Hi can u help me in my project on "Life insurance due care : carriers, products, and illustrations"?

Question

I am pursuing my MBA and doing my summer project on the above mentioned topic i.e Life insurance due care : carriers, products, and illustrations. I m really looking ahead for some suggestions as well as some help from few in completing my report successfully.

Thank you in advance

Answer 1

Most carriers carry the same kind of life insurance, whole life, universal and term.   Each one may have little difference but these are basics.  

Term insurance is easy.  It is like paying for car insurance.  This is how I describe it, use it or lose it and hopefully you don't have to use it.   That means you pay for life insurance and if you don't use it you just paid for nothing, but hopefully you don't use it because then your dead.    You just pay for the insurance and there is nothing else involved.

Whole life and Universal life having savings inside the policy.  They are more expensive and that is why insurance agents push them because they make more commission on them.  

Universal Life is more complicated and even most agents do not understand how they work.   I will make it simple.  It is like you put money into an account and then every month out of that account the insurance company takes out the cost of the insurance.  

So, you can make deposits (they call them premiums) into that account anytime for any amount (but the IRS has a limit so you don't hide money, like money laundering).  So you can make deposits anytime. But the catch is most people just make regular payments and never know how much the cost of of the insurance really is.  The cost of the insurance goes up every year so the amount they are paying in may not be enough later on and the policy may run out of funds.

Remember, the deposits are being put into an account and the insurance company deducts out of that account the cost of insurance so the amount your putting in does not mean that is what is being charged for the insurance.

Now you know more than most insurance agents.  But there is a lot more to know.  But these are the basics.

Answer 2

Since this is for YOUR MBA, I suggest you do your own research.