Ask me anything about insurance

[Rayanal]

Hello guys,

I'm working now as an insurance agent and I would like to share with you my knowledge of all forms of insurance.
There are different types of insurance such as Life, Health(Accidents and sickness), business insurance, auto-mobile, etc. I'm gonna focus on some of these forms and the reason behind choosing each one of them.

Life insurance:
Its either Term OR Permanent insurance. Term insurance is usually bought when a person has a degree of risk that s/he would like to cope if s/he is to die. for example, suppose that a family own a home with a mortgage on it. Now suppose that the mortgage is not paid off yet. it would be such a stress for the family if one of the households is to die. This mortgage becomes a final expense that should be paid immediately the thing that could cause a horrific financial burden to the family and their might be a high chance that they won't be able to pay it and end up leaving the home. In this situation, term insurance can kick in if the household knows exactly when the mortgage could be paid off and would like to have a term insurance for this period of time to cope the risk of any death occurrence. Permanent insurance is also applicable, however, term insurance is cheaper.

In my next comment I'm gonna explain permanent insurance, types of permanent insurance, and why do we need it.

If you have any questions please don't hesitate to ask or sending me a private message.

Rayan

[Rayanal]

Permanent insurance: what differs permanent insurance from term insurance is that the benefit will be 100% received by the beneficiary. there are different types of permanent insurance such as: Whole life insurance, Term to 100 insurance, and Universal life insurance.
whole life insurance could be participating policy which means that the beneficiary could receive dividends that could be used for: buying paid up term insurance, reducing the premium, cashing out. non participating policy does not have a dividend, only the benefit will be paid to the beneficiary.

Why do we need a whole life policy: its a financial relief to the family and should protect the family from debts, loans, mortgage, and funeral cost when one of the household die. Another important benefit of the whole life policy is that children of the deceased can inherit the properties with the funds available to pay the taxes on the capital gains. Death could cost the family of the deceased more than losing the person.

Term to 100: the benefit either paid off on the death of the insured OR when the insured reach the age 100.

Universal life insurance: is the most purchased insurance because it is both life insurance + investment. in my next comment I'm gonna elaborate more on Universal life insurance + Heath insurance( accident and sickness)


If you have any question please don't hesitate to ask or sending me a private message.

Rayan

[hostlead]

Thanks for offering your help. Which plan do you recommend. I am looking for one that covers dental and massages (can get a doctor's note if necessary).

[Rayanal]

Thanks for offering your help. Which plan do you recommend. I am looking for one that covers dental and massages (can get a doctor's note if necessary).

Hello Sir,

Its a pleasure. Dental plan comes under accidents and sickness insurance. it is not a life insurance.
there are different dental plans as the following:

Basic preventative services: which includes Examination, consultations, X-rays, Diagnostic procedures, polishing, filling, and anesthesia for any preventative service.

Endodontics: which includes root-canal work, gum disease treatment, and major surgery

Restorative services: which include crowns and inlays, fixed bridgework

Periodontic services: Dealing with teeth, bones, and gums + major surgeries

Prostthodontic services: To replace missing teeth with dentures, bridges, crowns, caps, or veneers


Now regarding the best kind of life insurance; It is really hard to say the best one, it really depends on your financial situation and your financial objectives. I mean someone who has a mortgage may need more insurance than the one who does not, someone who would like to maintain the same life style for his/ her family after death may need more. So it depends on your need
If you need further help please send me a private message

[magie2009]

Hi Rayanal, which insurance company you work for? Is it the same as some company that pay your tuition and you will get the license? then you will get around 4-5k and total commission? I'm in the process of interview with london life now, I am not sure I could get enough sale to have the money to live with, but it is such a good chance to have free study and extra compensation. My concern is: If I get the required license and work for around 5-6 months or within a year and quit the job, should I have some fine like pay them money back? or I have to sign some clause that will regulate very clearly before I start the offer? Thank you

[Sprite_TM]

Hi Rayanal, which insurance company you work for? Is it the same as some company that pay your tuition and you will get the license? then you will get around 4-5k and total commission? I'm in the process of interview with london life now, I am not sure I could get enough sale to have the money to live with, but it is such a good chance to have free study and extra compensation. My concern is: If I get the required license and work for around 5-6 months or within a year and quit the job, should I have some fine like pay them money back? or I have to sign some clause that will regulate very clearly before I start the offer? Thank you

as far as i know, my company paid the books required to get the license (OTL + LLQP). but i was required to pass both exams to get hired. the exams were also paid by the company. the company "may" consider paying you to take a 4 day session course to pass the LLQP.

i am not sure about other companies, but my company does not require you to pay them back if you quit 5-6 months down the road, again, it depends on the company so read the contract if there is a clause like that.

[setell]

Hi Rayanal, which insurance company you work for? Is it the same as some company that pay your tuition and you will get the license? then you will get around 4-5k and total commission? I'm in the process of interview with london life now, I am not sure I could get enough sale to have the money to live with, but it is such a good chance to have free study and extra compensation. My concern is: If I get the required license and work for around 5-6 months or within a year and quit the job, should I have some fine like pay them money back? or I have to sign some clause that will regulate very clearly before I start the offer? Thank you

I highly doubt it as turnover in your roles is insanely high. If you last 5-6 months then a huge congrats! By then you probably won't leave as you'll have enough sales to keep going! Most leave under the 5 month mark as the lack of commission and bills to pay will eliminate people.

OP, please refer folks to Jon's excellent thread for questions instead. So many duplications in this forum. http://forums.redflagdeals.com/life-...ection-929132/

Wesboag and Jonathan M are excellent advisors that I wouldn't hesitate to recommended as their advice is top notch. Just respond to questions in that thread if you want to help out the community.

Oh if you want top notch assistance with general insurance aka home/auto insurance help then go to motor vehicles and ask Cosmic as she is AMAZING!

[magie2009]

as far as i know, my company paid the books required to get the license (OTL + LLQP). but i was required to pass both exams to get hired. the exams were also paid by the company. the company "may" consider paying you to take a 4 day session course to pass the LLQP.

i am not sure about other companies, but my company does not require you to pay them back if you quit 5-6 months down the road, again, it depends on the company so read the contract if there is a clause like that.

Thank you Sprite_TM and Setell I guess I need to follow more information about the company!

[setell]

Thank you Sprite_TM and Setell I guess I need to follow more information about the company!

No problem. If you last a year, then a insanely big congrats as you've made it and will most likely be in it for the long haul!