Life insurance important for all ages

Oct 06, 2011

Life insurance can prove valuable to middle age as well as younger consumers.

A leading internet marketing company recently reported an increase in life insurance sales for elderly customers. According to the company's data, the second quarter of 2011 showed a 10 percent increase in sales of life insurance for seniors compared to the first quarter.

Russel Rabichev, director of marketing for the company, said it is very exciting to see senior citizens take a proactive role in protecting their assets and the financial security of their spouses and families for the future.

Senior citizens, however, are not the only consumers life insurance companies are hoping to reach. New Amsterdam Life Insurance recently introduced an innovative way for consumers to save for college through a new product called juvenile life insurance. The College First Plan, a tax-advantaged college savings plan, can help families set aside funds for college through a juvenile life insurance policy.

The policy has cash value that can increase as the markets improve, and a guaranteed annual interest rate of 2 percent if the Standard and Poor's Index underperforms. Parents have access to the cash value on a tax-free basis in the form of withdrawals or loans, and the cash value can grow for future plans such a down payment on a home or retirement.

The College First Plan also offers guaranteed interest, flexible payments and growth potential linked to the markets with less associated risks. Unlike a standard college fund, policyholders have access to the cash value at any time, without penalty. In addition, insurance savings are usually sheltered from federal financial aid analysis formulas, and the policy can secure permanent insurance for the child regardless of future health insurability issues.

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