In More About Term Life Insurance, Starting and Maintaining your Policy, What Type of Insurance Do I Need

As you prepare for your financial future, there’s many pieces to the puzzle that will help you feel at ease and secure no matter what life throws at you. 

 

One of the tools available to help create stability is the addition of a life insurance policy. But before you get started looking, there’s a few details you need to know about upfront. Did you know there’s multiple types of life insurance? Do you know how much you’ll need to spend, and how quickly you can get approved for a policy?

 

Let’s break down the fundamentals and explore the options available to you.

What Exactly Is The Purpose Of Life Insurance?

 

Life is full of twists and turns; some great, others not so much. That’s why it’s important to prepare for the worst case. A life insurance policy is designed to cover the loss of income due to a premature death. In the case of a two income household that’s dependent on both salaries for financial security, the loss of one is significant.

 

In the event of your sudden passing, you don’t want to burden your spouse or child with hefty, outstanding debts. Life insurance looks at not only how much income needs to be replaced for stability, but also how long that income would’ve potentially rolled in. For example, if you’re in your 30s now, you’ll want a term policy that accounts for your annual income until approximately age 70.    

 

If the policy pays out a tax-free death benefit, your loved ones can then use those funds to offset your loss of income and cover everyday expenses, funeral costs, and even outstanding debts.  

 

Once you’ve decided to add a new life insurance policy, you’ll then want to consider what type of insurance suits you best.

The Most Common Types Of Life Insurance

 

When you say “I need a life insurance policy,” did you know there’s actually several types to choose from? All of these can work in tandem within a larger, financial plan for your future, but your unique case will best determine the type that benefits you most.

 

  • Whole life – offers permanent coverage for the rest of your life. These policies have a cash value that grows with interest over time. Whole life combines a life insurance policy and an investment.
  • Variable Life – offers a combination of life insurance and equity investments from within the same product offering.   Universal Life offers a combination of life insurance and fixed investment choices from within the same product offering.
  • Term life: lasts for a specific period of time (your term) ranging anywhere from 10-40 years.  A term life policy allows you to buy the amount of insurance you actually need and use any money left over to invest or use as you see fit.

 

Term Life Insurance Is Simple, Successful

 

At Low Cost Life Insurance, we’ve built our core life insurance values around term life insurance, because along with investing the difference you would pay for a permanent life policy, we believe a term life insurance strategy and keeping your investments separate from your life insurance policy provides you with a higher probability of success during retirement, and most importantly, still provides that loss of income for your loved ones if you pass away prematurely.  

 

Far too many insurance agents try to sell you products for their own commission revenue, not your family’s best interests.  We not only believe term life insurance is your best life insurance strategy if you need the life insurance protection based on your overall financial plan, but we will also tell you if we think you no longer need this coverage for your family.   

 

We’re in the business of people, not products. Our agents are here to help you make the best decisions for your family and future.

 

How Fast Can I Get Approved For A Term Life Policy?

 

If a term life insurance policy is indeed right for you, you’re probably thinking “how quickly can I get insured?”

 

In today’s e-commerce heavy world of instantaneous purchases and gratification, you’ll be happy to know that in some cases, you can get your quote, apply, and get insured within 24 hours!  For any type of insurance policy, this is an incredible feat, and the team at LCLI can easily guide you through the 24 hour policy process

 

Whether you’re just thinking about your options, or ready to apply for a term life policy, give us a call today for a complete and transparent conversation about the options available to you. 1-877-794-TERM (8376) 

         

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