The Right Life Insurance Policy for You

The #1 Concern of Retiring Before Age 65

There are several types of life insurance policies, however the right policy is the one that meets your specific needs. The type of policy that almost everyone should get is a term policy. Term insurance does get more costly as you get older, and depending on your age, you may want to get a cash value policy instead.

If you are considering buying a cash value policy or trading in your current policy, you should only look at low or no-load policies. With these policies, there is no agent commission. Instead, you pay a fee for the agent’s assistance. Other types of life insurance policies are whole life and universal.

Remember to do your research. Insurance agents often are paid a percentage commission based on the type of insurance sold. For example, an agent’s commission on a typical whole life policy is anywhere from 100% to 150% of the first-year premium compared to a commission of 25-50% of the first-year premium for a term policy.

For more information on what you should be considering when planning for your incredible retirement, pick up a copy of Brian Fricke’s book Worry Free Retirement.

About Brian Fricke, CFP®
Brian L. Fricke is a Fee Only® Financial Planner, Author, Speaker and Incredible Retirement® Expert.