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Why Term Life Insurance Is Better Than Any Other Type Of Insurance
There Are 2 Main Types Of Life Insurance:
Term Life Insurance
Term Life Insurance is a type of life insurance recommended by experts like Dave Ramsey and Suze Orman because it offers the highest coverage amount for the lowest cost. You pay a little bit of money every month for a specific amount of time (typically for terms of 10, 20, or 30 years), and if you pass away in that timeframe, your family gets a paycheck in the amount of money that you qualified for when you applied for the policy. And if you outlive the term, you could be investing in high quality mutual funds to become financial independent.
Permanent life insurance, sometimes known as whole life insurance, universal life insurance, or index universal life insurance, is a long-term coverage plan that lasts throughout your lifetime. According to nerdwallet.com, permanent life insurance provides a death benefit and it contains a savings component in the policy, called cash value, that has the potential to grow over time. However, this is not what we recommend due to the high costs of these policies and the low performance of the savings component.
Life Insurance Through Work Doesn't Count
Work-provided life insurance offers you a small amount of coverage, but it often falls short in meeting the comprehensive needs of your family. According to a study by the Life Insurance and Market Research Association (LIMRA), work-provided life insurance typically provides coverage equivalent to only one to three times your annual salary, which is insufficient for your family (considering your debt, income replacement, funeral expenses, and the rising cost of living). Additionally, coverage ends when you terminate employment or become disabled over 90 days and are taken off active payroll, leaving you without protection during crucial periods. Furthermore, the reliance on workplace coverage leaves you vulnerable, as you do not have control over the policy or the ability to customize it to your specific needs. To ensure robust coverage, experts like Dave Ramsey or Suze Orman often recommend supplementing your work-provided life insurance with a personal policy tailored to your circumstances.
When Should You Get A Personal Term Life Insurance Policy?
You have a need for life insurance when you experience major life events, for example:
1. If you are married.
2. If you own a home.
3. If you have or are expecting a child.
4. If you have others depending on your income.
5. When your spouse tells you to get it. (we know that might be a few of you) 😂
What Term Of Life Insurance Is Best For Your Family?
When it comes to protecting your family's financial future, many various term lengths available, including 10, 15, 20, 25, 30, and 35 years, choosing the right policy for your family's unique needs is crucial. However, we will guide you through the process of selecting the most suitable term length.
Considerations When Choosing a Term Length:
- Family Needs:
- Evaluate your family's current and future financial obligations, such as mortgages, education expenses, and other debts.
- Affordability:
- Consider your budget and choose a term length that aligns with your financial capabilities.
- Age and Health:
- Younger and healthier individuals generally qualify for lower premiums. Consider locking in a longer-term when you are in good health to secure affordable rates.
- Future Planning:
- Anticipate significant life events like the birth of additional children or the purchase of a home when selecting a term length.
Choosing the Best Term Insurance Length:
- 10-Year Term Life Insurance:
- Ideal for short-term financial obligations or if you expect your need for coverage to diminish over a short time frame.
- Well-suited for individuals in their 50s or older with short-term financial responsibilities such as mortgages or educational expenses for their children.
- 15-Year Term Life Insurance:
- Offers slightly longer coverage, making it suitable for families with a bit more extended financial planning.
- Great for providing protection for individuals in their late 40s or 50s or older during a child's early years or for covering a mortgage with a moderate repayment period.
- 20-Year Term Life Insurance:
- A popular choice for families with young children or those looking to cover a mortgage with a standard 15- to 30-year term.
- Provides a balance between affordability and long-term coverage for individuals of any age.
- 25-Year Term Life Insurance:
- Suited for families with longer-term financial commitments, such as planning for a child's education or paying off a more extended mortgage.
- This is a great option for those in their 40s or younger as it is affordable and provides coverage for along period of time.
- 30-Year Term Life Insurance:
- Offers extended protection for families with young children or long-term financial obligations.
- A reliable option for those in their early 40s or younger looking to secure their family's financial future until their children are financially independent.
- 35-Year Term Life Insurance:
- Ideal for young families with very long-term financial commitments, such as ensuring coverage until retirement or paying off an extended mortgage.
Our custom life insurance quotes provide a legacy and an everlasting future for your family. More than policies, we weave a tapestry of everlasting memories, ensuring your story lives on. It's not just life insurance for life; it's a melody of reassurance. Let our licensed certified financial advisor team guide you to a future where every heartbeat echoes with love and protection.
Can You Get Term Life Insurance With No Medical Exam?
The answer is a resounding yes! Let's explore the benefits of no-medical-exam term life insurance, as well as how those opting for a medical exam can enjoy additional advantages.
No Physical Term Life Insurance:
No physical exam term life insurance is designed for those seeking a convenient and streamlined application process. This option allows individuals to secure life insurance coverage without the need for a physical examination or extensive health inquiries. However, the application process still involves answering health-related questions, a check of previous medical records for the last 10 years, and less coverage may be issued. Thus making this an attractive choice for those who may have concerns about the medical exam or are looking for a quicker approval process.
Benefits of No-Medical-Exam Term Life Insurance:
- Speed and Convenience:
- The application process is faster and more convenient since there is no need to schedule and undergo a medical exam. This can be particularly advantageous for those who need coverage quickly.
- Accessibility:
- No-medical-exam policies are often more accessible for individuals with certain health conditions or those who may find it challenging to qualify for traditional life insurance.
- Privacy:
- Applicants may appreciate the privacy that comes with not having to disclose detailed medical information or undergo a physical examination.
Discounts for Medical Exam Applicants:
While no-medical-exam term life insurance offers convenience, those who are willing to undergo a medical examination may benefit from certain advantages, including discounts on their premiums. Here's why opting for a medical exam can be a financially savvy decision:
- Accurate Risk Assessment:
- A medical exam provides insurers with a more comprehensive understanding of your health, allowing them to assess risk more accurately. This can result in lower premiums for individuals with good health.
- Discounted Rates:
- Many insurance providers offer discounted rates for those who are willing to undergo a medical examination. This is because a thorough examination provides a clearer picture of your overall health and reduces the insurer's perceived risk.
- Long-Term Savings:
- While the initial convenience of a no-medical-exam policy may be appealing, those who opt for a medical exam and secure lower premiums can enjoy significant long-term savings over the life of the policy.
Term Life Insurance Cost / Rates
The term life insurance rates displayed below are real but examples based on the average health of an individual. These examples are to provide you with a general idea of the cost of term life insurance plans. The term life insurance quotes below are for an individual who has no tobacco/nicotine usage in the last 12 months. Please remember that actual rates may vary based on factors such as age, tobacco/nicotine usage, health, coverage amount, and other individual considerations.
Age 20 Male With Physical Exam
Age 20 Male With NO Physical Exam
Age 20 Female With Physical Exam
Age 20 Female With NO Physical Exam
Age 30 Male With Physical Exam
Age 30 Male With NO Physical Exam
Age 30 Female With Physical Exam
Age 30 Female With NO Physical Exam
Age 40 Male With Physical Exam
Age 40 Male With NO Physical Exam
Age 40 Female With Physical Exam
Age 40 Female With NO Physical Exam
Age 50 Male With Physical Exam
Age 50 Male With NO Physical Exam
Age 50 Female With Physical Exam
Age 50 Female With NO Physical Exam
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Grant & Alyssa C.
Saratogo Springs, UT
I've loved how much peace we have from knowing we're investing in smart ways. Plus, even if, heaven forbid, one of us passes away our kids still have a bright future.
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Mesa, AZ
Knowing my family is financially protected means everything to me. The process was very simple and quick for getting the life insurance my family needed and it was within our budget.
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San Tan Valley, AZ
Thanks to Hobby Pinnacle Solutions, they made the process for getting life insurance super easy. Knowing we'd leave millions for my kids future makes me feel fulfilled as a parent.
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Queen Creek, AZ
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Orem, UT
Hobby Pinnacle Solutions has really taught us the value of being prepared financially. They personally took the time to help us understand the value of life insurance and helped us get a policy so we can leave behind generational wealth just like they teach.
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Mesa, AZ
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Clayton, NC
Working with Hobby Pinnacle Solutions has been so illuminating. It has taken financial information we never thought was for us as middle class Americans and made it accessible, useful and profitable for our family.
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Kuna, IR
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Sacramento, CA
It's nice that the Hobby Pinnacle Solutions has become our friends and not just someone we talk finances with. Plus they explain things in a way that's super easy to understand and not high pressure sales talk.
