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Term Life Insurance: Cheaper than you might think!

by | Term Insurance

There is a common misconception that life insurance is a tool only for the wealthy, due to the perceived cost. In reality, it is a tool that is vitally important to almost all levels of income. Imagine what would happen to your family if you are the primary breadwinner and you were to pass away unexpectedly. Would your partner/spouse be able to support the family? Think about how they would pay for college funding, funeral expenses, mortgages, car payments, and other monthly bills yet still have enough leftover to plan their retirement. Did you know that to guarantee your family just $50,000 a year for life, you would need around $1,000,000 in investments1? There are in fact life insurance products that offer a lower cost option. Join us as we explore the process, cost, and other considerations to take into account when deciding to purchase term life insurance.

How much do I need?

While all situations are unique, we generally advise clients to maintain at least 10 times their annual income in life insurance face amount, if not more. It’s important to work closely with your insurance advisor to develop the right plan for you. You may have a mortgage that you want paid off, which would increase the amount of coverage necessary. You may expect your income to grow significantly over the next 10-20 years, and you want to make sure your insurance will be enough to maintain the quality of life that your family is accustomed to. To get a better idea of how much you need, pop on over to our client quotes page and click on “Needs Analysis”. From there, you can even request a quote and an application!

How does term insurance work?

Term insurance is just that – insurance for a specified term, or number of years. The insurance companies use insurance charts, and when you buy a term policy for 20 years, you are paying the average of the next 20 years’ insurance cost. Term insurance also comes with the ability to transition to a permanent life insurance policy that can accumulate cash and can also be in place for your entire lifetime, even if your health changes during the course of your term period. This is called a term conversion, and each carrier’s rules are different, but for the most part, you can convert to permanent insurance at any time during your term period.

What’s the process?

The process is fairly simple. Run a quote to get an idea for pricing. From there, you can request an application and we will be in touch in no time! If you aren’t sure how much you need or would rather speak to us first, please feel free to call us at 540-929-1428 or you can contact us via our contact form. Once we decide on an amount and review some basic health info, we will proceed to a quick application which in most instances can be done fully online! Depending on the life insurance company and face amount chosen, we may be able to provide you with life insurance coverage with ZERO medical exams. In many cases, a simple 30-45 minute phone call with the insurance company is all that is required. Of course this all depends on your health and other risk factors. Not all clients will be approved for coverage without a medical exam. If a medical exam is required, we will schedule a time for an examiner to come to your home or business and do a quick physical and we proceed from there.

Ok, so how much does it really cost?

We know many people would would rather not leave their family in a tenuous financial position when they pass away, but they also think that life insurance is out of their price range. Below you will see a couple of tables that show a small sampling of term insurance rates that we have available from top rated insurance companies. These are 10 year insurance rates. As you can see, in some cases $500,000 of life insurance can be bought for significantly less than your daily Starbucks fix2!

I don’t want to have to sit down with an advisor!

That’s ok! We understand your busy lives, and that’s why we have the ability to do your entire transaction online, without ever having to sit down face to face. While we don’t prefer this method as it doesn’t allow for much insight into your particular situation, we understand that sometimes you just want to buy and be done! When you request your application, just note that you want to do the whole thing online, and we will make sure to send you your online application! We work with all of the top rated insurance companies that may be out there, and will give you the most competitive pricing available!

What comes next?

Life insurance has never been easier to purchase3. Here at Premier Life Strategies, our mission is to help you navigate your individual situation to ensure that your family and business are protected against the unexpected. Reach out to us today for a quote and we will pair you with one of our trusted advisors.

 

 

1. Lincoln Financial Lifetime Single Premium Immediate Annuity
2. Workonomix Study, Accounting Principals
3: http://www.barrons.com/articles/do-millennials-need-life-insurance-1490132076
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