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Life Insurance

Finding the Best Life Insurance

(You know, just in case)

Even if you’re the healthiest person alive, there’s always a chance you could fatally fall into a giant pit of human-eating hungry, hungry hippos. Statistically, that scenario shouldn’t concern you, but death is an unapologetic party-pooper that will find a way to end the fun.

That being said, it’s time to think about having a solid just-in-case plan so your loved ones are not stuck paying YOUR tab. Our independent agents are here to help and will find the best life insurance that will take care of those you leave behind.

What Is Life Insurance?

At its core, it’s a contract between you and an insurance company where you give them money, and if you were to die (knock on wood), they would give the set amount of money to whomever you choose.

Life Insurance Ownership
life insurance ownership
Reference: from our friends at LIMRA; Life Happens (2017)

 

The Benefit of Life Insurance

The most important benefit is that you won’t be leaving your loved ones with a giant pile of debt and expenses. Think about it. Not only would they have to grieve your death, they’d also have to figure out how they’re going to pay for everything (past, present and future).

Reasons for owning life insurance
reasons for owning life
Reference: from our friends at LIMRA; Life Happens (2017)

 

What Are My Life Insurance Options?

There are three types of life insurance, with a number of differences between them, but boiled down term, whole and universal plans do the same thing — they payout a set amount of money to someone when you die.

Term Life Insurance: This option is geared toward younger people because it’s more of a temporary plan that only covers you for a period of time, usually 10, 20 or 30 years. If you were to stop living within that timeframe, a set amount of money would go to the people/person you choose. More term info >>

Whole Life Insurance:  It has the same concept as term, but this policy is forever (or until you die). It also has a bell and a whistle.

  • The bell: It has a savings account that accrues money. Eventually (if you continue to not die), it will hit the policy’s coverage amount. At that point, the insurer will say something like:

“Hey, so you have the same amount of cash in your savings as what we would pay out, so, you don’t need us anymore. Here’s your money. Good luck not dying and stuff.”

  • The whistle: Whatever cash you accrue, you can borrow, but to no surprise, you’ll eventually have to pay it back to continue coverage. More whole info >>

Don’t freak out if you’re not totally clear on the differences between term and whole, we have more info here >>

Universal Life Insurance: It’s a lot like the whole plan but with a shinier bell and two whistles.

  • Shinier bell: Instead of a standard savings account, this also accrues interest.
  • Whistle 1: You can kick in more money than your payment to take advantage of the interest.
  • Whistle 2: Not only can you borrow from this account, but you can also skip payments without a penalty (as long as the account has money in it). More universal info >>

How Much Does Life Insurance Cost?

It depends on the coverage and a number of other factors like age, occupation and even hobbies. So, a 5K-running fitness blogger might only pay $15 a month, whereas a chain-smoking couch potato could pay well over $1,000 a month. Basically, the younger and healthier you are the cheaper it is.

What’s So Great About an Independent Life Insurance Agent

It’s simple. Literally. Independent agents simplify the process by shopping and comparing insurance quotes for you. Not only that, they’ll cut the jargon and clarify the fine print so you know exactly what your getting.

Perceived level of life insurance coverage
Percieved level of coverage
Reference: from our friends at LIMRA; Life Happens (2016)

 

Plus, independent agents work for YOU and not one insurance provider. Actually, they’re the only agents who can check policies from multiple carriers to find the best policy for your unique needs.

Life insurance distribution channels
life distribution
Reference: from our friends at iii.org (2015)

 

Most importantly, they’ll be there to help your family when claim time comes. The outcome of insurance claims can be strongly impacted by how the process is approached and handled.

The 411 On Life Insurance Quotes Online

We know what you’re really looking for — fast and easy insurance quotes in 30 seconds or less. We get it, you want the goods ASAP, but choosing speed over accuracy can cause endless rain on your life’s parade.

Robots and algorithms may be quick, but online companies might leave out cost-cutting options or leave in factors that assume higher risk, resulting in a pricier policy.

Not only that, our competitors may sell your info to multiple companies, which can result in calls, on calls, on calls. We flipped the script on this process and give YOU the info and options to connect with an independent agent.

Thirsty for more life insurance info?

We have a very, very large amount of info and insight on life insurance. If you’re ready to learn more, here is the gateway/page that will guide you to the information you seek.

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