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Term Life Insurance

Term Life Insurance

Make sure your family is taken care of if you pass away prematurely

The purpose of life insurance is to replace an income for your loved ones who are relying on it:

We generally recommend getting 10-12 times your annual income in life insurance because if that amount of money is well invested, it should reliably replace your income for your family. Stay-at-home parents also provide an economic value, and should have life insurance, too.

However, not everyone needs life insurance. If you are single and don’t have any kids, and no one is relying on your income, you likely have no need for life insurance. Likewise, if you don’t have any debt, and you have income outside of your employment that can support your family, you are what’s called “self-insured,” and you probably don’t need life insurance either.

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Why choose term insurance

(instead of whole, universal, or other “cash-value” policies)

Cash value insurance typically costs around 20 times more than an equivalent term policy.

Life insurance is not a permanent need, and a 15-25 year term should be sufficient for most people to become self-insured.

Cash-value policies build up a cash value that you can borrow against in the future. They are typically marketed as a type of “Savings account” for emergencies, but the problem is that when you die, the insurance company keeps the savings portion, and only pays out the original death benefit. In addition, cash value policies have much higher fees, and don’t grow very well. And if you borrow from the cash-value, you have to pay interest on that loan. They can sound great at first, but when you unpack them a little more, they are almost never worth looking into.

If you already have a cash-value policy, we can help you determine if you should keep it or switch to a term policy.

Why use a broker?

There are two types of life insurance agents: Captive agents, and Brokers. Captive agents are only able to sell policies from the specific life insurance company they are contracted with. This limits their ability to find the best policy for your situation, and these policies are normally more expensive. Brokers are able to shop dozens of companies to find the best policy for you, at the best price.

 

*None of this should be taken as specific recommendations for your situation; please reach out to determine which life insurance option is right for you!

“I cannot give you the formula for success, but I can give you the formula for failure. It is: Try to please everybody.” david oswald
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Customer-focused businesses build a virtuous cycle we call the “customer wheel.” We help you at every stage of growth, developing custom solutions and collaborating with all levels of your organization. Identify quick, targeted customized solutions and operational improvements.

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