*For children 17 and younger we offer solely Whole Life protection at this time.

LI|F|E INSURANCE PROTECTION 

 

Self Service Overview

 

My name is LaOta Rassoull, I am the founder of L|I|F|E; a financial services firm offering a variety of: Legal, Legacy, Insurance, Identity as well as Financial Empowerment Education products and services.

 

Our team of dedicated service oriented individuals is comprised of licensed Insurance brokers, legacy consultants and wealth cultivators. 

 

We are not traditional insurance agents, we have the unique honor and privilege of working on behalf of our clients instead of for a specific company.  

 

Our lack of allegiance to any particular insurance carrier provides you with a unique advantage; you are not at the mercy of any companies shortcomings or limitations, nor an agents personal agenda to sell you a specific product simply because that’s all their company offers. With L|I|F|E Firm you get the benefit of working with brokers who will educate you on all of your options and find you the best possible protection at the best possible price!

Self Service Life Insurance 

 

 

 

 

4 Major Types of Life Insurance 

  • Work Coverage - This type of protection is offered through your job and is a great addition to permanent life insurance products.  Alone it is highly insufficient, because work insurance is typically only enforce while you work for that specific company - when protection is available to take with you it’s usually very expensive. Which means once you quit, retire or get fired you are left unprotected. In addition your employer owns the policy and any living benefits associated with it. 

  • If the work policy is portable the ex employee or retiree will no longer receive the group discount rates available through the employer. This continuation of coverage typically requires the person to re-qualify at the retired age and with whatever health deteriorations have developed.  This means the coverage is going to be much more expensive, if they can even still qualify.  We recommend as a general rule of thumb if your employer offers life insurance for free or for a nominal amount it is generally worth adding to your financial portfolio. We caution against it being the only form of protection.

  • Term Insurance - Term insurance is essentially a temporary form of protection that is designed to last usually between 10 and 30 years. Depending on your age it may be renewable at a higher rate after the initial term is over and generally does not extend past age 70 with a few exceptions.

  • Term insurance is great for specific goals in addition to a permanent form of protection in your portfolio. For example you may have a 30 year mortgage and would like to insulate yourself against the possibility of your death before the mortgage is paid off to ensure the home can stay in your family. We call this mortgage protection.

  • Term insurance would be a great way to supplement income for the primary bread winner as something we call income protection for your family during working years in the event the primary income earner were to die.  Again this type of coverage is an accoutrement to a permanent policy, and is not ideal for anyone’s only form of protection.

  • Whole Life Insurance - Whole life insurance is a form of permanent life insurance that is available to those 14 days old to 89 years old. This type of policy builds equity cash value overtime. This means that this policy serves as not just a death benefit but a living benefit as you have access to this cash value once it has accrued sufficiently. It also can be used as your own private bank, Infinite banking is a process that allows you to take a policy loan from the cash value in your policy, pay it back, rinse and repeat an infinite number of times over your life.

  • This unique tool provides the policy owner significantly more peace of mind because he or she never has to be at the mercy of traditional financial institutions when needing to borrow money; no credit check required and the money borrowed does not have to be paid back as long as the interest is paid.  Although if the policy loan is not paid back, the policy cash value cannot be used long term as an infinite banking system. 

  • Please Note: The amount withdrawn does diminish the face amount (death benefit) of the policy unless paid back in full, for example: Lisa protects her family with a $50k face amount policy on herself, she borrows $5k in year 7 of the policy, so if she were to die in year 8 without repaying the loan, her policy would pay out $45k to her beneficiaries instead of $50k.

  • The money borrowed is paid out tax free on the assumption that pre-tax dollars are used to fund the policy.  Additionally whole life insurance generally has the most liberal underwriting requirements and even offers a guaranteed issue variation for those unable to be approved by traditional carriers. As an added benefit; in very specific instances and with a handful of carriers whole life insurance can be over funded turning it into an effective investment vehicle that generally earns in the neighborhood of 4% +.

  • Universal Life Insurance - Universal protection is the baby of Whole Life and Term insurance,  There are three main types of universal life insurance;

  • 1. Variable Universal Life - It offers no guarantees on protection length and just like the title varies depending on multiple occurrences that are completely out of your control - not recommend.

  • 2. Guaranteed universal life - which usually lasts until 120 years old and does not build any cash value but is generally cheaper than whole life coverage,

  • 3. Indexed Universal Life - This is our personal favorite, it has the benefits of term insurance by being significantly cheaper than whole life and even guaranteed universal life, while being a form of permanent life insurance that is designed to last until age 120. It builds cash value and can be overfunded like whole life insurance which would allow it to become an investment vehicle that mirrors the stock market, but insulates you from losing money. Win! Win! Win!

  • Underwriting and approval process for this type of policy is available to smokers and non smokers but is generally reserved for healthy individuals between 18 - 70 years old.  Policy loans are generally cheaper with indexed universal life than with whole life and after 10 years become affectively free. 

  • With policy loans being tax free, there is not a safer or more effective investment vehicle that we know of.      In the case of whole life and index universal your borrowed money continues to grow even after it is has been released from the company and used for whatever purpose you intended for it. 

  • There is not another investment vehicle on the planet that grows money you don’t have in the investment container any longer.  You may be catching on to why this is our proffered product for those who qualify for it!

 


What to Expect & Be Prepared for in Application?

 

  1. Confirming Identity : The first part of the application’s purpose is to confirm your identity: the application will ask for things such as: full name, date of birth, drivers license number, Social Security number, address, place of birth, email, phone, height and weight. Don't worry our site is secured to prevent any leakage of your personal data.

  2. Employment information:  Such as employer name, profession and annual salary - you may include income from all sources.

  3. Health questionnaire - This section of the application is design to determine eligibility for the protection being applied for. 

  4. Beneficiary information : Here you will enter your primary and contingent beneficiaries first name, middle initial and last name with any applicable suffix, date of birth and contact information. Your primary beneficiary and contingent beneficiaries if more than one are who will receive the money in whatever specified allocation upon your death,. The order of distribution is your primary beneficiary's if still living at the time of your death will receive the allocated funds,; the contingent beneficiary is who shall receive the money if that person or people are no longer living at the time of your death. 

  5. Bank information : Life insurance companies accept a valid bank account with a routing and account number only.  They do not accept debit cards or credit cards because they can easily be lost stolen. Our site and system is secure to protect your personal information.

  6. Signature Process : You will be asked to sign and certify the accuracy of the information provided as well as your approval providing L|I|F|E Firm, Inc with the authority to apply to the carriers to obtain protection on your behalf.

  7. Approval & UnderwritingSome of our applications will afford us an immediate approval or denial within 72 hrs., others carriers and special circumstances may require underwriting to do a manual review of the application if that happens it can take anywhere from 72 hours to two weeks depending on the time of year and the caseload of the underwriters. Your life insurance broker will keep you posted on the progress of your approval and any additional information the underwriters may need to issue the policy.

  8. Policy Documents + Recap : Once your policy has been issued, You will receive either a physical copy or a digital copy and in some cases both. You will also receive a text message from your insurance broker with a recap of your policy details for easy reference. If you received your policy only electronically and would like a physical copy be sure to request it with your broker.

Permanent & Portable Life Insurance

 

Additional Benefits:

 

Permanent protection such as Whole life coverage and Universal coverage is a means to protect your family and potentially your transference of wealth generationally.  It is permanent and portable and will never cancel or expire unless you stop paying it.  The only exception is that Indexed Universal life can only mature prematurely if the stock market makes nothing for several years.

Unlike Term Life Insurance, permanent life coverages builds cash value even without overfunding generally within the first 3 years.  Whole Life or Universal Coverage can also be used as a means to create retirement income in a person’s later years in life by cashing out a policy or borrowing against the loan value. 

 

Child policies build a bit slower after about the first 5 years at 3-5%.  An infant is eligible for a Whole Life Policy as of 14 days old and is therefore locked into that rate for the remainder of the child’s life for the amount of coverage provided. 

 

Most carriers provide a guaranteed Insurability rider so that in the future even if the child contracts some form of uninsurable condition like cancer, they are still protected and have the opportunity to add the additional protection without going through medical underwriting. This rider also often accompanies IUL's for adults.

Detriment:

 

Term Insurance is a temporary coverage that will last for a pre-determined amount of time to protect in case you died within a specific time frame. Only 2% of people die during the term of their insurance policies and unless they are able to then self insure,  sometimes those individuals end up un insurable after the age of 70 when most term policies expire due to health or due to the exuberant cost of coverage for a person considered well out of their healthy prime..

 

Term insurance also renews at a higher rate if you are eligible age wise for a renewal.

 

Most Insurance companies will not insure anyone over 80 years old. This is the danger of term insurance, without pairing it with a form of permanent life protection..

 

With Permanent Life Coverage you are protected “FOR LIFE”, you rate will never increase and is not affected by changes in a person’s health history or age over time.

 

If you also have job insurance which is a term group policy, then any permanent life coverage you have in addition to that,  is portable after you leave your job and is still valid and will pay out no matter where you live in the World.

CAUTION : IMPORTANT TO KNOW

 

  • Period of contest-ability - The federal government and the insurance commissioner have established what is referred to as a period of contest-ability; this period begins the day the policy is issued and ends two years from that date. the contest-ability period is designed as a buffer to insulate insurance companies against insurance fraud. This law was established to prevent for example someone who knows they have stage 4 cancer from applying for life insurance knowing they will soon die. Another example would be a father who takes out a large life insurance policy to protect his family because he plans to commit suicide. 

  • What does this mean for you?  It means that if you die in the first two years of your policy, the life insurance company has the right to investigate your death. If during their investigation they find out that you lied on your application, they have the right to forfeit your policy and return to your beneficiary only the premiums you paid in. As a result I caution you to consider how you answer the questions in the following application.  

  • After the first two years of the policy - The insurance company is required to pay out regardless of cause of death. This law was established to prevent the insurance companies from not paying insurance claims for any insignificant reason they could find.

  • Beneficiaries - In the section of the application requesting beneficiaries we recommend to include a primary and contingent beneficiary. Hundreds of millions of life insurance money is currently unclaimed because either there was no contingent beneficiary and the primary beneficiary died with or before the insured or neither beneficiary was aware of that they were a beneficiary.

  • Because of this unfortunate phenomenon, L|I|F|E Firm has an easy to follow process designed to help ensure the forethought you invested to protect your family on the worst day of their lives and money your family is owed gets to them. Please send the link beneficiary notice to each beneficiary.

  • Beneficiaries under the age of 18 - If the insured dies, the life insurance payout will go into a trust until the child is 18 years old, so we recommend identifying who would take care of said child until they are 18 in your stead.  You can control the use of the funds in your policy using a “Will and Testament” via our legal subscription services - ask your insurance broker how you can get your Will configured and updated as needed.

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