a life insurance policy is a giant savings account. In reality, the average life insurance policy is best viewed as a long-term investment for either investment or retirement.
Rather, it provides an income stream to cover the insured’s life and can sometimes be used as a side job by the insured or by the insured’s family. This fact alone leads many individuals to think a life insurance policy is only for young people and/or has a lot of money. A mistake that countless people make when seeking life insurance is a failure to understand its purpose.
John Ritenour, IOA started in 1984 with a focus on group insurance. Although insurance benefits are increasingly valuable for employees, the co-founders recognized that some workers were either unaware of these benefits or that their benefits were insufficient. According to John Ritenour, the agency introduced many basic group life insurance products, including term and whole life insurance. While the IOA Co-Founders had a background in finance and worked for insurance companies, they had no prior life insurance experience. Together, the Co-Founders ran a business focused on group insurance, then sold policies to individuals.
The various policies that we sell focus on two primary purposes. John Ritenour: Whole life generally has a death benefit of one percent of the policy’s face amount. The cost of insurance is always based on the insured’s life expectancy and not the premium rate. Life insurance is a product that protects the insured by providing money for the policy owner’s use in case of the insured’s death. The insurance you purchase will generally be based on your age, and the policy will pay at the death when you reach your predetermined age and life expectancy. The premium on a term life policy is generally equal to a percentage of the insured’s age.
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