Guaranteed acceptance burial insurance. No exam. No health questions.
Guaranteed Issue Burial Insurance, also known as Guaranteed Acceptance is a whole life insurance policy designed for those who, due to chronic or other serious health conditions, cannot qualify for final expense insurance.
No medical exam. No health questions. No decline.

The Truth about Guaranteed Issue Burial Insurance

SPECIAL FEATURES

      • Available for those between the age of 40 – 80
      • Cash value whole life policy for amounts between $2,000 – $35,000
      • Two-year modified death benefit
      • No health questions
      • No medical exam
      • You cannot be declined

Guaranteed Acceptance and Waiting Period

There are no guaranteed issue final expense plans without a waiting period. Usually, it lasts about two years. If the insured dies in the first two years, the insurance company will add a 10% interest (depending upon the carrier) on the paid premiums and send a refund to the beneficiary. A lot of people object to the waiting period, and want their burial insurance policy to pay full death benefit immediately.

It is possible to get a coverage without a waiting period. All you have to do is to apply when your health is not in shambles. I am sure all of us know that insurance companies are not charitable organizations. Like everyone else, they also play by the numbers game. Having said that, please keep in mind that the majority of those looking for burial life insurance qualify for plans without a waiting period.

Many a times, I hear angry prospects telling me that they would rather put their money in the bank. Well, I would like to know which bank will give you 10% interest on your deposit for the first two years, and then upon your death, offer the entire principal income-tax free.
Apply for Burial Insurance 

How much does Guaranteed Issue (guaranteed acceptance) burial insurance cost?

The cost of burial insurance for seniors depends on four factors:

  1. your age
  2. your health(which in case of guaranteed acceptance is irrelevant)
  3. the state you live in, and
  4. the amount of coverage you want.

Here are a few examples of the rates from a few of the most affordable A or A+ rated insurers. The premiums have been rounded to the nearest 100.

Guaranteed Acceptance Burial Insurance Rates

AGEMale
$15,000
Guaranteed Acceptance
APPLY NOW
Female
$15,000
Guaranteed Acceptance
APPLY NOW
40$73$59
41$74$60
42$77$63
43$79$65
44$80$67
45$82$68
46$83$69
47$84$70
48$87$72
49$87$73
50$66$51
51$71$55
52$75$58
53$80$61
54$83$64
55$86$66
56$89$69
57$91$71
58$93$73
59$94$75
60$95$76
61$102$81
62$109$85
63$115$88
64$121$91
65$127$93
66$133$98
67$137$102
68$141$106
69$145$110
70$148$113
71$162$124
72$175$134
73$187$144
74$199$154
75$209$162
76$244$185
77$273$207
78$278$228
79$308$207
80$308$264

An example of guaranteed issue or guaranteed acceptance burial insurance application.

Apply for Burial Insurance

There are four kinds of final expense or burial insurance plans. All of these require no medical exam to qualify. But only the guaranteed acceptance burial insurance has no questions. The table below offers a clarity on the premium comparison. If you have any questions, give us a call at 866.526.7264.

Types of Final Expense Plans and their Rates

MONTHLY RATES | AGE: 65 
TYPE OF COVERAGE
Insure in MInutes
Face amount: $15,000

Male/Female
Level Benefit Whole Life
Minor health issues
NO WAITING PERIOD
(just answer a few questions to qualify)
$62.90 / $53.61
Modified Benefit Whole Life
Minor to serious health issues
TWO YEARS WAITING
(just answer a few questions to qualify)
$93.18 / $72.42
Graded Benefit Whole Life
Minor to serious health
TWO YEARS WAITING
(just answer a few questions to qualify)
$107.54 / $82.54
Guaranteed Acceptance Whole Life
Uninsurable health
TWO YEARS WAITING
(no questions asked)
$127.28 / $93.45
Please note: The rates quoted are estimates and are subject to underwriting by the insurance carrier. Rates do not include optional riders. For a no-obligation consultation, call us at 1.866.526.7264.

The following burial insurance quote engine quotes guaranteed acceptance final expense plans. If your health is in a reasonable shape, and you can qualify for other burial insurance plans as well, you will need to talk to a license professional (866.526.7264) to find out which final expense insurance plans you will qualify for. In order to an idea of premiums, please visit our BURIAL INSURANCE PAGE to run real time quotes for all types of plans. Remember, the premium and plan availability depend entirely upon your age, health, the state you live in, and the amount of coverage you are looking for.

PLEASE NOTE
By regulatory laws, agents and brokers offering life insurance products cannot charge a fee for service from a client. Therefore, your premium is exactly what an insurance company asks for and not a penny more.

Best burial insurance companies

SPECIAL NOTE: Apply for FEMA COVID-19 Funeral Assistance Helpline. Call 844-684-6333 | TTY: 800-462-7585 to see if you qualify.

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Return of Premium is a refund.

What is Return of Premium Term Life Insurance?

Return of premium term life is a kind of term life insurance that refunds your paid premiums upon maturity of the term.
If term life insurance is like paying rent or fee for service, return of premium term (ROP term) is like getting your payments back. It’s that simple. Only a handful of life insurers in the market offer this coverage. The only downside is that you are going to pay higher premium for the right to receive a refund. The upside is that you would lose nothing at the end of the term.

How much does return of premium term cost?

Coverage Amount:$500,000
at Preferred Risk
Length of Term: 30
Traditional Term
[Cost]
Traditional Term
[Cost]
Return of Premium
Term
[Cost]
Return of Premium
Term
[Cost]
AGEMALEFEMALEMALEFEMALE
35$34.77$29.21$75.69$59.60
40
$51.16$40.21$119.63$92.22
45$79.12$60.88$187.05$139.20
50$129.39$98.38$312.77$230.12
The maximum number of years available for a return of premium term are 30. Age, health and state limitations apply. All quotes are subject to underwriting.

Click here for a sample PDF illustration of ROP term life insurance.

As you can see the cost involved in buying a return of premium term life insurance is definitely higher than the the traditional term life. So, is it worth it? I think it depends upon your affordability, risk tolerance and individual tax-bracket.

Get real-time Quotes for Life Insurance

Click on the Length of Coverage field and choose the kind of life insurance plan you are looking for. Return of Premium Term plans have ROP in the end.

 

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The Goodman Triangle and and Gift Tax

The Goodman Triangle Explained

The ‘Goodman Triangle’ refers to a court case (Goodman vs. Commissioner of Internal Revenue) in 1946. Read here about this in detail. The gist of this case was that life insurance policies were purchased with the insured, the owner and, the beneficiary as three different entities. This caused a gift-tax situation. Most of us know that the life insurance proceeds are federal income tax free.

So, if you have $1,000,000 in the bank and, also a $1,000,000 life insurance plan, upon your death, what you had in your bank will be considered your estate and will be appropriately taxed. Whereas, the life insurance policy proceeds will be untouchable. Life insurance has a unique position in financial planning. No one can touch the death benefit upon insured’s death. It just belongs to the beneficiary.

Let’s consider this situation:

  • A = insured
  • B = the owner, the one who pays for the policy, and
  • C = the beneficiary, the one who receives the death benefit proceeds upon the death of the insured.

Let’s say B buys a life insurance policy on A and, makes C the beneficiary. A lot of time this situation comes where a parent wants to buy a cash value whole life plan on the kids and also make the kids the primary beneficiary of the on each other’s policy.
According to the US tax code, upon the the death of the insured, death benefit now becomes a gift from the parent to the child (beneficiary). As a result, it is taxable as income. Learn more about gift tax at IRS.gov.

To avoid this situation, for all life insurance policies

  • the insured and the owner have to be the same, or
  • the owner and the primary beneficiary must be the same person.
Well, next time you want to buy a life insurance policy on one of your loved ones, you now know what not to do.
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Limited pay life insurance

By now, I must have talked to a few thousand people looking into life insurance to protect their loved ones. I have not met a single person who wants to pay a premium forever. Whether it is a car, a house, or a life insurance policy, as soon as you are done paying the final premium, there is a special kind of relief as if a pall of freedom just dawned over your life.

Limited Pay Life Insurance Plans

Most of these plans are either universal life or whole life insurance plans. Both are custom-designed to suit what the client wants. You can choose to pay a single premium for your life insurance policy or spread the payments over the years.

A couple of years back, a 34 years old female in good health came to me through a referral. She had a guaranteed universal life insurance plan that covered her until the age of 121. She was paying about $90 per month to keep that policy. She was glad about the fact that unlike a 30 years term insurance, her policy will keep her covered for entire life. So I asked her, “Are you comfortable with the fact that you will pay your premium until age 100.” “I wish I don’t have to,” was her answer. Very logical and reasonable.

Long story short, since she purchased that policy only in the last one year, I managed to find her the best class premium from an A+ rated carrier and she agreed to pay a premium of $125 monthly only until the age of 65. After that, the guaranteed universal life policy would continue until the age of 121. Not a single extra premium had to be paid after age 65. In my experience, most people would like to have something like that if they can afford it. Nobody wants premium on a life insurance policy forever.

Limited Pay Life Insurance

Single Pay Term Life Insurance

A handful of life insurance companies offer their customers to pay a single premium on a term life insurance plan. By choosing this option, you can end up saving up to 33% on the total premium of a 10, 15, 20, or 30 years term policy.

If you want a personalized quote on single premium term plan, give us a call at 1 866 526 7264.

Single Pay Universal Life Insurance

Most of these plans are guaranteed universal life plans with almost to no cash values. Their biggest benefit is:
• that you will never pay another premium, and
• your loved one will have the financial protection from your life insurance policy as long as you live.
(I am assuming that no one lives all the way to 121).

Check Single Premium Rates

Single Pay Whole Life Insurance

Most of these plans are participating or non-participating plans with cash values. Their biggest benefit is:
• that you will never pay another premium, and
• your loved one will have the financial protection from your life insurance policy as long as you live.
• that if you have a participating whole life plan, your death benefit or face amount of the policy will also increase over time. That works as a kind of inflation protection.
• that you can borrow loans from your own cash values in the policy and pay back with time.
• that this method of self-financing can be successfully used of you start with a whole life plan early in life.

What is Modified Endowment Contract (MEC)?

A simple explanation is that is it an overfunded life insurance policy. The only time MEC makes a difference is when you have large cash values in the policy. Without those MEC is inconsequential.
A modified endowment contract gets the same treatment as a non-qualified annuity contract.
Income tax

How to Avoid a MEC?

• Make limited premiums into the policy for few years ( 7 years and above).
• If you want to get a single premium whole life insurance, make sure that the company offers a premium deposit fund.

“It is an account that allows you to pre-pay policy premiums with one lump sum, without causing the policy to be a Modified Endowment Contract (MEC). This allows your policy to keep the favorable tax treatment provided by life insurance while earning a competitive interest rate.
Each year, the specified annual premium is automatically transferred from this account to your life insurance policy. This is a convenient and systematic way to fund your policy, while providing you with peace of mind.” (source: Penn Mutual)

BOTTOMLINE
It's peace of mind for a lifetime.

Limited pay life insurance plans are simply custom designed plans that allow you to pay your premiums for as long as you want to pay into the policy while making sure that the policy remain active for whatever number of years you choose. Usually, guaranteed universal life and whole life insurance plans offer coverage until the age of 121.

Life insurance carriers
Single Premium Life Insurance

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Burial insurance for seniors
If any source gives you a list of the 'best' burial insurance companies, that source either doesn't know what it's talking about, has personal interest in selling you those companies, or worst of all, has been paid to lie to you.

The Best Burial Insurance

There are around one hundred life insurance companies with dedicated burial insurance plans. When you go online and search for the best burial insurance companies for seniors, all you get is a bunch of websites offering you their favorites.

It is easy to believe what you see online at a ‘credible’ website. The generic use of the word ‘best’ for the companies they offer is just misleading. The right word to use is ‘suitable’.  What is the best for one may not work for another.

Which is the best burial insurance company?

The simple answer is

  • the one that has been in business for a while;
  • has the right kind of plan for you and,
  • you happen to qualify for that plan at an affordable rate. 

There usually is an underwriting guideline that disqualifies you with one company, but qualifies with you another.

For example, if someone is 5′ 11″ tall and 380 lbs., the fact is that most companies will either deny coverage or offer a graded/modified burial policy. There are a very small number of companies that don’t underwrite based on height and weight chart. The only option left in this case is to go to one of those companies for burial insurance and see if it qualifies you.

Now, is it going to be affordable?

That’s up to you. Affordability is relative. The premium of a life insurance policy, including burial insurance is based on age, health and lifestyle. How much coverage you are looking for also matters.

Matching you with the a company that offers you the best burial insurance option at a price you can afford is what an insurance agent supposed to do.

Many a times, I have talked to people who are set on getting a certain about of coverage but can’t afford that. Sometimes they give up in frustration, and keep going without a financial protection for the the loved ones who might have to beg, borrow or, steal to give them a decent burial in the end.

I am taking insulin for diabetes. But otherwise, I am in perfect health.

It is interesting how many times I have heard a statement like that. I am always smiling when I hear that over the phone. The fact is, forget about diabetes, heart attack, cancer or stroke, if you just have high blood pressure, you are not well.

So which insurance company will be the best fit for you?

The other factors that play a role in that decision are:

  • the method of premium payment, and
  • the total amount of coverage you want.

Not every insurance company will accept a credit card, debit card, or a Direct Express card. But everyone accepts a checking or savings account. So, in this case, the most suitable and best burial insurance company is the one that takes your premium using the payment method that best suits you.

Realtime Burial Insurance Rates

Burial insurance companies

PLEASE NOTE:
This is how a blog that doesn’t have your best interest in mind, reads like: MISLEADING BLOG

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whole life insurance for teenagers

A cash value whole life insurance policy can be a great option for younger population. These life insurance plans not only work as a life insurance policies but also accumulate deferred cash over time. The insured can use this cash to fulfil whatever he or she needs and wants in the future.
The premium of a whole life insurance plan for a depends upon how the policy is designed. Something else also needs to be kept in mind when looking to set it up for a teenager.
There are two kinds of whole life insurance plans in the market:

  1. Non-participating whole life
  2. Mostly stock companies offer non-participating policies the annual profits are not shared and no dividends are paid to the policyholders.
  3. Participating whole life
  4. Almost all mutual companies offer participating whole life. Every year, they allow a portion of the company’s profits to be paid out in the form of policy dividends as refunds. This allows an accelerated deferred cash accumulation overtime.

The premium for a $500,000 participating policy for a male in good health is $305.37 monthly. Whereas the premium for the same policy for a female is $265.79 monthly.
The non-participating policy premium is usually lower. For example, it is $197.12 for a male and $177.32 for a female.

Single Premium Whole Life

For how long you want to pay the premium depends entirely on you. A whole life can be from a single premium whole life to any number of years that you desire to pay. Once the premiums are paid, you no longer put anything into the policy. But your cash value keeps increasing over the years. In a participating plan, even the death benefit increases over time. This gives a kind of inflation protection to the beneficiary.

For example, a single premium for $500,000 non-participating whole life for a 19 years old non-smoker female in excellent health is $48,425. For a 19 years old male, the same policy will cost a single premium of $56,485.

It is important to understand the difference between these two whole life insurance plans. It is even more important if the target of a whole life policy is to accumulate as much cash value as possible over time.

Participating whole life plans are primarily sold by mutual life insurance companies. A few of these carriers include Penn Mutual, Mass Mutual, and New York Life. Since these companies don’t have stockholders, part of the gains they have for a given year is shared with the policy holders. These are called dividends. As a result, the cash value accumulation is much larger in participating cash value whole life insurance policies.

Non-participating whole life policies do not offer dividends. These plans offer an interest rate of usually between 2 – 3%. Because of this, the cash value accumulation is not that sharp. That is the reason why these plans are less expensive compared to participating whole life plans.

Also keep in mind that whole life insurance plans can be and should always be custom-designed to suit your need and affordability.

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Pros and cons of term life insurance

pros and cons of term life insurance

Affordability Matters

Term life insurance is perhaps the most sold life insurance plan in America. One of the biggest reasons is that term life offers you the highest death benefit for the lowest premium.

Limitations of Term Life Insurance

It covers you for only a specific period of time at a level premium and works like renting or leasing. Usually, the time spans are 10,15, 20, 25 and 30 years. A couple of companies have also introduced 35 and 40 years term (age and state restrictions apply). AIG offers a term plan which allows a applicant to select any number years between 10 and 35. If you happen to die within that time, your beneficiary will receive the life insurance proceeds federal income tax-free.

But if you live through that period, the premiums you paid for those years are gone.
To counter that disadvantage, a few life insurance companies offer a return of premium term life insurance options. These plans cost you more, but at the end of the term, you get a refund of all the premiums you paid, minus any loans. No matter which type of term life insurance you take, at the end of the term you have no coverage on yourself.

Renewable Term Life Insurance

Now, most term life insurance plans are annually renewable at the end of the term. However, it is financially impossible for most people to maintain a term life policy after the term ends. The rates are exorbitantly high. For example, a 40 years old male can pay as little as $105.75 per month or $1,269 annually for a 30-year term insurance for a $1000,000 coverage. At the end of 30 years, if he wants to renew his policy, his premium jumps from $1,269 to $44,264 per year. Also, the premium keeps increasing every year thereafter. So renewability of a term insurance policy is really a joke. Refer to this image below for details.

Term Life Insurance Illustration

For some people, this product works like a charm. It protects the family’s ability to keep on paying the mortgage on the house or any other loan in case of sudden death of the income provider. It also provides much needed financial protection to the family when children are growing up. Basically, term life insurance works well when you want to cover temporary financial obligations.

For those who are looking for a longer term of coverage guaranteed universal life insurance is the best option.

Realtime Life Insurance Rates

Financial Heaven or Hell

I recently met someone who purchased a $1M, 20-year term life insurance with a thought that after twenty years he will not need any kind of life insurance because he will by that time make it financially. The guy is a 42-year old realtor and is not my client. I really hope and wish that everything works out for him the way he has planned his finances. BUT…what in case they don’t!

He has a mortgage, a young 11-year old daughter, and a non-working wife.

What if his wife outlives him by 10 years much later in life when he has no life insurance on him? If his financial gains are strong and the income is going to continue even after when he is gone, the spouse will do just fine. Otherwise, she will have to go through a financial hell that the realtor has not anticipated.

In the last 20 years, I have talked to a number of people who bought term life when they were young and later in life wanted permanent coverage that could last until the end of life. The only reason they bought term life insurance was because it was the least expensive option.

By the time, they come to this realization; many of them cannot afford to buy a permanent life insurance plan (coverage beyond age 100) or end up paying very high premiums. Your premium at this stage is based on your current age and health. The older you are, the higher you pay, even if you are in good health.

Options to Convert Term Life Insurance

Most term life insurance plans come with an option to convert the entire or partial amount of death benefit to a permanent life insurance plan (coverage beyond age 100). The time period within which you can convert depends on what the carrier offers.

The biggest advantage of conversion is that the insured doesn’t have to go through a medical exam to qualify. You may have any number of illnesses or diseases but you cannot be clinically disabled. Just agree to pay your new premium and you are set. Also, you can mostly convert the entire term policy or part of the policy into a permanent plan.
The biggest disadvantage is that the longer you wait to convert, the higher you pay.

I always suggest my clients to layer their life insurance plans, depending on what they can afford and what their needs are today and also their anticipated needs in the future.

It is important to mention that one can have multiple life insurance policies to take care of various kinds of needs in life.

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Latino family

Here is a quick comparison of premiums between term life and whole life or guaranteed permanent life insurance like universal life. To create these quotes, carefully selected, highly competitive carriers are used. This table below is able to offer some clarity on what to expect from various guaranteed life plans. I offered these options to a real client of mine. See the rounded premiums below.

A Quick Comparison of Life Insurance Premiums

MALE | AGE: 35 | RISK CLASS: SUPER PREFERRED | NON-SMOKER 
Insure in MInutesReal-time Life Insurance Rates

Face amount: $1000,000
10 Years Term
(convertible to guaranteed universal and whole life)
$19 monthly
20 Years Term
(convertible to guaranteed universal and whole life)
$34 monthly
30 Years Term
(convertible)
$64 monthly
30 years
Refund of Premium Term
$132 monthly
Universal Life (pay only till 65)
(Lifetime of coverage without cash values)
$583 monthly
Whole Life (pay only till 65)
(Lifetime of coverage with cash values)
$1,446 monthly
Please note: The rates quoted are estimates and are subject to underwriting by the insurance carrier.
Rates do not include optional riders. For a no-obligation consultation, call us at 1.866.526.7264.

The lowest premium term life plan may not be the best option for you.

When you see an ad on TV promising hundreds of thousands of dollars worth of term life insurance for a ridiculously low price, you need to keep in mind that they are only throwing a bone at you to call them. These ads only promote a 10-year term plan for those in perfect health (super preferred risk class). Obviously, the low premium quoted makes it look like a breeze to buy life insurance. There a lot of good life insurance advisers out there to serve your best interest. It is important to talk to them in detail before taking a life policy.

BOTTOMLINE

The premium difference is obviously huge. While there is no right or wrong life insurance plan, it is what you need and afford that dictate the kind of life insurance plan you should go for. Life insurance can work as a mortgage protection vehicle, something to protect a loan, or a estate planning tool. Term life insurance plan can hardly take care of the death tax or estate tax issue. To care of that, you must look into a guaranteed permanent life insurance option as a guaranteed financial legacy. Limited premium or single pay whole life and universal life insurance plan are very useful for those looking into covering estate tax through life insurance.

FOUR BASIC RULES OF LIFE INSURANCE
  • Premiums always remain level during the duration of a term in term life plan.
  • Universal life and whole life plans are usually custom-designed to suit your need and affordability.
  • All quotes are subject to underwriting, age and state availability.
  • Always ask for optional riders that may enhance the value of your life insurance policy.
CONCLUSION

Purchasing life insurance is a major financial decision. Let’s not a few sleek TV ads or aggressive marketing sway you. A quick comparison of premiums, and what a life insurance plan can or cannot do for you is very important. Talk about your current and future family protection needs to a professional before you buy one. In a remote work environment, always ask for a virtual meeting.

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newborn baby sleeping on father's chest

Difference between No Exam Life Insurance and Traditional Term

A no exam life insurance or, a non-med term life insurance plan is different from a traditional term plan where in order to get the coverage, the applicants to go through a free mini-medical exam.
A nurse/paramedic visits you at your location of choice; and depending on how old you are and how much coverage you have applied for, takes your blood pressure reading, draws blood, confirms your height and weight etc. The underwriter at the carrier depends on this to figure out how much risk an insurance company is taking in giving you a life insurance coverage. This plus a few other pieces of information on your health which are requested in the backend dictate what your premium is going to be. The average time from application submission to approval is between 4-8 weeks.

A few reputable insurance companies forgo the medical exam part altogether, especially if you are in good health. They do, however, charge a little extra premium for this option. For those who are not comfortable with a medical exam, this can be a great option. Please keep in mind that this a privilege and not a right. If the other reports on you show bad health, this option of no exam may be withdrawn by the company.

Why would you consider a no-exam, instant issue term life insurance?

  • If you are trying to secure a business loan and urgently need a life insurance policy to finalized it.
  • You need to list children a beneficiaries in a divorce decree.
  • Aslo, if you hate needles and medical exams, this life insurance option can be your savior.
SIMPLIFIED ISSUE AND INSTANT ISSUE COVERAGES by BESTOW and ETHOS

Instant Issue life insurance
Ethos life insurance

The biggest plus of a no exam life insurance coverage is that the underwriting is almost immediate and you can have your policy in hand in a few minutes to a few days instead of a few weeks or months.

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A lifetime of life insurance

Sometime back a potential client in average health called me from New Jersey. At 41, he had suffered through a history of high blood pressure and depression for quite a while. A non-smoker and otherwise in good shape, this family law attorney got married a couple of years back and now his wife was pregnant with their first child.

He wanted a guaranteed lifetime of life insurance coverage of $1,000,000 on himself. At the same time, he did not want to pay premiums for the rest of his life. I offered him had a 30-year term, a 30-year return of premium term, a universal life insurance plans without cash values with the last premium to be paid at age 65; and participating whole life insurance with cash values (pay only till 65).
Of course, I looked into multiple insurance carriers to find him the best options. Here is what I found. His 30-year term was for $228 monthly; return of premium term for $446; universal life plan (pay only till 65) for $850 monthly; and whole life for $1,786 monthly. A 30-year term for $228 monthly premium made the most sense to him at this point in life.

But his heart was set on a policy with a lifetime of coverage. He also wanted to come back in a few years when his practice would begin to do better and convert the term policy into a permanent life insurance plan.  This is where it becomes tricky. Since there are always multiple insurance carriers fighting for your business, it is not always a good idea to go with the one that offers the lowest premium. In his case, for a few dollars more, I found him an A+ rated solid carrier with excellent options to convert to a whole life or guaranteed universal life in future.

The lowest premium term life insurance policy may not be the best option for you.

In my experience, most people who buy a term life insurance policy do it because they could not afford the higher premium of a permanent policy. Since our needs and affordability change over time, it is always a good idea to talk to your insurance advisor before accepting a life insurance carrier. You want to make sure that if you cannot purchase a lifetime of coverage today, you do have reasonable options to pick one in future.

Conclusion

Since most of us do not live beyond the age of 120, a permanent life insurance policy guarantees a financial cushion or in many cases a financial legacy for your loved ones. If purchased at the right time in life, a lifetime of life insurance coverage can be surprisingly affordable.

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