The truth of the matter is that like everything else, life insurance can get complicated if you don’t know what you’re looking for. That being said, let’s take a look at why we chose Term Life insurance as our flagship product, and how this type of policy differs from Whole Life insurance (also called Permanent Life insurance).
Term Life insurance provides life insurance coverage for a specific amount of time. If you pass away at any time during this term (10-15-20 years), your beneficiaries (those you’ve selected to receive the benefits) will get a payout from the term life insurance product.
Whole Life insurance costs more because it’s inherently more layered (and complicated!) It’s designed to build cash value by putting a portion of your premium into an investment account. The insurer then allows it to grow as your policy matures.
Is this necessarily positive? Keep in mind that a life insurance policy shouldn’t necessarily be an investment. And it definitely should not be a money-making scheme— it’s simply meant to provide security, protection and peace of mind for you and those you care about the most.
It’s all about cost!
Firstly, the most important consideration for most buyers is cost. Term life is simply more affordable. Your Term Life insurance rate will be a fraction of your Whole Life insurance rate. Why? Well, because even though you can choose a 20-year term, there is an endpoint. A thirty-year-old in good health can get a nice and robust policy for less than a dollar a day. Seriously, we wanted to say less than a cup of coffee but even that can be more expensive than this policy. When we talk about Permanent or Whole Life insurance, the cost multiplies substantially.
For example, a thirty-five-year-old female looking for $250,000, might expect to pay an annual premium of as little as $140 for a 20-year Term Life policy, whereas opting for Whole Life would set her back upwards of $2,700!
Flexible terms are king.
When you go for Term Life, you get to choose the period of time that you will pay for coverage. This, in turn, affects your premium, giving you freedom of choice over what leaves your wallet. As a level-premium company, we lock in your rates. This means that you will pay the same exact premium throughout the life of your policy. No changes, no surprises. So, you just have to choose the period when your loved ones, your business, or anyone you care about will need your support. This way you don’t commit to a lifetime of payments.
Understand where you stand.
When thinking of a policy or contract, a stack of pages with tiny text and complex legal language comes to mind. Fine print nightmares are a thing! We want our clients to know what they’re getting into. Term Life pays the death benefit if you pass away during your term of coverage. Once that period ends, you stop paying. It really is quite simple. Term Life is nothing close to the level of complication found in other types of plans. Permanent/Whole Life insurance, inversely, has an investment component that requires careful evaluation, financial savviness and a magnifying glass to read all that fine print.
Easy to sign up for? Yes, please!
The matter-of-factness inherent in Term Life insurance means that it can be prepared and initiated quickly. At Lifefy.com, you can have your rate and make the purchase online in less than ten minutes and without a medical exam. How can we do this? By using data science, we amalgamate data from various databases to find your rate quickly and easily. This allows our clients to skip the hassle of a pesky medical exam or exhausting phone interview.
Immediate rates make us smile.
Since we skip all those extra steps in addition to employing the latest technology, we can provide a precise rate at incredible speeds. The estimator allows applicants to slide the coverage bar and know exactly what they will be paying at different coverage amounts. This can be done on any computer, smartphone or wifi-enabled device with access to our online platform. By letting our platform live on a browser, the entire country has access. Considering that the sooner you purchase a policy the lower the price will be, speed is key!
Get covered today, visit Lifefy.com.