Best Life Insurance Quote Online Instant
Best Life Insurance Quote Online Instant
Using our comparison engine and over thousands of Life Insurance Policies sold online, customers can search, compare life insurance rates NO INFORMATION needed.
At Mintco Financial, we’ve been helping individuals with their life insurance needs for over 25 years.
Our life insurance experts are here to assist you.
Call us at 813-964-7100 or chat with us ONLINE to receive a free consultation.
Summary of Life Insurance
- The cost of Life Insurance is very competitive in the USA and the existence of price comparison websites to show quotes makes it more affordable than ever before.
- Getting the right cover level is the most significant consideration – popular practice is to insure for 10X your pre-tax salary. For example, if you earn $75,000 per year, it is reasonable to insure for $750,000.
- When it comes to buying life insurance, shop around. In some instances, we found price comparison sites quoted the same policies offered by the insurers directly for HALF the price.
- A 30-year-old male/female non-smoker should be able to get a $500,000 policy for under $400/year by shopping around. As to be expected, policies get more expensive the older you are.
- Insurance brokers offer expertise and know the market more than anyone – if you have a specific concern, health issue or question about anything related to life insurance, they will likely be your best resource and asset for picking the best policy.
7 Types of Life Insurance Comparison Site
- Term Life
- Whole Life – Permanent
- Universal Life – Permanent
- Indexed Universal Life – Permanent
- Final Expense – Permanent
- Children’s (or grandchildren) Life –
- Guaranteed Issue Life – Permanent
Are there different types of life insurance?
While there a many different types of life insurance policies, they generally fall into two categories: term and permanent.
Term Insurance is the simplest form of life insurance. It provides financial protection for a specific time, usually from one to 30 years.
These policies are relatively inexpensive and are well suited for goals, such as insurance protection during the child-raising years or while paying off a mortgage.
They provide a death benefit, but do not offer cash savings.
Purchasing term insurance is like renting a home.
It is a short-term solution.
Monthly costs are usually lower, but you will not be building equity.
Just as many people rent (while saving to buy a home), individuals who need insurance protection now, but have limited resources, may purchase term coverage and then switch to permanent protection.
Others may view term insurance as a cost-effective way to protect their family and still have money to put into other investments.
Permanent Insurance (such as universal life, variable universal life and whole life) provides long-term financial protection.
These policies include both a death benefit and, in some cases, cash savings.
Because of the savings element, premiums tend to be higher.
This type of insurance is good for long-range financial goals.
Purchasing permanent insurance is like buying a home instead of renting.
You are taking care of long-term housing needs with a long-term solution.
Your monthly costs may be higher than if you rent, but your payments will build equity over time.
If you purchase permanent insurance, your premiums will pay a death benefit and may also build cash value that can be accessed in the future.
How much Life Insurance do I need
What should my cover amount be? How long should I have the policy for?
- Our observation is that there is a popular rule to follow – cover your family for 10 times the annual pre-tax income of the highest earner until the children have finished school. For example, if you earn $60,000 per year, insure for $600,000.
- We recommend having a life insurance policy until your dependents are no longer reliant on you. If you plan to have more children, factor that in so you don’t insure for too little should you or your partner die.
- If you want to help cover their university or further education expenses, consider keeping your life insurance policy until your children graduate.
- If you cannot afford our “10 times” advice, do a calculation of how much money your family would need upon your death and make that the cover amount.
In estimating your cover amount, add up:
- All of your unpaid debts – i.e. credit card, mortgage, personal loans and car finance etc. This includes any loans from family members as well.
- Immediate expenses your dependents would need to pay, such as their living costs for several weeks – estimate $5,000 per dependant to be on the safe side.
- $10,000 for funeral costs(although most policies include funeral expenses in addition to the cover amount.
- Future spending you have planned, such as university costs for your children.