This week, in Part 3 of our continuing discussion with Scott Cornelius of Earnie Cornelius Agency, Inc., Dave Ramsey’s ELP for home and auto insurance in the Oklahoma City area (they sell other types of insurance as well). You can contact ECI at (405) 373- 2977, or get a quote from their website at Click to read Parts one, two, four and five..

Michael: Let’s talk briefly about life insurance. You sell all types of life insurance from various companies. What are some misconceptions you commonly hear from people regarding life insurance? Reasons people don’t have life insurance, or don’t think they need it?

Scott: Well, the two types of life insurance are “permanent” insurance and “term” insurance. Term insurance is the equivalent of renting a house. You pay your money, you get the policy for a period of time, then when the policy term ends your coverage ends. Permanent insurance is like buying a house. You pay on it, and you know that no matter when you die, you’ll have a death benefit. There are several kinds of permanent insurance, and in some cases those permanent insurance policies will build up a small cash value, so if you decide at some point you don’t want the death benefit any longer, you can cash it out. It’s not a replacement for saving for retirement, but it’s a way to build up some value in lieu of taking the death benefit.

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ECI Agency, Inc. | 325 Piedmont Rd N | P.O. BOX 600 | Piedmont, OK 73078 | Phone: (405) 373-2977 M-F 8am-5pm