Do You Have the RIGHT Type of Insurance?


When speaking to brother knights they usually tell me I have “enough life insurance.” My response to them is, “Why do you have life insurance?” Of course this always brings strange looks. “You are an insurance agent and you are asking why I have life insurance; shouldn’t you be telling me I need more life insurance?”

Having the right amount of life insurance is sometimes not as important as having the right type of life insurance. Members who have term insurance may not realize that most term insurance ends at age 70. Many of you will live beyond age 70. In fact, it is less than 1 out of 100 term policies that ever actually pay a death claim. Now at age 70 you realize that you need whole life insurance which has a guaranteed death benefit until age 120. Plus the death benefit is paid income tax free to your beneficiaries.

Younger members should be looking for whole life insurance for the same reason. You can learn from our experienced brother knights and buy whole life insurance now to “lock in” at a much lower rate. Our whole life insurance pays dividends which increases the death benefit, and has a cash value that increases as well (if you continue to pay your premiums).  The cash value can be accessed for such needs as emergencies, funding education, or to supplement your retirement income.

You may be one of the members who bought universal life or variable life, which is sometimes sold as “whole life insurance and an investment.” However the actual cost of insurance is increasing while your premiums remain the same. As the cost grows larger than the premium, they deduct the difference from your cash value until the money runs out and the policy lapses. To protect my brother knights, I ask that ALL OF YOU request a 20 year projection of future values from your other insurance companies. When you get it call me so I can give you expert advice and help decide what options are best for you. Don’t just assume you have a whole life policy or that all insurances are the same.

Bill Matthews
828-371-2509
Ralph.Matthews@KofC.Org

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