Get Affordable Life Insurance: Protect Your Family Today
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- Term insurance
- Whole life insurance
- Universal life insurance
- Final Expense insurance
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Term Insurance
Term Life insurance is the most affordable way to protect your family’s financial well-being in the event you pass-on.
A term life policy will insure you for a specific number of years (i.e., 5, 10, or 20 year term). Once that time period has passed, your life insurance no longer exists.
Many will keep a term life policy to offer financial security for many reasons, like: to payoff a mortgage, ensure children have money for college or simply offset the lost income of a deceased family member. Many times, people will use term insurance plans alongside a universal life plan. Shop Term Life Insurance
Universal Life Insurance
Universal Life insurance policies are considered permanent insurance and protect against financial loss throughout a person’s lifetime. Universal life plans will build cash value, allow for changes in monthly premiums, and even the death benefits.
A person would use a universal life plan for long-term financial security. Because it builds cash value (and interest), premiums will be higher. However, there are many benefits live policy loans, accelerated death benefits, and the ability to skip premium payments if necessary. Shop Universal Life
Whole Life Insurance
These plans will build cash value, and offer a consistent monthly premium amount. Over time these plans may build cash value, as well.
In many cases, whole life insurance will continue, so long as you make the minimum required premium payment. Whole Life Insurance
Final Expense Insurance
Similar to other life insurance products, final expense insurance plans offer consistent premiums and the comfort in knowing your final expenses (funeral, transportation, etc) will be taken care-of for your family in your passing. simplified or guaranteed approval.
You will not have a medical exam with simplified issue final expense insurance; just a short health questionnaire.
In some cases, you may even be able to get a guaranteed issue final expense plan. Many of these won’t even have a health questionnaire. However, benefits may not be payable within the first couple years. Shop Final Expense Plans
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Why Buy Life Insurance?
The answer is really quite simple; because you care. Upon your passing, your family may experience a financial hardship from the loss of your current and future income. Life insurance can solve this hardship.
People get life insurance to replace the income you would have generated, otherwise. In addition, people will also purchase life insurance to leave a financial legacy that will offer your family members the financial security that will allow them to breathe a little more freely.
Imagine leaving your loved-ones the ability to pay your final expenses, and off them the financial security to pay-off their home or credit card debt. Your life insurance gift to your family will afford them a more secure financial future.
How Much Life Insurance Do I Need?
The amount of life insurance a person should have depends on a number of factors like: income, debt, tax liability, and your gifting desires. There are several methods to determine the amount of life insurance needed, but we prefer to use a hybrid approach to the D.I.M.E. method.
The Dime method uses future debt, income, mortgage, and education needs. You first add-up all your debt and remaining mortgage balance, then add the after-tax current value of your income for 10 years. Then add the cost of education for each of your children.
Using this method you will get a good estimate of how much life insurance you will need to offer financial security to your family.
Should I Buy Term or Cash Value Life Insurance?
Whether you buy cash value or term insurance depends on your need and budget. For example, if you want to ensure your kids’ college is paid, you will only need life insurance until they graduate college. You would consider term in this scenario.
However, you will want to look at cash value life insurance if you have a lifetime need like final expenses, gifting, taxes, or to create financial security for a special needs beneficiary. These types of obligations will last a lifetime, and are not limited to a specific period of time. Since cash value life insurance policies grow (similar to a bank account), the monthly premium amount will be higher than a similar term policy.
In many cases, it is not a binary choice between term insurance and cash value life insurance. Most today have complex and varying obligations that will make a hybrid strategy; use a combination of term and cash value insurance.
The amounts and terms will vary for each person’s individual situation, so you will want to consult a trusted insurance advisor to assess your need.
