Agents using the LifeTrooper.com website are fully licensed insurance agents and annuity advisors.  ** Please note: Nothing on this website should be construed as an offer, illustration, or contract for an insurance or annuity product. Products and services are offered in accordance to state laws, including our resident state of Oregon and any other state in which we may have a license. Information provided should be verified on your contract and any illustration offered, and you should not depend on the data or information on this website, as plans and product offerings often change, including rates, fees, and returns. Serving Bend Oregon, Redmond Oregon, Sisters Oregon, Sunriver Oregon, Prineville Oregon, Madras Oregon, and cities all over Central Oregon. P.O. Box 306 Sisters Oregon  97759 USA c/t: (541) 390-0811 e: lifetrooper.com@gmail.com © 2011-2020, LifeTrooper.com All Rights Reserved. Version 2.2020.08.05.d       

FAQs about life insurance, annuities, health savings

accounts, and other important topics

Whole life versus term - what is the difference?

Life insurance primer: There are two main types of life insurance. 1) Term insurance: insurance you borrow. 2) Permanent insurance: insurance you own for life. Term insurance is for coverage for a number of years, such as 15, 20 or 30 years, for example. Permanent is lifetime insurance. The two main purposes are 1) as a great investment, and 2) guaranteed insurability for life, even if you come up with a major illness that would otherwise prevent you from buying insurance.

How much life insurance do I need?

Most people guess at the amount of life insurance they need, or ball-park it, like looking for a $1m policy. In reality, this amount is fairly precise and is derived off of tools we use to determine the exact needs of the individual. Most people do not need a $1m policy, and those who purchase them may be wasting their money. We look at dozens of factors like how many children a client has (if any), and whether they would need help with school bills. How much would it cost to pay off the mortgage and any upcoming taxes, maintenance, etc? Does the spouse work? How much lost wages would there be during a period of grieving? Are there other debts that should be paid off? Though you can make assumptions, and even use our calculators to find the cost of term life insurance, you are better off to use an independent agent, like LifeTrooper.com to help you come up with the property type of insurance and proper amount.

Whole life insurance policy - What is it?

A whole life policy is one of the permanent types of insurance policies you can have which can be effective for your entire life. It is usually a little more expensive than cheaper term-life insurance because it has a much higher value, including a life-long death benefit, and usually the ability to borrow against the cash value of the policy, and sometimes to cash the policy out later on. New types of whole life policies often include living benefits: a payout if you are critically or terminally ill for example. Whole life policies are one of two types of permanent life insurance, the other being universal life. UL is a preferred type of permanent life policy because it has more flexibility in terms of borrowing, varying premiums, and types of loans and payments for illnesses.

Definition of whole life insurance

Whole life insurance, sometimes called "permanent life," "straight life" or "ordinary life," is a life insurance policy that is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. As a life insurance policy it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies. Because whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically higher than those of term life insurance where the premium is fixed only for a limited term. Whole life premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid up in 10 years, 20 years, or at age 65. Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.

Definition of universal life insurance

Universal life insurance (often shortened to UL) is a type of cash value life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest. The policy is debited each month by a cost of insurance (COI) charge as well as any other policy charges and fees drawn from the cash value, even if no premium payment is made that month. Interest credited to the account is determined by the insurer but has a contractual minimum rate (often 2%). When an earnings rate is pegged to a financial index such as a stock, bond or other interest rate index, the policy is an "Indexed universal life" contract. Such policies offer the advantage of guaranteed level premiums throughout the insured's lifetime at a substantially lower premium cost than an equivalent whole life policy at first. The cost of insurance always increases, as is found on the cost index table (usually p. 3 of a contract). Universal life insurance works well in irrevocable life insurance trusts (ILITs) since cash is of no consequence.

Whole life insurance quotes

​You can get a free life insurance quote by calling us at (541) 390-0811. Whole life and universal life insurance quotes cannot be generated by a calculator, like our term quotes can be, because they are very specifically suited to the individual's needs, and are hand calculated by a special software program available only to a life insurance agent.

Whole life insurance calculator

A calculator is not available for whole life insurance. You can get a free life insurance quote by calling us at (541) 390-0811. Whole life and universal life insurance quotes cannot be generated by a calculator, like our term quotes can be, because they are very specifically suited to the individual's needs, and are hand calculated by a special software program available only to a life insurance agent.

Universal life insurance calculator

Same as the above answer.

Whole life cash value

The cash value of an insurance contract, also called the cash surrender value or surrender value, is the cash amount offered to the policyholder by the issuing life carrier upon cancellation of the contract. This term is normally used with a life insurance or life annuity contract. To receive the cash value, the policyholder surrenders their rights to future benefits under the policy. The contract determines for each possible cancellation date the related cash value. If the investment of premiums is contractually made in an individual account, the cash value is the value of the investments in that account at any particular time minus a surrender charge. Such cash value credited to an individual account during the tenure of the policy keeps growing with every payment of premium. It also increments due to interest credited. The policyholder may also be able to use the cash value as collateral on a loan. It is worth noting that a permanent life insurance policy, like whole life insurance or universal life insurance, can usually be included on an individual's balance sheet as an asset. There are distinct advantages to universal life over whole life in this regard, specifically around taxes.

Universal life cash value

Same as the above answer.

What life insurance is best?

The best life insurance is the one most suitable for you. For example, if your objective is only to pay off debt and your mortgage long enough so your children are grown up and out of the house, you can save money by buying a term life insurance policy, such as a 20- year term for example. If your goal is to grow your investment portfolio, have a positive impact on your personal balance sheet, borrow against the policy, or ensure your spouse is cared for for the rest of their life, then a universal life policy may prove best. The best life insurance is determined for your situation using a series of questions from the life insurance agent. Only an independent agent with access to dozens of insurance companies can find the best rates, types of policies, from companies with longevity and high AM Best ratings.

Whole life insurance cash chart

A life insurance cash chart is usually in the form of a spreadsheet provided with your quote and in your final contract. These charts not only show what the cash value of your policy is for any given month, but also your cost of the policy, and expected growth, based on the type of insurance and investment (if any) is used to grow the value of your policy. The whole life insurance cash chart is used to determine how much money you would receive in any month if you cashed out the policy. The chart also shows the value of your death benefit.

Universal life insurance cash chart

Same as the above answer.

What is the difference between life insurance and AD&D?

​Life insurance provides financial protection for your family in most cases of death and will payout if you die by accident or illness. Accidental death and dismemberment (AD&D) insurance only pays out in certain instances of death by accident, but not for natural causes or illness.

What is the difference between life insurance and annuity?

The annuity offers tax-deferred savings and retirement income. Simply put—life insurance protects your loved ones if you die prematurely while the annuity protects your income if you live longer than expected. Both plans do provide death benefits, but each is a very different option for different purposes.

What is the difference between life insurance and disability insurance?

Life insurance pays your beneficiaries if you die. ... Disability insurance pays part of your salary (often 60%) during periods in which you're too sick or injured to work. Most policies require a certain time period of disability before they kick in, and cover a specific benefit period. Once issued, a life insurance policy is effective immediately.

What is the difference between life insurance and term insurance?

Term insurance, more accurately called term life insurance, is a form of life insurance where you are covered for a term, or period of time, usually years. For example, your life is covered by a death benefit for a term of 10, 15, 20 or 30 years.

What is the difference between life insurance and a 401k?

​A 401 K is called a qualified financial product where the money you invest is put in the account tax free. For example, say you put in $500,000 over your lifetime for your 401k. It was put in pre-tax, meaning you may have saved an average of 28% tax on your money going in. But you will be taxed on the money as it is taken out, and presuming your money has grown, your taxed earnings may be far more than the money if it had been taxed in the first place. Life insurance is paid for on a non-qualified basis, meaning your money is taxed as it is earned, then invested in life insurance. When you take distributions of your life insurance, it is not taxed again, and therefore is generally considered tax-free investment growth.

What is the difference between life insurance and burial insurance or final expense insurance?

Burial insurance, or what is now more commonly called final expense insurance (FEX) is a form of life insurance. It is usually a low dollar amount whole life policy that is both affordable and often more easily issued without as stringent health qualifications as a traditional life insurance policy. Did you know you can run your own quotes on Final Expense Insurance by using our online calculator? Click here.

What is the difference between a HSA and HSMA?

An HSA (Health Savings Account) is a qualified savings account allowing tax free contributions to the account, with very strict rules on how you contribute to the plan and especially restrictive on the healthcare procedures that can be reimbursed. A HSMA, or health savings matching account is a non-qualified health reimbursement account, authorized under the Affordable Care Act, that allows you to save money to a health savings account with matching funds contributed by an insurance company, thereby doubling in value over three years, assuming no distributions are taken. The HSMA also provides for a much more generous and broad use of the money, including items such as elective procedures, fertility treatments, dental implants, counseling, acupuncture, chiropractic sessions, and much more. Read more about these accounts by clicking here.
(541) 390-0811
More Info:

FAQs about life insurance,

annuities, health savings ac-

counts, and other important

topics

Whole life versus term - what is the difference?

Life insurance primer: There are two main types of life insurance. 1) Term insurance: insurance you borrow. 2) Permanent insurance: insurance you own for life. Term insurance is for coverage for a number of years, such as 15, 20 or 30 years, for example. Permanent is lifetime insurance. The two main purposes are 1) as a great investment, and 2) guaranteed insurability for life, even if you come up with a major illness that would otherwise prevent you from buying insurance.

How much life insurance do I need?

Most people guess at the amount of life insurance they need, or ball- park it, like looking for a $1m policy. In reality, this amount is fairly precise and is derived off of tools we use to determine the exact needs of the individual. Most people do not need a $1m policy, and those who purchase them may be wasting their money. We look at dozens of factors like how many children a client has (if any), and whether they would need help with school bills. How much would it cost to pay off the mortgage and any upcoming taxes, maintenance, etc? Does the spouse work? How much lost wages would there be during a period of grieving? Are there other debts that should be paid off? Though you can make assumptions, and even use our calculators to find the cost of term life insurance, you are better off to use an independent agent, like LifeTrooper.com to help you come up with the property type of insurance and proper amount.

Whole life insurance policy - What is it?

A whole life policy is one of the permanent types of insurance policies you can have which can be effective for your entire life. It is usually a little more expensive than cheaper term-life insurance because it has a much higher value, including a life-long death benefit, and usually the ability to borrow against the cash value of the policy, and sometimes to cash the policy out later on. New types of whole life policies often include living benefits: a payout if you are critically or terminally ill for example. Whole life policies are one of two types of permanent life insurance, the other being universal life. UL is a preferred type of permanent life policy because it has more flexibility in terms of borrowing, varying premiums, and types of loans and payments for illnesses.

Definition of whole life insurance

Whole life insurance, sometimes called "permanent life," "straight life" or "ordinary life," is a life insurance policy that is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. As a life insurance policy it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies. Because whole life policies are guaranteed to remain in force as long as the required premiums are paid, the premiums are typically higher than those of term life insurance where the premium is fixed only for a limited term. Whole life premiums are fixed, based on the age of issue, and usually do not increase with age. The insured party normally pays premiums until death, except for limited pay policies which may be paid up in 10 years, 20 years, or at age 65. Whole life insurance belongs to the cash value category of life insurance, which also includes universal life, variable life, and endowment policies.

Definition of universal life insurance

Universal life insurance (often shortened to UL) is a type of cash value life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest. The policy is debited each month by a cost of insurance (COI) charge as well as any other policy charges and fees drawn from the cash value, even if no premium payment is made that month. Interest credited to the account is determined by the insurer but has a contractual minimum rate (often 2%). When an earnings rate is pegged to a financial index such as a stock, bond or other interest rate index, the policy is an "Indexed universal life" contract. Such policies offer the advantage of guaranteed level premiums throughout the insured's lifetime at a substantially lower premium cost than an equivalent whole life policy at first. The cost of insurance always increases, as is found on the cost index table (usually p. 3 of a contract). Universal life insurance works well in irrevocable life insurance trusts (ILITs) since cash is of no consequence.

Whole life insurance quotes

​You can get a free life insurance quote by calling us at (541) 390-0811. Whole life and universal life insurance quotes cannot be generated by a calculator, like our term quotes can be, because they are very specifically suited to the individual's needs, and are hand calculated by a special software program available only to a life insurance agent.

Whole life insurance calculator

A calculator is not available for whole life insurance. You can get a free life insurance quote by calling us at (541) 390-0811. Whole life and universal life insurance quotes cannot be generated by a calculator, like our term quotes can be, because they are very specifically suited to the individual's needs, and are hand calculated by a special software program available only to a life insurance agent.

Universal life insurance calculator

Same as the above answer.

Whole life cash value

The cash value of an insurance contract, also called the cash surrender value or surrender value, is the cash amount offered to the policyholder by the issuing life carrier upon cancellation of the contract. This term is normally used with a life insurance or life annuity contract. To receive the cash value, the policyholder surrenders their rights to future benefits under the policy. The contract determines for each possible cancellation date the related cash value. If the investment of premiums is contractually made in an individual account, the cash value is the value of the investments in that account at any particular time minus a surrender charge. Such cash value credited to an individual account during the tenure of the policy keeps growing with every payment of premium. It also increments due to interest credited. The policyholder may also be able to use the cash value as collateral on a loan. It is worth noting that a permanent life insurance policy, like whole life insurance or universal life insurance, can usually be included on an individual's balance sheet as an asset. There are distinct advantages to universal life over whole life in this regard, specifically around taxes.

Universal life cash value

Same as the above answer.

What life insurance is best?

The best life insurance is the one most suitable for you. For example, if your objective is only to pay off debt and your mortgage long enough so your children are grown up and out of the house, you can save money by buying a term life insurance policy, such as a 20-year term for example. If your goal is to grow your investment portfolio, have a positive impact on your personal balance sheet, borrow against the policy, or ensure your spouse is cared for for the rest of their life, then a universal life policy may prove best. The best life insurance is determined for your situation using a series of questions from the life insurance agent. Only an independent agent with access to dozens of insurance companies can find the best rates, types of policies, from companies with longevity and high AM Best ratings.

Whole life insurance cash chart

A life insurance cash chart is usually in the form of a spreadsheet provided with your quote and in your final contract. These charts not only show what the cash value of your policy is for any given month, but also your cost of the policy, and expected growth, based on the type of insurance and investment (if any) is used to grow the value of your policy. The whole life insurance cash chart is used to determine how much money you would receive in any month if you cashed out the policy. The chart also shows the value of your death benefit.

Universal life insurance cash chart

Same as the above answer.

What is the difference between life insurance

and AD&D?

​Life insurance provides financial protection for your family in most cases of death and will payout if you die by accident or illness. Accidental death and dismemberment (AD&D) insurance only pays out in certain instances of death by accident, but not for natural causes or illness.

What is the difference between life insurance

and annuity?

The annuity offers tax-deferred savings and retirement income. Simply put—life insurance protects your loved ones if you die prematurely while the annuity protects your income if you live longer than expected. Both plans do provide death benefits, but each is a very different option for different purposes.

What is the difference between life insurance

and disability insurance?

Life insurance pays your beneficiaries if you die. ... Disability insurance pays part of your salary (often 60%) during periods in which you're too sick or injured to work. Most policies require a certain time period of disability before they kick in, and cover a specific benefit period. Once issued, a life insurance policy is effective immediately.

What is the difference between life insurance

and term insurance?

Term insurance, more accurately called term life insurance, is a form of life insurance where you are covered for a term, or period of time, usually years. For example, your life is covered by a death benefit for a term of 10, 15, 20 or 30 years.

What is the difference between life insurance

and a 401k?

​A 401 K is called a qualified financial product where the money you invest is put in the account tax free. For example, say you put in $500,000 over your lifetime for your 401k. It was put in pre-tax, meaning you may have saved an average of 28% tax on your money going in. But you will be taxed on the money as it is taken out, and presuming your money has grown, your taxed earnings may be far more than the money if it had been taxed in the first place. Life insurance is paid for on a non-qualified basis, meaning your money is taxed as it is earned, then invested in life insurance. When you take distributions of your life insurance, it is not taxed again, and therefore is generally considered tax-free investment growth.

What is the difference between life insurance

and burial insurance or final expense insurance?

Burial insurance, or what is now more commonly called final expense insurance (FEX) is a form of life insurance. It is usually a low dollar amount whole life policy that is both affordable and often more easily issued without as stringent health qualifications as a traditional life insurance policy. Did you know you can run your own quotes on Final Expense Insurance by using our online calculator? Click here.

What is the difference between a HSA and

HSMA?

An HSA (Health Savings Account) is a qualified savings account allowing tax free contributions to the account, with very strict rules on how you contribute to the plan and especially restrictive on the healthcare procedures that can be reimbursed. A HSMA, or health savings matching account is a non-qualified health reimbursement account, authorized under the Affordable Care Act, that allows you to save money to a health savings account with matching funds contributed by an insurance company, thereby doubling in value over three years, assuming no distributions are taken. The HSMA also provides for a much more generous and broad use of the money, including items such as elective procedures, fertility treatments, dental implants, counseling, acupuncture, chiropractic sessions, and much more. Read more about these accounts by clicking here.
P.O. Box 306 Sisters Oregon  97759 USA c/t: (541) 390-0811 e: lifetrooper.com@gmail.com © 2011-2020, LifeTrooper.com All Rights Reserved       