So many who have a permanent life insurance product do not know what they have.

After talking to many people over the years I have found this to be true. They come in to hear what I have to say, they get excited and say, “I already have the whole life.” After asking a few short questions we come to the conclusion they have universal life, variable life or the two mixed.

Why don’t they know? Because agents use the wrong terminology, they talk about whole life insurance as if that is the product they are selling you to cover your WHOLE LIFE. It is not, the correct terminology is permanent insurance. Under this umbrella falls whole life, universal life, and variable life, amongst others.

How do you know what you have?

1. Do you get access to all your cash value? If yes, then it may be whole life.

2. Do you have to pay a surrender charge if you cancel the policy? If yes, you do not have true whole life.

3. Does your statement come with fees and charges on it? If yes, this is not whole life.

Here is an example of a statement from a Variable Universal Life product.  Look at all the highlighted information. This does not happen in a true dividend-paying whole life that we use for the Infinite Banking Concept.

Be sure to educate yourself. It is wrong, in my opinion, to have a surrender charge on your money. It’s your money.

If you have a true whole life product, good for you for making a great decision and don’t cancel that policy.

Please do call with any questions you may have. I am here to answer those questions for you.

Mary Jo