Updated: Mar 5, 2021
Buying life insurance can seem like a daunting task. Finding and meeting with an advisor you trust, calculating how much insurance you need, filling out lengthy forms and taking medical exams to qualify. However, contrary to popular believe buying insurance is actually fairly simple and can be done in just a few clicks, when and where it’s convenient for you.
It’s as simple as 1, 2, 3
Figure out how much life insurance you need by using the following guidelines:
· If you have dependent children look at replacing half your income until the youngest is age 25 (half because life insurance is paid out tax free).
· If you have a mortgage you want to insure your outstanding balance.
· For business owners with partners look at insuring for enough that you can comfortably buy out their heirs without impacting your personal finances.
Decide on a period of time (term) over which you want premiums to remain at the same level.
The longer the term the better the value and you limit the risk for sky rocketing premiums if something changes with your health. A 20 year term is always a better deal than a 10 year term plan and if you can afford it (and it is available) then a 30 year term plan makes a lot of sense.
Compare the monthly premium and decide which “clicks” with your budget.
Apply online today for a life insurance policy that does not require you to meet with an advisor or take any medical exams.