Life Insurance

If you are paying for your child’s tuition with your own income then it is recommended that you obtain a life insurance policy. This way your child will have the money to continue their education in the event of your death. Term life insurance is a great option because it is a relatively inexpensive form of life insurance and you can choose how long you want the policy to last. A good idea is to buy a term policy that will last until after your child’s college years.

Health Insurance

If your child is off to college for the first time then it is likely required by the school that your child obtains a health insurance policy. The college may offer its own health insurance plan, but make sure to understand the policy completely before committing to the plan. Keep in mind that plans have varying deductibles, out of pocket maximums, drug benefits, and doctor networks. Aside from policies offered through the school, there are plans available through the health insurance marketplace. Open enrollment starts Nov.1, 2016 and ends Jan. 31, 2017.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process and any assistance you may need thereafter. Contact us today and get the health insurance or life insurance coverage that is right for you!

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Key Person Insurance also known as Key Man Insurance is a life insurance policy on an employee that is deemed as vital to the ongoing success of a business. If that employee dies, the business receives the death benefit.

Basic Partnership Example:

Jenny and Audrey are business partners at an internet startup. Both are vital to the ongoing success of the business. If for any reason one of them were to die, the business would suffer dramatically in the short-term. To protect against this, Jenny takes out an insurance policy on Audrey and names herself as the beneficiary. Likewise, Audrey takes out an insurance policy on Jenny and names herself as the beneficiary. In this way, the business has protection.

Corporate Example:

The owner of a software company wants to insure the business against the potential death of his most skilled programmer and also against the potential death of his most skilled salesman. Both employees are instrumental to the success of the business. The owner makes sure that life insurance policies are taken out on both of these important employees and names the corporation as the beneficiary of these policies.

Term Life Insurance as Key Person Insurance

The type of insurance that is a great fit as ‘key person insurance’ is term insurance. There are three reasons for this.

1) You can set a length of time for how long you want the policy to last.

2) Term insurance is relatively inexpensive compared to Whole Life Insurance.

3) The policy can be dropped for any reason at any time. For instance, if the key man leaves the company or the need for the policy simply no longer exists, the business can simply stop paying the premiums and effectively drop the policy.

Customized Structure

Key person insurance is beneficial to many different types of businesses including but not limited to partnerships, corporations, family businesses, law firms, small businesses, sole proprietorships, etc. The policy can be customized in terms of the length of time the policy lasts and the amount of death benefit provided, so as to fit the needs of each business.

Free Quotes and Personalized Service

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter. Contact us today and get the coverage that is right for you!

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• Protective Life: Total Premium is $433.00 annually.
  Analysis: This quote is very competitively priced. The cost is only $433.00 a year, which is just $36.08 a month. Underwriting for this product requires a motor vehicle report and a paramedical exam, which includes a blood profile and a urinalysis. Protective Life has an A+ rating from A.M. Best ratings agency.

• Principal National Life Insurance Company: Total Premium is $445.00 annually.
  Analysis: This quote is very competitively priced. The cost is only $445 a year, which is just $37.08 a month. Principal also has an accelerated underwriting program for all of their life insurance products, which allows certain applicants to bypass having to take a physical exam in order to qualify. Principal has an A+ rating from A.M. Best ratings agency.

• Metlife: Total Premium is $449 annually Analysis: This product is competitively priced. The cost is $449 year, which is approximately $37.41 per month. Underwriting for this product includes a paramedical exam, which includes a blood profile and a urinalysis. Metlife has an A+ rating from A.M. Best ratings agency.

• John Hancock: Total Premium is $454 annually. Analysis: This product is competitively priced. The cost is just $454 per year, which is $37.83 a month. Underwriting requires a paramedical exam. John Hancock has an A+ rating from A.M. Best ratings agency.

• Banner: Total Premium is $459.99 annually. Analysis: This product is competitively priced. The cost is just $459.99 per year, which is approximately $38.33 per month. Underwriting for this product includes a motor vehicle report and an abbreviated paramedical exam, which includes a blood test and a urinalysis. Banner has an A+ rating from A.M. Best ratings agency.

• Nationwide: Total Premium is $465 annually Analysis: This product is competitively priced. The cost is $465 per year, which is approximately $38.75 per month. Underwriting for this product includes a paramedical exam. Nationwide has an A+ rating from A.M. Best ratings agency.

• United of Omaha: Total Premium is $482.50 annually. Analysis: This product is priced a little higher than other top rated carriers. The cost is $482.50 per year, which is $40.20 per month. Underwriting for this product includes a paramedical exam. United of Omaha has an A+ rating from A.M. Best ratings agency.

• Transamerica Life Insurance Co.: Total Premium is $550 annually. Analysis: This product is priced a littler higher than the other top rated carriers. The cost is $550 per year, which is approximately $45.83 per month. Underwriting for this product includes a motor vehicle report and a paramedical exam, which includes a blood test and a urinalysis. Transamerica Life Insurance Co. has an A+ rating from A.M. Best ratings agency.

Final Analysis on quotes for 35 year old:

As you can see, term insurance can be very inexpensive. The quote from Protective Life was the least expensive quote. However, the quote from Principal National Life Insurance Company was only a dollar more. Principal offers an accelerated underwriting program which would potentially make it worth while to go with Principal instead of Protective Life. Therefore, the lowest quote is not always the very best option. Pricing is very important but it is good to have a broker that has knowledge of the underwriting standards of each company. Ideally, you want to go with the company that is the best combination of four criteria.  1. Best pricing. 2. Easiest underwriting 3. Quickest underwriting 4. Best financial ratings. An experienced broker can help you compare quotes and find the best overall product for you.

Term Life Insurance Companies for a 50 Year Old

• Lincoln National Life Insurance Company: Total Premium is $1,688 annually. Analysis: This is one of the most competitively priced quotes for this age group. Lincoln was not one of the lowest prices for the 35 year old. Lincoln National Insurance Company has an A+ rating from A.M. Best ratings agency.

• Protective Life: Total Premium is $1,697.50 annually. Analysis: This quote is competitively priced. Similar to the 35 year old quotes, Protective is offering one of the lowest prices available.

• John Hancock: Total Premium is $1,710 annually. Analysis: This quote is competitively priced.

• Principal National Life Insurance Company: Total Premium is $1,710 annually as well. This product has an accelerated underwriting program to qualified applicants.

Final Analysis on quotes for 50 year old male:

As you can see. Lincoln National Life Insurance Company is the best priced option for the 50 year old. In terms of price, Lincoln was not even in the top ten for the 35 year old. This demonstrates that different companies are better priced for some age groups and not others.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter. Contact us today and get the coverage that is right for you!

The post Term Life Insurance Companies: Quotes and Comparisons appeared first on Secure Term Insurance.

Term Insurance Rates for a 30 Year Old

A healthy 30 year old male can get a 20 year term policy with a death benefit of $1,000,000 from Banner Life for just $422.50 a year. This is approximately $35 a month and approximately $1.15 a day. That is less than a Caffè Latte per day.

Another option for a healthy 30 year old male is a 20 year term policy with a death benefit of $1,000,000 from Principal National Life Insurance Company for $455.00 a year. This is approximately $38 a month.

Term Insurance Rates Analysis:

The quotes above are both competitively priced. Both of the companies have A+ financial ratings from A.M. Best ratings agency. In purchasing a life insurance policy, pricing and financial strength are both factors to consider. You will want to buy a policy from a company that is most certainly going to be around for many years to come. In this scenario, the Banner Life policy is slightly less expensive. However, Principal has an accelerated underwriting program that allows the possibility of waiving the paramedical exam, which is almost always an underwriting requirement. For this reason, the 30 year old may consider the Principal policy even though it is slightly more expensive. This example demonstrates the importance of having a broker that is familiar with the insurance carriers in the industry and their underwriting guidelines.

A healthy 30 year old female can get a 20 year term policy with a death benefit of $1,000,000 from Banner Life for $347.36 per year. This is roughly $29 a month.

Another option for a 30 year old female is a 20 year term policy with a death benefit of $1,000,000 from Transamerica Life Insurance Co. for $350 per year. This is roughly $29 a month as well.

Term Insurance Rates Analysis:

The above quotes are both competitively priced and from companies that have high financial ratings. As you can see, these quotes are less than the quotes for the 30 year old male. This is because women have a greater life expectancy than men.

Term Insurance Rates for a 40 Year Old

A healthy 40 year old male can get a 20 year term policy with a death benefit of $1,000,000 from John Hancock for $643.00 a year.

Another option for a healthy 40 year old male is a 20 year term policy with a death benefit of $1,000,000 from MetLife for $649.00 a year.

A healthy 40 year old female can get a 20 year term policy with a death benefit of $1,000,000 from MetLife for $519.00 a year.

Another option for a healthy 40 year old female is a 20 year term policy with a death benefit of $1,000,000 from Banner Life for $549.98 a year.

Term Insurance Rates Analysis:

It is important to note that the quotes above are from companies with A+ financial ratings from A.M. Best ratings agency. Also, notice that MetLife is the least expensive option for the 40 year old female but not the least expensive option for the 40 year old male. Sometimes if a married couple are both seeking life insurance, they might purchase from different companies in order to maximize savings. Insurance carrier prices all vary based on age, gender, health, etc. An insurance carrier might be priced the best for a certain age group and gender and have relatively higher prices for another age group and gender. This is yet another reason that it is important to go to a broker when looking for term life insurance. Brokers can compare prices from the various insurance carriers and find the best pricing. Also, some insurance carriers have better pricing for whole life insurance and much worse pricing for term insurance. So again, there is an advantage to going to a broker, as it is important to compare prices to get the best rate.

Term Insurance Rates for a 50 Year Old

A healthy 50 year old male can get a 20 year term policy with a death benefit of $1,000,000 from Lincoln National Life Insurance Company for $1,688 per year.

Another option for a healthy 50 year old male is a 20 year term policy with a death benefit of $1,000,000 from John Hancock for $1,710 per year.

A healthy 50 year old female can get a 20 year term policy with a death benefit of $1,000,000 from Lincoln National Life Insurance Company for $1,244 per year.

Another option for a healthy 50 year old female is a 20 year term policy with a death benefit of $1,000,000 from Banner Life $1,249.99 per year.

Term Insurance Rates Analysis:

The above quotes are from companies with A+ financial ratings from A.M. Best ratings agency. Notice that for both a 50 year old male and 50 year old female, Lincoln National Life Insurance Company had the best pricing. However, in the 40 and 30 year old age groups, Lincoln National Life Insurance Company was not priced that low. No insurance carrier has the best term insurance rates across the board in every age group, health class, gender, etc. For this reason it is important to go to a broker to get price comparisons to find the product that is right for you.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

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1. Getting a Quote

As an example, Greg is a married 29 year old with a newborn child. He is interested in getting a term life insurance policy to protect his family in the event of his death. Greg can go directly to an insurance company and will receive a quote from just that company. Or he can go to an insurance broker and receive quotes from multiple companies so as to compare them. For this reason it is advisable to go to an insurance broker when shopping for term life insurance. Term life insurance quotes are based on age, health, term length desired, and death benefit amount desired.

2. Choosing a Term Length

Greg has a wife, a newborn child, and also a 30 year mortgage. In choosing a term length, he would like a term policy that lasts for the duration of his mortgage. He also hopes to one day send his child to college and potentially graduate school, so he wants the policy to last at least until his child is an adult. Therefore, a 30 year term policy seems like a good term length. If Greg dies at some point within the next 30 years the death benefit will go to the beneficiary of his choice, which in this case is his wife Kimberly.

3. Choosing a Death Benefit Amount

Greg is the main breadwinner of his family. He currently makes $100,000 a year. After assessing his financial situation including his income amount, outstanding debt, junior’s educational costs, and potential final expenses, he decides that he should have a policy with at least $1,000,000 of death benefit. Here is a needs assessment test to take if you are considering term life insurance. Greg’s insurance broker presents him quotes with 30 year term lengths with a death benefit of $1,000,000. The best quote comes in at $700 per year, assuming that Greg is in good health. Keep in mind that the pricing and the financial stability of the insurance company are both important factors to consider when shopping for term life insurance.

4. Underwriting Process

Greg decides to pursue the policy at which point the broker sets him up with a paramedical exam. The paramedical exam can be taken at his home, his work, or wherever he chooses. It includes a blood test, and a urine test. The results are sent to the insurance company. The insurance company may also request doctor records.

5. Policy Approval & Delivery

Once Greg is approved the policy is issued and the broker delivers it to him in exchange for the first premium amount, which in this case is $700. Keep in mind, you can opt to pay the premiums monthly if you would like.

6. How Does Term Life Insurance Work?

Once the check is received, the coverage is bound. Greg’s premiums are level at $700 per year for 30 years. As long as he pays the premium every year his $1,000,000 of death benefit is in force. If he dies within the 30 year period, the $1,000,000 will go to his beneficiary. If he does not die within the 30 year term the policy ends after year 30. At that point, if he wants to get a new policy he will need to reapply and go through underwriting again.

7. Know Your Rights

Many term policies can be converted to whole life policies within a certain amount of time with no additional underwriting required. You can change the beneficiaries of your term life insurance policy at any time. You can also drop your term life insurance policy at any time. For instance, if you buy a 30 year term policy you are not required to keep the policy for the entire 30 year term. There is no penalty for dropping a policy. Once you discontinue paying premiums the policy terminates and there is no death benefit coverage. However, if you do wish to keep the policy for the entire 30 year period, the premium amount is level and will never increase during the entire term length. You can add another policy at any time. As your financial needs change you can buy another term life insurance policy. It is a good idea to review your coverage to maintain the proper amount of life insurance.

8. Term Insurance is Relatively Inexpensive

It is very important for young families that have not been able to accumulate a lot of savings to buy term insurance.  Often, a term life insurance policy costs less than it costs to buy a cup of coffee per day. Proceeds from the policy create an estate for the benefit of the surviving spouse and children.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

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For example: A 35 year old female in excellent health can purchase a $1,000,000 death benefit for a term length of 20 years for $380 per year.  That is $1.04 per day, which is quite a bit less than the cost of a morning latte.  A 30 year term policy can be purchased for as low as $680 per year, which is $1.86 per day!

A 35 year old male in excellent health can purchase a $1,000,000 death benefit for a term length of 20 years for $442 per year.  That is only $1.21 per day.  A 30 year term policy can be purchased for as low as $815 per year, which is $2.23 per day!

These quotes are from an insurance carrier that has an A+ rating from A.M. Best rating agency.

Term Life Insurance Cost (continued):

Term Life insurance quotes are based on your age, health, death benefit amount desired, and the term length desired. If you are a smoker you may still qualify for term life insurance. Most all term life insurance policies have a level premium amount. So the premium does not change from year to year. To find out how much term life insurance you need, here is a simple checklist to reference. You can also drop your term life insurance policy at any time. For instance, if you buy a 30 year term policy you are not required to keep the policy for the entire 30 year term. There is no penalty for dropping a policy. Once you discontinue paying premiums the policy terminates and there is no death benefit coverage. However, if you do wish to keep the policy for the entire 30 year period, the premium amount is level and will never increase during the entire term length. You can add another policy at any time. As your financial needs change you can buy another term life insurance policy. It is a good idea to review your coverage to maintain the proper amount life insurance.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

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1.  Are you married?

With a term life insurance policy you can leave money to your spouse in the event of your death. A term life insurance policy is especially good for newlyweds that do not have considerable savings yet. This is because term insurance is relatively cheap.

2.  Do you have a mortgage?

Term insurance is great to insure mortgages because a mortgage is a payment that only lasts for a set period of time. Getting a term policy that lasts for the duration of the mortgage will give you peace of mind. If you were to die unexpectedly, your spouse would be able to keep the house using the proceeds from the policy.

3.  Do you have kids?

If you have kids you should definitely have a term policy! Your children depend on your income for survival. A good idea is to get a 20 year term policy when your child is born. This way you will be insured up until the point that your child reaches adulthood. If you die within the 20 year period, your child will be taken care of financially.

4.  Do you have a lot of debt?

If you have a lot of debt you are going to want to have term insurance. This way your spouse and kids are not burdened with your debt in the event of your death.

5.  Are you the main breadwinner?

If you are the main breadwinner in your family, it is important to protect the income that you would be lost in the event of your death.

6.  Do you want to cover your final expenses?

Having a funeral and burial is expensive. Furthermore, there might be outstanding medical bills. A term insurance policy will help cover these final expenses so that your family is not overwhelmed financially.

7.  Do you want to leave money to your heirs?

With a term life insurance policy, you can leave money to your children, spouse, or anyone that you care for. You can also change the beneficiary at any time or name multiple beneficiaries.

8.  How old are you?

Keep in mind that the older you get the more expensive a policy will be. If you need term life insurance it is best to act sooner than later.

9.  How is your health?

If you feel that you are in excellent health, you may not need to take a physical exam to purchase a policy. Certain life insurance companies will waive the physical exam and simply perform a phone interview.

10.  Are you a smoker?

Even if you are a smoker you may still be able to get term life insurance. Some life insurance companies have affordable rates for smokers.

11.  Do you already have life insurance coverage?

It is always good to review your life insurance coverage because your needs for insurance may change. You might need an additional term life insurance policy in addition to what you already have. Purchasing a term life insurance policy is a great way to protect the people you care about. Don’t wait until it’s too late.

Get the coverage you need today. At Secure Term Insurance we offer free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

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