|A LIFE INSURANCE CONSULTATION
Term Life Insurance Plans
The recent outrage over inappropriate allocation of Federal funds by the enormous life insurance company AIG (American International Group) has brought forth the general public’s renewed interest in life insurance. Millions of Americans are affected by the global recession. Americans are losing their jobs, their homes, at an alarming rate. Yet, in times like these, Americans are still looking to purchase life insurance, and more specifically, one with a considerable value: term life insurance.
It may seem strange, but now is a great time to buy life insurance. Face it, we are in a recession, many are becoming not only frugal, but intelligent with their money. We are thinking about their loved ones, their health, and their livelihood, forcing men and women across the nation to consider what they could do for their families; and many are now turning to term life insurance.
Term life insurance is the most inexpensive way to purchase life insurance. It allows the buyer flexible time frames in which their life insurance comes into effect. Affordable rates and fees are available with younger age, and the policy may be cancelled or renewed at the end of the term. With the recession, Americans are given much more freedom in how they spend their money in term life insurance—no lifetime contract, and various rates to choose from.
The recent headlines regarding the misappropriations of funds by AIG executives have unfortunately given large corporate life insurance companies a bad reputation as being greedy and unnecessarily wasteful. Unfortunately, as millions of Americans are losing their livelihood, AIG has, as Federal Reserve Chairman Ben Bernanke described, “Exploited a huge gap in the regulatory system.” To the outrage of both the US Federal government and the American taxpayers, AIG has distributed about $125 million dollars in executive bonuses from the Federal aids dispensed since September of 2008. In 2008 alone, AIG lost approximately 100 billion dollars in revenue, yet the enormous life insurance company failed to allocate the aid funds appropriately.
The confidence of consumers in large life insurance companies may have dropped sharply in this recession. However, a smaller and more local life insurance company may benefit from the downfall of these monstrous global corporations. As the world examines AIG under the microscope, life insurance and financial services is gaining increasing exposure and interest. The renewed interest and exposure will help the market share to be distributed much more equally across smaller life insurance companies.
As uncertainty hovers over the world market, one thing is for certain: life insurance is beneficial for both the taxpayer and Wall Street. The recession will soon fade and an exponential increase in term life insurance purchases will occur. The increase will also reduce policy rates to even much more affordable products that many more Americans could purchase. Life insurance in the American economy could be just as significant as the automotive and the banking district. As long as the American people continue to purchase life insurance from a smaller and local life insurance company, and this renewed interest for life insurance increases, the economy could very well surface out of the recession in less than a year.
For more info about term life insurance, contact Vince Bagni or Morgan Moran at Paramount Life Insurance. Tel: (800) 554-9142