Life Insurance

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If you’re interested in providing financial security for your loved ones even after you are no longer able to provide for them, a life insurance policy may be something to consider. After your passing, a life insurance policy can provide your loved ones with a coverage amount (death benefit) that could potentially help cover end-of-life costs, day-to-day expenses, and other debts.

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Taking this first step will bring you closer to peace of mind now and for your future. It’s easier than you thought.

Common types of life insurance

Deciding if life insurance would be a good investment for you will ultimately depend on your finances and how long you will need the coverage. There are many different types of life insurance policies, but they all tend to fall into one of two categories: term and permanent.

A term life policy

A term life policy is only designed to provide coverage for a set amount of time, such as 10, 20, or even 30 years. You are in agreeance with the insurance company to pay them a premium each month to be covered for the designated length of your policy. If you happen to die within the term of your policy, your beneficiaries will receive the death benefit. If you let your term policy end and you do not renew it or convert it to a permanent policy, you will no longer have coverage. This means if you were to die after your policy has ended, your beneficiaries would not receive a death benefit.

A permanent life policy

A permanent life policy, such as whole life insurance, will provide coverage for as long as you continue to pay your premiums. On top of the lifelong coverage, these policies will build cash value that can be accessed by the policyholder by withdrawing or borrowing against it whenever needed. Whole life policies also have a death benefit that will be paid out to the beneficiaries once the policyholder passes. However, beneficiaries will not have access to the cash value of the policy.

The benefits of life insurance

Need life insurance coverage? insurapply can help!

We understand how important it is to find the right type of coverage. That’s why our team of expert agents is here to help. We will walk you through your life insurance options to help you determine if a term life policy or a permanent life policy, such as whole life, will suit your needs better!

Great questions you might be asking

About 65% of all life insurance applications require a medical exam.

Technological advancements and innovation have had a tremendous impact in the life insurance business. Insurance companies have a lot more information on us than they did 20 years ago. Insurance companies pull your prescription drug history, your medical history, your motor vehicle report, your credit, your criminal background, and now they have a consumer report. Good or bad, they have this information which has made the underwriting process more streamlined and efficient.

Accelerated underwriting qualifications

As a general rule, you must be under 50 and applying for $1,000,000 or less of death benefit, though some carriers allow up to $3,000,000.
Very little or no medical history.
Nothing on your Prescription drug report that would indicate medical problems (example: taking insulin would indicate you are diabetic, taking blood thinners would indicate cardiovascular disease and insurance companies would want to see your blood work).
Insurapply works with many different life insurance companies, and at their own discretion may require additional information which could move you to traditional underwriting. This could result in a medical exam.

If you have a family that depends on your income, the answer would be yes. Life insurance in its simplest form is designed to replace your income at some level. Life insurance is used in many ways. The majority of life insurance is bought to financially support your surviving family members, including covering paying off a mortgage and covering college costs.

 

 

 

Most insurance planners and insurance companies recommend 10 times your annual income. Refer to our Life Insurance Calculator to determine your personal need(s).

There are many different types of life insurance policies and many designs to accommodate the consumer today. Term insurance is the most popular choice because it is cost effective. However, for those with insurance needs or wants for lifetime coverage, whole life, guaranteed universal life, guaranteed indexed life, and indexed life provide excellent solutions. For insurance needs past the age of 85, most likely you’re looking for a permanent life insurance solution. Give us a call to speak with one of our experienced agents to discuss a permanent solution.

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