What is Term Insurance?
Term insurance is very simple. You purchase insurance for a set number of years. 10, 20, or 30yr. term are the most common denominations. Term is similar to renting a house- It’s cheap, you use it for as long as you need it, and at the end of that time, you leave it behind. Just like you can’t sell the house you were renting, there is no value built in a term policy. It’s strictly the cheapest way to manage a risk for a set period of time.
What is Permanent Insurance?
Permanent insurance is just as it sounds- permanent. It’s more like buying a house! It’s more expensive than renting for sure, but you own it. Just like your house will build equity as you pay it off, your policy will do the same as you pay in your premiums. This “policy equity” is referred to as ‘cash value’. Permanent insurance is more expensive, but you know you will get a value out of it. It WILL be there when you do if you pay your premiums.
Who Needs Life Insurance?
If someone could be put under financial hardship by your death, then you need life insurance!
Additionally, purchasing life insurance while you may not even need it, allows you to lock in rates while you are healthy. These rates may not be available to you in the future if your current health changes.
People who need insurance:
- Children- No family wants to pass the hat in the midst of emotional trauma. Insuring a child also guarantees they will always have insurance AND it will be at a fantastic rate!
- Newlyweds- How would your spouse handle funeral expenses, income replacement, ect- if you died tomorrow?
- New Parents- As you already know- raising a child isn’t cheap! If you aren’t there to provide- who will?
- Business owners- protect your partner with a buy-sell agreement.
- Estate Holders- Would you like to transfer 85% of your estate, or half?
These are just SOME of the people who could benefit- Are you in that list? If you are- find out how easy it is to get coverage!
How Much do I need?
Insurance is about managing a risk- You first have to establish what is here now, and would be removed if you passed.
I recommend a “Needs Calculator”. If you would like to calculate your need now,
What Kind do I need?
It is really up to you, your budget, and most importantly- your needs. The key is protecting the risk. A 65 year old would have a far greater need for permanent than term. Whereas a new parent who just turned 24, might need a LOT of coverage, but his budget would dictate term. In general, I find it best to have a foundation of permanent, and then fill in the rest of the coverage that you NEED with the cheaper term. As time passes, children grow, and needs decrease, you may shift to less term and more permanent. The reason to have some permanent while you are younger is to first ensure you get it while you can, but also to lock it in at the young and healthy rate. The best way to get all this figured out it so know your budget, and then sit down with a licensed and informed broker you can trust! As a broker he’ll give you an unbiased opinion on what company will give you the most bang for your buck. Then let him walk you through a Need Analysis, and help you determine a game plan that fits your needs and budget.
How can I get it?
Life insurance can be purchased from a state licensed insurance agent. Here at EasyInsurance, I feel that helping you find the absolute best is essential! That’s why I became a Broker-agent. I know, when I can choose from a multitude of companies, I’ll be able to offer you the best, and not what a company tells me to sell. I also feel that you shouldn’t have to waste hours on the process of finding the best- That is my inspiration for this site, and that’s why I strive to make the process as EASY as possible.
If you would like to purchase Life Insurance, please go to our request a call or request a quote tab and send me your information. I’ll respond promptly, and then we’ll sit down and go over your available options.