Life Insurance Types:
- Level Term
- Annual Increasing Term
- Return of Premium Term
- Universal Life
- Indexed Universal Life
- Variable Universal Life
- Disability Waiver of Premium
- Long-Term-Care Coverage
- Guaranteed Death Benefit
Term Life Insurance (more coverage / less cost)
Shopping for a cheap term insurance plan? Yes, you should absolutely shop for the best life insurance rates, but be sure you buy a term life policy from a “well rated” term life insurance company, A+ or better from A.M Best.
Life Insurance Rates by Age
Your best life insurance rates are at their lowest the younger you buy it. Locking in your rate & coverage is done by purchasing a “level term-life insurance policy”. Level term is available in 10/15/20/30 and even can be guaranteed up to age 120 or longer.
How much life insurance coverage do I qualify for?
This is a guideline of the maximum level of protection you can secure based on age:
- Below age 40 = 20X Annual Income
- Age 40 – 50 = 15X Annual Income
- Over age 50 = 10X Annual Income
How much life insurance do I need? (It Depends on Who and What you are Protecting?)
You don’t NEED life insurance. However, you may want to consider the right amount that you can secure while healthy, generating income, and wanting to “fully protect” your loved ones in case of pre-mature death. To do so you would need to have a death benefit of a minimum of 10X annual income as you would need to earn a consistent 10% annual rate of return on the “income tax-free” proceeds to replace your current income, or even 20X annual income (if able to) and earn a consistent 5% annual rate of return to sustain current lifestyle. The choice is yours.
Review your term insurance coverage
You will want to review your term insurance coverage level and premium cost every few years to be certain that you are both properly protected and being offered the best term insurance cost. I can provide you with the most competitive & discount term life insurance quotes available. Call or email me directly to discuss the proper level and type(s) to best fit your personal protection goals and objectives.