Life Insurance
Do I need life insurance?
Life insurance is an essential part of any financial program. Most people buy life insurance to replace income that would be lost at the death of a wage earner. The cash provided by life insurance also can help ensure your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents won’t have to sell assets to pay outstanding bills or taxes.
How much life insurance do I need?
Before buying life insurance, you should bring together your personal financial information and review your family’s needs. There are a number of factors to consider when determining how much protection you should have. Including:
- Any immediate needs at the time of death, such as final expenses, burial costs and estate taxes;
- Funds for a readjustment period, to finance a move or to provide time for family members to find a job,
- Ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement.
Experts Sayings
Whatever excuses you may have for not buying life insurance now will only sound ridiculous to your widow
If there is anyone dependent on your income – parents, children, relatives – you need life insurance.
You don’t buy life insurance because you are going to die, but because those you love are going to live.
Most Popular Plans
7 out of 10 clients above the age 50 bought an accident and Illness plan.
Final Expense
Type of Whole Life insurance plan that pays for funeral and medical expenses upon the insured’s death. Some plans are guaranteed issue regardless of medical conditions.
Accident and Critical Illness
Cancer, Heart Attack, or Stroke insurance plans offer great coverage for the unexpected high medical bills. These plans will reimburse you a cash lump sum after an accident.
Term Life Insurance
You can purchase multiple term life insurance plans with different carriers at different ages. The younger you are the lower is the premium.
How it Works?
Find a policy that matches your coverage needs. Do not hesitate to contact us with any questions.
Find a Policy
Enter basic information to run some quotes
Review Your Options
We offer policies with multiple carriers to give you more choices
Apply
You will be contacted by the underwriting team soon for any questions
Frequently asked questions
What is a Term Life Insurance Policy?
Term life insurance is “pure” life insurance. The policyholder pays premiums regularly, for a set period of time, usually between 10-30 years. If they die while the policy is in effect, their beneficiary (or beneficiaries) receives a death benefit payout.
What is a Whole Life Insurance Policy?
Whole life insurance is a type of permanent life insurance that stays in effect for your entire life. This means you never have to worry about uninsurability or losing your safety net as you get older. Whole life is more complicated than term because of its cash value, which is an investment-like product coupled with the insurance policy.
What is a Final Expense Insurance Policy?
Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses upon the insured’s death. A final expense policy is also known as burial or funeral insurance and is popular with seniors.
Can I Have Multiple Beneficiaries?
Yes. You can add multiple beneficiaries and choose how would you like to split the life insurance payout. You can also change these beneficiaries at any time during the policy lifetime.
Life Insurance:
Choosing the best term life insurance for your needs can be a difficult task. You want a policy that fits your needs, but at the same time is affordable. When considering a term life insurance policy, it is important to consider your financial situation and the age of your beneficiaries. For example, you may not need as much coverage as you think if you have young children or a spouse who works from home. However, you may need enough coverage for your family to cover the costs of your funeral and/or the costs of caring for them if you die during the term of the policy.
While choosing a term life insurance policy, it is important to consider how long you plan on using it. You can buy a policy that lasts for the rest of your life if you have enough money. A 20-year-old would be a good choice for this type of policy, as it would provide enough coverage for his or her education. But a 10-year term might not be enough for daycare and college costs, nor will it cover lost wages.
You also need to consider the type of coverage you want. A term policy with a higher deductible will cost you more, but you’ll be able to pay it off faster. Another option is a Ladder-style plan, which allows you to adjust the policy limits at any time. But make sure you read the fine print before buying. You can always change the policy limit later. This is a great feature if you’re concerned about the amount of coverage you need.
Term life vs. Whole life:
Features
Term Life Insurance
Whole Life Insurance
Duration
Term Life Insurance: 1 – 30 years
Whole Life Insurance: Life
Cost
Term Life Insurance: $25-35/month
Whole Life Insurance: 5-15x more than term
Guaranteed death benefit
Term Life Insurance: Yes
Whole Life Insurance: Yes
Guaranteed cash value
Term Life Insurance: No
Whole Life Insurance: Yes
How cash value grows
Term Life Insurance: N/A
Whole Life Insurance: Earns interest at a predetermined fixed
Premiums
Term Life Insurance: Can increase periodically or sat level for the policy duration
Whole Life Insurance: Level
Risks
Term Life Insurance: No risk of losing coverage, but no cash value when the term ends
Whole Life Insurance: No risk compared to other permanent types, but you may find better investment
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