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Term Life Insurance Policy ~ What to Look For & Why
When shopping for life insurance, Term Life Insurance is the most cost-effective way to protect your loved ones. It’s vital that everyone understands how necessary life insurance is to protect loved ones. Without a life insurance policy, your family will inherit your debt, mortgage, and finals expenses. On top of this, those that are financially dependent on you will be without any financial security.
Sometimes it takes a major event to occur before people realize how badly they need life insurance. This can include a near-death experience or the birth of their first child. Although it’s not fun to prepare for your own death, a good life insurance policy can give you peace of mind.
There are many things to consider before deciding on a life insurance policy, like what type and how much life insurance is best for you. One of the first major choices you’ll need to make is whether you want a term life insurance or whole life insurance policy. Next, you’ll need to consider how much life insurance you need to buy in order for your family to receive proper coverage.
What are the Benefits of Term Life Insurance
Many experts will tell you that term life insurance is ALWAYS the better option. There are many reasons why term life insurance is the most popular option. When you shop for life insurance, consider the following:
- It’s Temporary ~ Although this may seem like a negative thing at first glance, this is actually one of the biggest reasons why people get term life insurance. In fact, this is because many people do not need coverage forever. Therefore they do not want to pay forever. There are many reasons why someone would only need temporary coverage. This includes buying a term policy that covers the length of a mortgage, buying a term policy that covers your children through to adulthood, etc.
- It’s Affordable ~ This is the most common reason for people to choose term life insurance. Term life insurance offers basic and cheap policies. For a 20 year, $500,000 plan, you’ll only need to pay less than $50/month.
- It Has All You Need ~ While one of the major appeals of whole life insurance is the cash value build up, experts argue that this is extremely overrated. In fact, investing on your own is usually more profitable than using your life insurance as an investment. Also, term life insurance makes up for not having this feature.
- It’s Perfect For People Without A Lifelong Dependent ~ Having a lifelong dependent, such as a child with special needs, is one of the scenarios where you may prefer whole life insurance. However, for people without a lifelong dependent, a term life insurance plan may be the best option.
What is the Difference between Term Life Insurance and Whole Life Insurance
Above we already spoke about term life insurance. I want you to have an idea of what whole life insurance is. For more detailed information you can visit: Whole Life Insurance.
- Builds cash Value ~ You can borrow against if you need cash
- Guaranteed for life ~ Never expires
- Premium rates will never increase ~ Guaranteed level premium for life of policy
How Long Of A Term Should I Get ~ Best Value Term Life Insurance
Generally, you’ll need to choose between a 10, 15, 20, 25, or 30 year term. There are several factors to consider when deciding on the amount of time that you want coverage.
Many people buy a term life insurance policy for the length of their mortgage or car payment so that their family would not inherit the bills if they were to pass away. If they were to outlive their term life insurance policy, that’s fine too, because their debts would already be paid off.
The age of your children is another consideration. If your child is 10 years old, you may get a 10 year policy so that they have coverage until they reach adulthood. However, if you have a newborn, a 20 year policy is the better option.
Where To Buy Life Insurance
Top Carriers for Term Life Insurance
Our Job is NOT to “SELL” you, it is to make sure you are NOT OVERPAYING!!! No other Agent/company will do this for you like PinnacleQuote!
Where to buy life insurance? This question comes up often! The simple answer is, call us at PinnacleQuote, where we will shop you over 50 A/A+ carriers. We are licensed in 49 states and not only is this our motto, but we Guarantee ~ Best Price, Best Carrier!!! We will custom make you a policy that fits your family’s needs, Remember, this is life insurance, it is supposed to be simple, so the best way to get life insurance is to give us a call, we will walk you through the entire process and make it incredibly simplistic. Below are a few of our top carriers.
How Much Term Life Insurance Should I Buy
It depends on how much you need as far as coverage. The general rule of thumb is to buy a life insurance policy that is around 10 times your salary. This way, your family’s financial security remains consistent. Of course, you need to factor in final expenses, college tuition, debts, etc.
However, it’s not only working people that need term life insurance coverage. Sometimes, a stay-at-home parent should consider being covered as well. In the end, the important thing is that you’re making the responsible decision to buy life insurance. You may want to consider hiring an independent insurance agent. They will help you find the most affordable plans, and they should be able to answer any of your concerns.
Benefits of Term Life Insurance:
- Loss of income
- Short-term debts
- Additional insurance protection during the child-raising years
- Longer term protection to help pay off a mortgage
- Help pay for a college education
Your family’s future is in your hands!
Buying Term Life Insurance With Living Benefits
Life insurance with living benefits gives you and your family some added extra coverage. In fact, it combines three important riders. Furthermore, having a term life insurance with accelerated death benefits will give you access to your death benefit without dying.
One, a terminal illness rider will give you access to the death benefit if a medical professional gives you 12 months or less to live. American National will give you up to 24 months.
Two, a chronic illness rider will give access to the death amount if you cant perform 2 of the 6 activities of living. Bathing, Toileting, dressing, eating, transferring and continence.
Finally, a critical illness rider will give you access to the death amount if you are diagnosed with a serious illness such as cancer, ALS, or a stroke. It does include more illnesses depending on the carrier.
Explaining The Savings Of A Layered Policy Strategy And Implementing Living Benefits
Life Insurance Tips and Advice from PinnacleQuote
Where do I begin? Let’s Recap!
What to look for when buying term life insurance? Many clients often believe that the most important commodity when looking for life insurance, is the best price. In reality, they all claim to have the best price, obviously this is farthest from the truth!
The single most important commodity is making sure who the Best Carrier is for You. What you must understand, is that every insurance company is going to look at you differently. They all have different guidelines, different weight/build charts and they all specialize in their own niche’s. So to find the best possible price with the best possible carrier, you need a Life Insurance Specialist that knows the in’s and out’s of these companies. This will ensure that you WILL get the Best PRICE, Best CARRIER, GUARANTEED!!!
Here at PinnacleQuote we will tailor make you a life insurance policy based strictly and solely on your personal profile. Because life insurance is not a one size fits all.
Best Place to Get Life Insurance Quotes ~ Term Life Insurance
Well, that is simple… PinnacleQuote of course!!!
Danny Ray is the Owner and Independent Agent of PinnacleQuote. His office is based out of Jacksonville, Florida. He has 20+ years experience. Like we stated above, we are licensed in 49 states. Contracted with over 50 A/A+ carriers. Danny has incredible relationships with all the Top Carriers and Underwriting Teams. His goal and passion is not only to help you purchase life insurance but more importantly, to help you protect your family and their future when you are gone. And Save you $$$
Life Insurance…The Last Way To Say I Love You.
To get your Free, Personalized with No Obligation quote, contact us at PinnacleQuote (855) 380-3300.
Best Price, Best Carrier, Guaranteed!!!