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LIFE INSURANCE

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What is Life Insurance anyway?

To put it simply, life insurance may be one of the most important purchases you’ll ever complete. Insurance is an arrangement by which an agency, in exchange for a premium, provides a guarantee of compensation for specified loss, damage, illness, or death. For hundreds of years now, life insurance has been a saving grace for survivors by replacing the income that, without it, would have been lost after the passing of a loved one.

Today, life insurance comes in many different forms. That’s a good thing! It can be catered to your specific style and needs.

Which type of Life Insurance do YOU need?

Here are some questions you might want to ask yourself before making a decision about life insurance:

  • What would happen if I became sick, injured or died?
  • What if my partner or spouse got injured or died?
  • How much coverage do I need?
  • Do I need temporary or permanent coverage?
  • How much life insurance can I afford?
  • Do I need disability coverage?
  • Can I adjust my policy down the road if my needs change?

 

Life Insurance Is Important Why?

There’s no other product like life insurance. Unlike a savings account, life insurance can turn pennies into dollars when your family needs it the most.

Life insurance can provide your family members the resources to maintain their lifestyle when you die. It can replace your income, pay off debts, cover funeral costs and can even help fund long-range needs like retirement or college tuition. Consider insuring your spouse or partner as well, even if he or she doesn’t work outside the home. A stay-at-home parent provides an immeasurable amount of household services—child care, house upkeep and transportation to name a few—the cost would quickly stack up if they needed to be replaced.

Different Kinds of Life Insurance

Guaranteed Issue Life Insurance

What is Guaranteed Issue Life Insurance?

It says it in the name, it is guaranteed, so you cannot be turned down for any reason such as HIV positive or another pre-existing medical issue.

Guaranteed Issue Life Insurance is a type of permanent coverage that’s specifically designed help pay for final expenses such as a funeral service, burial, etc. This type of coverage is generally limited to values of under $15,000 but can go up to approximately $50,000, and comes with no medical exam or health questions. As long as you pay your premium on time, this coverage is guaranteed for life, regardless of future changes to your health, age, or other factors.

Most guaranteed issue plans have a “two-year graded benefit” which means that if you die during the first two years you only get back your premiums plus a small amount of interest. After the two years, the coverage becomes regular life coverage and the full benefit would be paid to your beneficiaries after you pass.

Term Life Insurance

Term Life Insurance is designed to cover you for a set period of time. During the duration of that term, your premiums will remain the same. However, once the term ends, some insurance companies will renew it, but the premiums will typically go way up. Most people drop the coverage and get a new plan after that.

Non Med or No Medical Exam Insurance

Traditional life insurance normally requires some kind of medical exam, but non med. To qualify, all you have to do is answer a few health questions. This type of coverage is becoming more common. In order to skip the medical exam, the policy may cost a bit more than a traditional underwritten and fully examined policy, but the entire process is faster. Sometimes in the policy is bound in less than a week from the time the application is submitted.

Whole Life Insurance

Whole Life Insurance generally offers fixed premiums, guaranteed benefits, and is designed to build tax-deferred cash value. This type of life insurance, assuming you pay your premiums, is guaranteed to remain in force for the life of the policy.

On paper Whole Life Insurance costs more than Term Life Insurance, but it also does more.

Okay I get it, but How Much Life Insurance Do I Need?

This is a common question.

Many financial experts suggest that, if you have a young family, your coverage should be at least 10-20 times your salary. But, those numbers are just recommendations.

A better question might be to ask yourself: “How much money would your family need if you were to die suddenly?” How much would it costs if you were no longer able to provide for them? How would they make ends meet if you were no longer around?

Do a little financial planning exercise and run the numbers.

For more help on calculating what amount of insurance is right for you, please visit our How Much Do I Need? page, or call (844) 527-6771 and talk to a Concierge Service representative.

Life Insurance Quote

Do YOU have insurance? Do you need help finding a plan that’s right for you?

For fast service, you can speak to one of our non-commissioned agents or a concierge representative by calling (844) 527-6771. We’ll be happy to answer all your questions and point you in the right direction.

Need Assistance?

Talk to a concierge service representative today for free.

  (844) 527-6771

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