Call us at 855-277-1598
Call us at
855-277-1598
Term
Life Insurance
Here's everything you need to know about TERM life insurance, in simplest form...
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What are the 2 main types of life insurance?
Whole Life and Term Life
There are 2 main types of life insurance:
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Whole Life
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Term Life
WHOLE life insurance is...
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Permanent coverage. It never expires.
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Significantly more expensive than term.
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Has a lower death benefit amount
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Generally viewed as more of an investment rather than just pure life insurance.
TERM life insurance is...
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Temporary coverage. It covers you for between 10-40 years, then expires.
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Very affordable compared to whole life.
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Can have very high death benefit amounts, up to $10 million in coverage.
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Viewed as the highest amount of coverage possible for the lowest amount of money possible, so that if you were to die, your family would not be burdened financially at all.
Who is term life good for?
Several groups of people
Term life insurance is a good option for several groups of people:
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Young Families: Parents with dependents often choose term life to provide financial security in case something happens to them, ensuring their spouse and children can afford living expenses and education costs.
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Homeowners: Those with a mortgage may want term life to cover the remaining balance, ensuring their family can stay in their home.
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Individuals with Debts: If someone has significant debts, term life can help ensure those debts are paid off, relieving financial stress for surviving family members.
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Budget-Conscious Individuals: Term life is generally more affordable than whole life insurance, making it attractive for those looking for coverage without high premiums.
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People with Temporary Financial Needs: Individuals who foresee a need for life insurance for a specific period (like until children are financially independent) may find term life suitable.
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Business Owners: Entrepreneurs might use term life to protect business interests or cover debts if they pass away unexpectedly.
Overall, term life insurance is ideal for anyone looking for straightforward, cost-effective coverage for a specific period.
Don't I have life insurance from my job?
You might, but it's not sufficient
Many jobs do provide free or low cost group life insurance plans.
This is great to have, but it also means, in most cases:
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When you leave your job, you lose your life insurance.
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It's only for $100,000-$300,000 usually (not enough).
If you want to make sure your family is fully covered, you need a term life insurance policy with a higher amount of coverage that will NOT be cancelled when you leave or lose your job.
Simply put, YOU need to be in control of your life insurance policy, not your company.
Am I eligible?
Yes, especially if you're ages 18-55
Generally speaking, if you're between the ages of 18-55 and in overall good health, term may be the best option for you. The younger you are, the more affordable term life insurance is.
If you're over the age of 55, term still may be an option, but it'll be harder to get approved and rates will be higher.
Is a medical exam required?
It might be, but hopefully not
Good news!
Many carriers are now approving term life insurance up to $2 million in coverage WITHOUT a medical exam.
If you are generally healthy, don't take many medications, and don't have adverse family health history, this is the easiest and best way to get coverage. You may be able to get approved for up to $2 million in term coverage almost instantly.
Carriers always have the right to require an exam though. An exam sounds intimidating, but it's pretty painless. The exam company comes straight to your house at your convenience, you provide a blood and urine sample, answer some detailed health history questions, and you're done. It usually takes 30-45 minutes.
When an insurance company has current exam results, they are able to confidently offer you the best possible rate for your age and health.
How much does it cost?
Term is surprisingly affordable
Term life insurance is probably more affordable than you think.
Your price is based on several factors:
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Age: the younger you are, the lower the premium
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Health: pre-existing conditions may affect your rate and eligibility
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Gender: statistically women live longer than men, so they always have better rates
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Coverage Amount: the higher the coverage amount, the higher the premium
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Term Length: longer terms means higher premiums; shorter terms mean lower premiums.
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Occupation and Lifestyle: certain high-risk job or hobbies may affect price
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Family Health History: history of family members having serious health issues before a certain age may affect your price
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Tobacco Use: the use of tobacco typically will increase your premium
Whatever your budget is, we can make sure you get as much coverage as possible.
Sample rates based on age/gender/health...
How much coverage do I need?
It depends on your life stage and goals
The amount of coverage you need depends on your stage in life.
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Do you have children in the house still?
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Are you the sole income provider?
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Do you have a mortgage?
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Do you have additional debts?
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Do you own a business?
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How much do you have saved for retirement?
At a bare minimum, you want to have 10-12x your annual income in coverage. So if you make $100,000 per year, you need at least $1 million in coverage.
However, if you're relatively young (ages 18-40), as time goes by and inflation weakens the value of the dollar, it would be wise to have $1.5-$2 million of coverage, so that if you were to die, your family would be set for life, easily living off the interest of that $2 million lump sum payment.
If you're older and have significant retirement savings accumulated, you may not need as much, as that retirement savings would serve as a form of life insurance for your family if you were to die.
If you're unsure how much coverage you need, just ask us. That's what we help people figure out all day every day.
What are the best companies?
There are several excellent options
We work with over 20 of the top A-rated carriers in the country, so no matter what, you're going to get the BEST coverage available.
Each carrier has slightly different criteria on who they will and will not accept. That's where we come in.
We'll help you figure out exactly which carrier will accept you, at the best rate, and with the easiest application process.
Here are some of the best options in the TERM market today:
Can I get a quote online?
Yes, absolutely.
SELECT AN OPTION:
Just a rough estimate to satisfy your curiosity.
Your actual rate can vary significantly based on your specific health details and underwriting requirements.
RECOMMENDED
Fill out a detailed questionnaire, then let us shop every carrier and get you a detailed, specific, accurate offer.
How do I apply?
Call Us or send us a message
Give us a call or send us a message to evaluate your specific situation. Everyone is a little different. Let us know what your goals are, and we'll make the best recommendations.
Call Benjamin Euler
855-277-1598
He'll walk you through the process, answer all your questions, and most importantly, help you get approved so your family is covered.