The BEST Life Insurance Online Quote in 2019

What is life insurance?

Many individuals consider life insurance to be the cornerstone of a sound financial plan. And while no one likes to think about passing on, Life Insurance can relieve you of the financial worry your loved ones may face in the event of your passing.

Your beneficiaries will be able to use your Life Insurance policy to help pay for anything from expensive funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to continue payments on your mortgage to help ensure that the family home stays in the family.

Types of Individual Life Insurance

Term Life – This is typically the simplest and least expensive insurance option.

Term life insurance provides coverage at a fixed rate for a specified period of time.

It’s a benefit policy that’s used primarily to cover financial responsibilities of the insured, with the benefit to be paid only if the insured were to die during the specified term.

Most term life policies can be converted to a more permanent insurance solution such as whole life or universal life insurance.

There are two types of term life insurance:

  • Annual Renewable Term is purchased for a period of one year, with the death benefit to be paid only if the insured were to die during that one-year term, along with the option to renew after the term period.
  • Level Term Life guarantees a fixed premium for a given period of time, usually in terms of 10, 15, 20, or 30 years. Your premium is based on your age and coverage options, with longer terms being more expensive.
  • Whole Life – As the most common type of permanent insurance, a whole life policy guarantees a death benefit for the lifetime of the insured as well as a cash value account for savings. Your premium remains constant throughout the duration of policy while payments over and above your premium are credited to your savings, which earn a fixed rate of interest.

How Life Insurance Policies Are Issued

Policies are either simplified issue or fully underwritten.

Simplified issue policies only require that you answer questions about your health when completing the insurance application.

These policies may cost more since the insurance company has less proof about your health.

Fully underwritten policies require that you take a medical exam and complete lab work. You usually get a lower premium with these policies if your results show good health.

Factors That Determine your Life Insurance Premium Rate

A general rule of thumb with life insurance 101 is that the younger and healthier you are, the less you will pay. Age is typically the most important factor in calculating your premium rate. Other factors include:

  • Gender—females typically get lower rates because of longer life expectancy
  • Answers to health questions on the policy application
  • Results from medical exam and lab work
  • Family medical history
  • Marital status
  • Location
  • Lifestyle—smoker/nonsmoker, alcohol consumption, risky hobbies like skydiving
What if you have life insurance through your employer?

Chances are it only provides a minimal amount of coverage. Ask yourself if it would be enough to cover all of the financial expenses that you’d leave behind. Keep in mind that your debt could be passed on to a spouse or parent who may have cosigned for your loans.

Another point to consider is how often you may change employers. You could pass in and out of coverage several times throughout your career.

The BEST Life Insurance Online Quote in 2019

It doesn’t have to be complicated

Buying life insurance is one of those responsible adult things that we all need to think about, especially when “me” becomes “we.”

Yeah, there are a lot of complicated insurance options out there. But term life insurance is basic coverage that’s easy to understand. In fact, most people buy it over the internet or over the phone. That’s not the case with permanent coverage. Once you start talking about cash value and other complex features, life insurance agents typically need to be involved.

If you want to take the next step, you can get a free quote to help you decide if term is the way to go.

Get a Free Quote HERE!

Call 813-964-7100 and speak to one of our agents.

Email us at info@mintcofinancial.com

www.MintcoFinancial.com