As far as the basics of life insurance, what are the primary differences between term life, whole life and universal life insurance policies?
Basic differences, I always look at a term policy as though you're renting a death benefit for a specific amount of time. A whole life policy I refer to as a ‘permanent coverage’ that will be there for your whole life. A universal product is a bit more complex but provides a larger death benefit whilst still building cash value and permanent coverage that would always be there.
What are some factors someone should consider when choosing the right policy type?
Main factors are going to be your initial need. We look at your current debts: do you have a mortgage? Do you have car payments? Do you have credit card debt? Then, what your income is, and then we add all that up. A common question I will always ask people is if something happened to you tomorrow, what would your loved one need to carry on their life without any financial burden? I don't know, your financial situation; you know your financial situation.
How do premiums vary depending on age, health and other factors?
The younger you are and the healthier you are, the better the premium will be. The premium will vary by product, so that's why we encourage you to take advantage of locking in the low premiums whilst you're young and healthy. This is incredibly beneficial to you in your later years. I always look at life insurance as guaranteeing your future insurability. By having something in place, you can do things with that policy later, or you can make changes.
Are there any policies that include living benefits such as paying out for critical illnesses or disability?
Yeah, there are those kinds of policies out there. We have our universal product that can provide living benefits. I think that's one of the most under misunderstood factors of a life insurance product. With a universal plan, the life insurance is there for the now. I need $500,000 to take care of my family should something happen to me. But, I'm paying on this premium for awhile, and let's say I get to 65, and I don't need this $500,000 anymore. But, I've accumulated so much cash value in my policy now I can turn that cash value into a living benefit and the life insurance company will pay me a monthly income. So its living benefits are huge, especially.
I think there's been a lot of opinions formed on certain policy types. I've always been a firm believer of ‘it's what fits you and your need because it's not a one size fits all.’ What you need versus what the next person need, what the other people need - it's completely different. It's what matters to you, not what anyone else thinks.
What advice do you have for people with pre existing conditions or high risk professions?
Typically, we’ll have an idea if we're able to take an application. If we are unable to take an application, then we have products within our brokerage department which could offer some coverage. But, we’ll always look. The underwriters will either come up with an offer of coverage or they'll provide a denial of coverage. There’s so many things out there that could potentially deny coverage. But I always tell people to give it a shot, you’re not going to be out of anything. If you submit the application, you put one month down because all policies come with a 30 day free-look period.
Even if you qualify, let’s say it came back and it was way high and you went, ‘you know what? No thanks.’ We'll give you your one month back and you're not out of pocket. Anyone that wants to know if they'll qualify for coverage - there's only one way to find out.
Why come see Rob Wild, Wild and Associates LLC, American Family Insurance for your life insurance needs?
I take a lot of pride in finding out what is important. I don't just want to throw numbers at you. It’s a big decision. I want to ask the thought provoking questions because there are so many people that don't have life insurance, but have mortgages, and children, and I don't want to see anybody on a GoFundMe page for funerals.
What do we need to do to book a consultation with you?
I'd say call us, which is the best way. Let’s set up a time to stop by and visit with us. I love talking to people. It's the best. People should talk more to each other
Any last words?
Go Cats!
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Rob Wild
Wild & Associates, LLC American Family Insurance
Rob Wild is the dedicated agency owner of Wild & Associates, LLC, an American Family Insurance provider serving Manhattan and the surrounding areas. Known for his personable & enthusiastic approach, Rob combines expertise with a commitment to protecting what matters most to his clients. His agency offers a comprehensive range of coverage options beyond life insurance, including home, auto, farm, and business insurance, tailored to meet individual needs.
Under Rob’s leadership, Wild & Associates emphasizes building lasting relationships with customers, ensuring they feel supported at every stage of life. The agency’s team is known for their friendly service, responsiveness, and deep understanding of the insurance industry.
A native of England, Rob is also an active member of the Manhattan community, participating in local events and supporting initiatives that make the area thrive. Whether it’s safeguarding your family or your business, Wild & Associates delivers peace of mind with a personal touch.