Many people see life insurance as money that just comes in after someone dies. While that is indeed true, John Ritenour explains that life insurance through many different companies offers programs and features that help clients while they are still alive.
John Ritenour, co-founder, and chairman of Insurance Office of America (IOA), explains the differences and importance of each type of life insurance to existing and potential clients, to figure out which type they will need.
Term Life Insurance
Term life insurance covers you for a specific amount of time (a term), with a guarantee of no changes to the monthly premium. If the person insured does not die in that term, then there is no payout to anyone.
Permanent Life Insurance
Permanent life insurance is good to have because it is one of the policies that you can use while you are still alive as well. You can borrow from it, or withdraw money from the “accumulated value” of the policy. The policy will uphold unless the monthly premiums are not paid.
Whole Life Insurance
Whole life insurance, according to John Ritenour, is more costly than the other policies. Those with whole life insurance have a guaranteed rate of return, meaning, their policies cash value will not go down. As with any life insurance policy, you must pay the monthly premium to continue having the safety net of life insurance.
These are just a few of the policies available to you when you become a client of IOA, but those aren’t all you have available to you when you call John and his associates.