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Never in the history of humanity has the insurance industry recorded success as it has in the 21st century. For many years, people have been taking insurance especially life insurance for granted. However, starting in the early 90s, people started to take life insurance seriously. Aware of how the trends were changing, John Ritenour together with his wife Valli decided to jump into insurance. The first step was to launch an insurance firm, which they called Insurance Office of America. Starting with a small office in Longwood, FL, IOA has been in force for many years. Today, IOA has over 1,300 employees that work from over 60 branches that are spread evenly across US states. Additionally, IOA has an office in Belfast, Northern Ireland.

While explaining how life insurance works, veteran insurance investor and founder of Insurance Office of America John Ritenour says that although many people have changed their view on life insurance, there are those who still don’t understand how it works. With that in mind, John Ritenour says that like other insurance policies, life insurance is a written and documented agreement between the insurance firm and the policyholder. According to the agreement, the policy will only be in force if the policyholder or the insured continues to remit monthly or yearly payments as agreed. Failure to comply may render the policyholder in losing the amount that he or she had paid the insurance company.

Unlike general insurance where the policyholder claims the benefits, life insurance’s policyholder does not claim the benefits. In fact, John Ritenour says that one of the fundamental rules of a life insurance policy is that the insured has to die for the accrued benefits to be released. Besides, when the insured dies, those indicated on the agreement as beneficiaries, get a lump sum, usually tax-free.

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