Have you ever considered how your loved ones would manage financially without you around? Life insurance offers the perfect solution. Our agents will help you find a life insurance policy that provides peace of mind for you and financial protection for your family.
We can help you find a term life insurance plan that meets your future financial needs while staying on track with your spending.
Plans come in various term lengths, so you can choose a term that aligns with your essential financial needs.
Life Insurance can assist with debts like student loans and mortgages so your loved ones won’t have to carry that burden.
Consider your budget, financial goals, and the length of time your family will need financial protection when making this decision. Term Life Insurance provides coverage for a specific timeframe.
Consider debts, future expenses, and loved ones’ needs to choose the right life insurance amount. Be prepared to answer health questions and potentially take a medical exam during application.
You will need to make regular payments to keep your policy active. Age, health, coverage amount, and the type of life insurance you choose will determine the cost of your premiums.
If you pass away while actively insured on a life insurance policy, your listed beneficiary(ies) will need to file a claim with the life insurance company. After the insurance company reviews and approves the claim, they will pay out the death benefit based on your policy.
Term Life Insurance is an ideal option for individuals looking for affordable, temporary coverage during key stages of life, such as when supporting dependents, paying off a mortgage, or covering education expenses. It provides essential financial protection for a specific term—typically 10, 20, or 30 years—making it an accessible choice for those prioritizing affordability and flexibility. However, coverage expires at the end of the term unless renewed.
| Pros | Cons |
|---|---|
| Affordable Premiums | Limited Lifespan |
| Simple and Straightforward | No Cash Value |
| Temporary Coverage | Expiration of Coverage |
| Guaranteed Death Benefit | Rising Renewal Costs |
| Customizable Terms |
In contrast, Whole Life Insurance offers permanent coverage that lasts for the entirety of the policyholder’s life, with an added savings component that accumulates cash value over time. This cash value grows on a tax-deferred basis and can potentially be accessed or borrowed against if needed, adding a layer of financial planning. Though whole life insurance offers predictability and a guaranteed payout, it generally comes at a higher premium cost due to these added benefits.
| Pros | Cons |
|---|---|
| Lifetime Coverage | High Premiums |
| Cash Value Component | Complex Structure |
| Tax-Deferred Growth | Slow Cash Value Growth |
| Predictable Premiums | Less Coverage for the Same Cost |
| Guaranteed Payout | Fees and Surrender Charges |
of Americans with life insurance feel more secure than those without.
of people in the U.S. overestimate the cost of a life insurance policy.
adults don’t have adequate life insurance coverage.
families rely on life insurance for economic protection.
*According to LIMRA, American Council of Life Insurers, and Forbes Advisor.
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Several factors go into calculating life insurance costs such as your age, health, lifestyle habits (smoking), and the amount of coverage you choose. Term Life insurance tends to be more affordable than Whole Life Insurance. Consider these factors when selecting a life insurance:
Younger people typically pay lower premiums because they have a longer life expectancy. As we continue to age, the risk of death increases, so the price of premiums will go up.
People who have good health are usually considered low-risk, meaning they qualify for more affordable premiums compared to those with specific health conditions.
Lifestyle habits such as smoking or skydiving can be seen as high-risk factors. People who engage in these or similar activities may have to pay more expensive premiums.
The more coverage you select (the greater the death benefit amount), the higher the cost will be because the insurance company will pay out a larger sum in the event of your passing.
A payout to your beneficiaries in case of your death during the chosen period, typically ranging 10-30 years.
The death benefit can be used for any purpose by your beneficiaries, including funeral expenses.
Unlike whole life insurance, term life only covers you for a specific period, typically ranging 10-30 years.
You can get additional coverage through Accidental Death & Dismemberment or Critical Illness insurance.
The death benefit strictly pays upon your passing within the term, therefore, it cannot be utilized beforehand.
While term life insurance provides essential financial protection for your beneficiaries if you pass away during the term, it doesn’t cover specific events like accidental death, severe illness, or injury. Adding supplemental coverage can offer additional security and help bridge these gaps. Here’s how these products work well alongside term life:
AD&D insurance provides an additional payout if your death results from an accident, or if you experience life-altering injuries like loss of limbs or eyesight. Paired with term life, AD&D coverage can enhance financial support for your loved ones, especially in situations where unexpected accidents could lead to increased expenses or reduced income.
AME insurance helps cover medical costs associated with unexpected accidents, which your standard health insurance may not fully cover. AME coverage complements term life insurance by offering financial relief for immediate accident-related medical bills, allowing the term life benefit to be used solely for other critical needs.
Critical illness insurance provides a lump-sum payout if you’re diagnosed with a covered illness such as cancer, heart attack, or stroke. When combined with term life insurance, critical illness insurance allows you to protect your financial well-being in the face of serious health conditions, with term life still securing your family’s future.
Disability insurance provides income replacement if an illness or injury prevents you from working. Paired with term life insurance, disability insurance offers protection for both immediate needs (income replacement) and long-term family security.
Fixed indemnity insurance offers cash payouts for specific covered events, such as doctor visits or hospital stays, regardless of the actual medical costs incurred. When paired with term life insurance, this insurance eases the financial strain of routine or emergency medical care, allowing your term life policy to be reserved for family security.
Short-term medical plans offer temporary health coverage, providing an affordable solution during gaps in major medical coverage, such as between jobs or while waiting for open enrollment. Combined with term life insurance, short-term medical coverage helps maintain immediate healthcare needs, ensuring that you and your family have consistent protection without depleting savings.
There is not a one-size-fits-all answer, but there is a good starting point. Consider your income, debts, and your dependents’ needs. There are licensed insurance agents, online calculations, the DIME method, and the Human Life Value Theory to guide you in deciding on the right coverage options for you.
The DIME method stands for Debt (not including mortgage), Income, Mortgage, and Education. This method outlines the money you make and the money you owe in debt to help you consider the amount of life insurance you would need.
HLV assesses how much life insurance you will need based on your age, current and future income and expenses, and inflation. It can help determine how much money would be needed to protect the lives of your dependents if you were to pass away.
A death benefit is a financial payout from your life insurance policy that is paid to your beneficiaries after you pass away. It helps provide financial support for your family during their time of loss. The amount of money received from the death benefit depends on a few factors such as the type of policy, coverage amount, and premiums paid.
Important elements for consideration are:
At the end of the term, coverage ends meaning you are no longer insured under the policy. This means if you pass away after your policy expiration date, the beneficiaries on your plan will not receive the death benefit. When your policy ends, depending on your current financial situation, you can:
Typically, there are no restrictions on how your beneficiaries can use the life insurance policy payout. However, there can be exceptions such as policy provisions, creditors, and taxes.
Yes, Life Insurance is sold during Open Enrollment, but it’s important to know that it isn’t sold through the health insurance marketplace. You can purchase Life Insurance at anytime of the year since it doesn’t have a designated Open Enrollment period.
Term Life Riders are often offered to policyholders (the insured) as optional add-ons to enhance or customize their Term Life Insurance coverage. The riders allow you to modify the base policy to suit your specific needs, usually for an additional cost.
Yes, Term Life Insurance can be renewed at the end of the policy term, but keep in mind these important points:
The best age to purchase Term Life Insurance depends on your financial situation, family needs, and long-term goals but the earlier you purchase it, the better. Here is a summary that breaks down the age ranges of the best time to buy:
The best time to purchase term life insurance is when you’re young and healthy since it allows you to lock in lower premiums for a longer term.