Term Life Insurance

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Term life insurance is the recommended plan for 99% of people.
Medical exam or not, the choice is yours
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In most cases, people don't mind the small cost difference the convenience a non medical exam policy offers.

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We work with more than 60 insurers, large and small, giving you a choice of more than 500 policies.

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No medical exam and instant approval options. Quick turn around times. Constant monitoring. Immediate communication. VIP service.

Why term insurance?
You get the most protection for your dollar.

Get 20 times more coverage than permanent policies.

You have the option to convert your term policy to a permanent plan later.

We work with over 60 insurance companies in order to get you the best plan. Let us help get you covered.

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What is term life insurance?

Term life insurance provides a death benefit for a certain period of time. You have choices of 5, 10, 15, 20, 25, or 30-year policies. Some companies even offer 40-year term policies. The maximum term period available is dependent upon your age. Term policies typically cover you until age 90 as the max.

What is term life insurance

Is there a best kind of term insurance?

The term insurance policies we recommend are guaranteed level. This means if you get a 20-year policy, the premium and death benefit is guaranteed to stay the same. We highly recommend steering clear of term policies that are non-guaranteed. Some brokers try to sell these plans for a few dollars less. You don’t want the premiums to all of a sudden increase or the death benefits decrease.

Does term insurance build cash value?

Term life insurance is also referred to as “pure” insurance. This is because you are paying just for the life insurance and not any investment component that builds cash value. Term policies do not build cash value.

Why the analogy of “renting” vs “owning” insurance is wrong

Some brokers say that term insurance is like “renting” instead of “owning” because at the end of the term you lose the insurance. There is one main thing wrong about this analogy.

  1. When renting vs. owning a home, the payments are similar. In life insurance, the difference in price between a permanent policy and a term policy is that a permanent policy costs about 10 times more. We don’t want you to be “insurance poor” during a period where you have dependents that need your income.

This is the why advisors like Dave Ramsey and Suze Orman say to run when an agent tries to sell you a permanent cash value policy. We believe in “buy term and invest the difference” philosophy, even if it means less commissions.

What happens after the term ends?

If you have a 20-year term insurance policy, at the end of the 20th year, the premiums increase by a multiple of about 10, and increase every year after that. For example. If your annual premium for a 20-year term policy is $1,000 per year, the premium increases to 10,000 on year 21, and to 11, 500 on year 22, then keeps going up. Insurance companies call this guaranteed renewability, though it makes the policy too expensive to continue.

What happens when term life insurance ends

How much do term life insurance policies cost?

Less than you think. Pretty much everyone overestimates what they will pay for a policy.

There are several reasons why term insurance is so inexpensive.

  • People are living longer.
  • There is fierce competition amoung insurance companies for your business.
  • Insurance companies bet that people will miss payments and the policy lapse.
  • There are few administrative costs to underwrite and manage term policies.
  • If you live past the term, the insurance company avoids paying the death benefit.

Just how inexpensive are term insurance policies?

A 30-year old male can get a $500,000 20-year term policy for $20 a month.

How much coverage should I get?

There are many calculators out there and they often overestimate the amount of insurance needed. The main reason for this is that they assume you need to pay off your mortgage. If you have equity in your home, why do you need to pay if off? Your beneficiaries can sell the home and split the profits.

We think there is one main determinant on how much life insurance you should get.

  1. How much can you afford?

What is better? 1,000,000 in term insurance coverage, or no coverage because you couldn’t make the payment.

Our recommendation is to apply for life insurance and get approved. After you’re approved you can:

  • Increase or decrease the coverage.
  • Increase or decrease the term period.

The insurance company has determined you to be worthy of a policy and you have the option at that time to modify the policy to fit your budget.

We also have the option to shop for you with another company if we think you can get a better price elsewhere.

What percent of my income should I spend on life insurance?

This is an important question to consider when determining how much insurance you can afford. As an example, a rule of thumb is to spend no more than 30% on your home payments.

Rule of thumb is to spend between 2% – 3% of your gross income on term insurance.

Rule of thumb for cash value life insurance is higher at approximately 6% – 8%. This is because it includes income to spend on investments.

You can also use our calculator to get a estimate of how much coverage you need.

* Please note that there are many “rule of thumbs” out there, and this is just one. Your particular situation may be different, and a financial advisor can help with determining the best amount for you.

How insurance companies determine the coverage they offer me?

There are many different theories and equations on the maxium amount of coverage you can get. Every insurance company has their own equation. It is typically a combination of annual gross household income, and net worth.

For most people with “normal” net worths, the main determinant is a multiple of income based on age.

Your AgeRecommended MultipleMaximum Multiple
20 – 30 years old
15x income20x income
31 – 40 years old15x income20x income
41 – 50 years old10x income15x income
51 – 60 years old7x income10x income
61 – 65 years old5x income7x income
66 and older3x income5x income

*Our recommendation is to get as much life insurance that the insurance company will offer, if you can afford it.

This is especially true for people that get a “preferred plus” or “preferred” health class. These are the best rates available so take full advantage. After you get approved, ask the insurance company the maximum coverage you can get. Take as much coverage that you can afford because your health class typically goes down as you get older.

Can I convert my policy to a permanent policy later?

Some term insurance plans have what is called a “conversion option.” How good the conversion options depend on the insurance company. Typically you are able to convert all or part of your term policy to a permanent policy, without additional underwriting. There are companies that have amazing conversion options, while others have terrible or no options at all. When you are buying a term policy, ask what the conversion options are. We represent over 60 companies and can help you find a policy with this option if it is important to you.

Our favorite companies

We are an independent insurance agency, which means we represent many insurance companies. While other online agencies represent only a few carriers, our goal is to offer the most plans available regardless of commissions.

We represent the largest companies in the world, as well as smaller niche carriers. This enables us to find better policies than any other online agency.

Some of our carriers:

AIG American General Life Insurance Company
Mutual of Omaha
Mutual of Omaha Life Insurance Company

John Hancock
John Hancock Life Insurance Company
Transamerica Life Insurance Company

Protective Life Insurance Company
MetLife Insurance Company
Pacific Life
Pacific Life Insurance Company
Pruco/Prudential Life Insurance Company
Lincoln Financial Group
Lincoln National Life Insurance Company
Banner Life Insurance Company
Sagicor Life Insurance Company
American National Life Insurance Company
American National
American Life Insurance Company of TX

Fidelity Life Insurance Company

Word of warning

Not all local or online agencies are the same. Sure you can post reviews that you gather on your own websites, we do as well. The way to know who is the best is to look at reviews on third-party websites that the business has no control over. Our service is free, so take advantage. When you apply with a less experienced agency or directly with a company, you don’t get the expertise we have in submitting your application to the insurance company. We know all the ins and outs of life insurance so we guarantee to get you the best policy.

Rated 4.9 out of 5 based on 1096 Ratings
Dec 04, 2019
(Robert) Quentin Beck - Tennessee
Jen made everything as simple as pushing a button.
Jennifer Plisch True Blue agent
Dec 04, 2019
Jennifer Beck - Tennessee
To have an agent that I can call or text that is across the country but treats me better and with more importance than my hometown agents is a blessing. She will forever take care of my policy needs.
Jennifer Plisch True Blue agent
Nov 29, 2019
Mmapatjane (Esther) Masemola - Florida
She’s awesome walk with you every step of the process nicely and polite
Nikki Walker True Blue agent

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