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This post is to support the Life Insurance Movement.

When is the right time to buy life insuranceNo one really wants to buy life insurance. Why would they?

You can spend your money on other stuff that you really enjoy. Plus, with life insurance, you always think about the “worse case” scenarios. How pessimistic!

The only time most people start thinking about life insurance is when certain life events occur. Whether it’s the birth of new child or you lose someone close, it’s these type of events that get the wheels turning.

Just as many people between the ages of 30 and 50 lack a will, many also lack life insurance. A March 2011 survey from Genworth Financial and the University of Virginia’s Darden School of Business found that almost 70% of single parents and 45% of married parents were living without any coverage.

Why Do So Few People Actually Buy Life Insurance?

Shopping for life insurance may seem confusing, boring, or unnecessary. Yet when you have kids, get married, buy a house or live a lifestyle funded by significant salaries, the need arises. The main reasons people buy life insurance are because they feel a need to provide financial security for the future of their family, and it also provides a peace of mind.

When we talk to our clients, most of them say they didn’t buy life insurance because they didn’t know they needed it. In 99% of cases, this is wrong. We are here to tell you, you do need coverage.

Here are a few reasons to buy life insurance

  • Provide for your final expenses
  • Money for your family’s living expenses
  • To replace your income
  • Pay off your home loan

These are only a few of the reason you might need a life insurance policy.

It Doesn’t Have To Be Hard to Find

There are two main categories of life insurance for you to pick from, term and whole. Term is temporary while whole is permanent. Term is cheaper and whole is going to be more expensive.

Term is a great choice for many young adults because it is relatively inexpensive. There is an economic downside to term life coverage: if you outlive the term of the policy, you and/or your loved ones get nothing back. Term life policies can be renewed (though many are not) and some can be converted to permanent coverage.

How Long Do You Have a Policy For?

If you don’t want to pay premiums on an insurance policy for more than 10 years, then term life stands out as the most attractive option. If you are just looking for a short-term hedge against calamity, that’s the whole reason behind term life insurance. If you’re getting into estate planning, then permanent life insurance may prove a better choice.

Life Insurance is NOT expensive

Premiums on 10-year level guaranteed term policies are some of the cheapest life insurance you can buy and all of the best life insurance companies carry them. Just to give you a ballpark example, a 40-year-old woman could potentially line up $250,000 in coverage through one major insurer for a premium of $16 a month in August 2011. The cost and availability of life insurance depends on such factors as

  • age
  • current health
  • type and amount of insurance purchased

These are only a few of the different factors the insurance company is going to review. Each factors can imapct how much you pay for your policy. If you’re in terrible health and you’re a smoker, then yes, your life insurance MIGHT be expensive. But very few people fall into this category. Most people can qualify for an affordable plan.

Which Agent Should You Use?

Even if you’ve never bought life insurance before, you probably know an insurance agent. You may have even been contacted by an agent in the past. Our agents at Life Insurance by Jeff are not your traditional broker.

If you go to a normal agent at an insurance company, they are working on commission. It’s their sole job to sell you a plan from their company. Because they are getting paid form the one company, they are going to do anything they can to get you to buy one of their plans.

Unlike your average agent,  we aren’t restricted to a single company. We ability to set you up with over 50 companies. It’s our mission to put you in the best position for your life insurance needs. We aren’t going to sell you an expensive plan, we are going to offer you the cheapest coverage out there.

Not only can we give you unbiased advice and sell you a cheaper policy, but you don’t have to worry about being sold additional plans or coverage you don’t need. We are going to help you get the exact plan you want, nothing more, and nothing less.

If you’re ready to buy a plan, and we suggest you don’t wait any longer, then you should let us know. We can make the process smoother and ease any worries you have about a life insurance policy.

Not sure what life insurance is best for you? Don’t go at it alone. Consult a professional, but first get a free quote here to make sure you’re getting the best price.

 

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