@jas9108 I’d love to help you decipher what’s going on here.
What you were pitched is a Standard 30 Year Term Product, with annual renewable capabilities at the end. This way, you are able to continue with the same death benefit/policy, with a rocket launch of jump in cost. This is something that every standard/new or even old Agent is taught, and if it is a Financial Planner/someone who is offering Financial Planning Term, then it would be a great decision for you AFTER the Term is complete. But, looking at the information you have given, as well as knowing and teaching Agents in the industry, I would say the product you were pitched is most likely a standard 30 Year Term policy.
With that said, I would encourage you to look into a Whole Life Policy such as a UL product, this is because rather than ending in 30 years, and you needing to either get another term or convert, you can secure your health rating and a fixed cost for a policy all the way until your 100-120 years old. But, if you were looking for a long term policy to carry you into 100-120, that you can use to supplement retirement income, or wanted to college plan for your children, or even set it up so you can put a down payment on a house, I would recommend looking into an IUL or Individual Universal Life policy.
This is something that I work with frequently, and can tie to someone’s goals in the future. The main pro to a policy like this is, you can set it up for anything… What I mean by that is if you want a car, house, boat, or even the nicest man cave possible, you can set up an IUL policy to fit and match whatever plan you like. This product also has other amazing things built into to, but just to give you the “cliff notes” of this product, an IUL is meant for Cash Value Accumulation product WITH a death benefit attached. This means, you are able to loan/take money out of your OWN POLICY, without affecting the death benefit that would go to your family…
If anyone has any questions, or if you are having trouble really getting a grasp on life insurance and how it not only benefit you but your family, please send me a message.
I often see too many family members asking me if the death benefit is all, or if there was more… this is heartbreaking not only because this family has lost someone, but I can only imagine the amount of people and the number of families who are without coverage and leave their family with little to nothing. If you are in a similar situation to the one I have stated, please don’t wait. Whether you reach out to me, and Agent you see on TV, or even someone you hear about on the radio, please secure your financial future for the next generation before the Cost of Insurance is too high because you waited. If you have any questions regarding anything policy wise, UL wise, or even IUL wise, please feel free to reply to me via this message, or DM me!