Life Insurance

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Life Insurance

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Life insurance

There is peace thinking that your family is secured in case of a sudden bad life event is what life insurance plans can offer. It is a financial plan for your family that they can use after your death. Hence, there are different types of life insurance policies being offered to clients like you.

These policies are a binding contract between the insurer and the policyholder. Therefore, you have to pay for a premium either monthly, quarterly, or annually. In case of your sudden death, your beneficiaries will get a tax-free lump sum benefit.

Buying Life Insurance Process

Get A Quote

Choose the term and coverage amount you want

Compare

Compare quotes from all of the top-rated companies

Apply

Answer a few questions- takes about 10 minutes

Pay

Once you start paying your premium the policy will go into effect

How much life insurance do I need

Life Insurance Need Calculator
This calculator will help you to decide how much life insurance you need if your survivors invest the life insurance benefits they receive.

Funeral cost, estate taxes, etc. ($):
Amount needed to pay off non-mortgage debt ($):
Amount needed in emergency fund ($):
Amount needed in college fund ($):
Expected average annual living expenses ($):
Expected spouse's average annual income after taxes ($):
Annual Social Security Benefits ($):
Spouse's current age (#):
Value of current liquid assets ($ total of savings, investments, etc.):
Expected survivor's investment strategy:
Life insurance needs:

Types of Life Insurance

Term life insurance

It is a coverage that only offers security for a definite time. Policies are available for 5, 10, 15, 20, and 25, 30, or more years, depending on the insurer.

Term life insuranceMoreover, it is one of the most cost-efficient choices for life insurance without sacrificing the quality of your coverage. The good thing about term life is that it comes with riders and additional benefits.

These are add-ons that you can get along with the policy, like living benefits. This rider will give you access to the death benefits if you become terminally ill and only have 1 or 2 years to live. That is why it’s the best option for those looking for cheaper alternatives to other types of life insurance.

Term life insurance is a straightforward policy that is very easy to understand. Hence, it can provide the protection that you want for your family without added cost.

 

Whole life insurance

Aside from term life, the best whole life insurance is another choice for many when it comes to your family’s ultimate financial security. Hence, it provides the insured a lifetime policy, but take note that it is not the most affordable option. Although expensive, it comes with a cash value that accumulates over time. 

Whole life insuranceAlso, with mutual life insurance companies, dividends are available with an additional face value. While term is like renting, whole life is buying the asset that will increase its value over time, and you own it and pass it on to your beneficiaries.

Universal life insurance

It is another type of permanent insurance that is very similar to whole life combined with savings and lifetime coverage. For every premium paid, part of it goes to the cash value. Also, the cost of premium paid increases every year, but with universal life insurance, the cash value growth helps cover the cost of the insurance.

Mostly, life policies have a growth rate minimum of 3% to ensure that the money can pay for the policy’s increasing cost.

There is guaranteed universal coverage that acts the same as term life that offers level premiums until age 121 and lesser on the cash value. That is why it is one of the most common choices of older clients who want a lifetime policy with lesser concern about cash value.

Instant issue life insurance

It is a policy that is with no medical examination. Aside from that, there is no long waiting time for the applicant. Once you submit an application form, a decision is made very quickly.

With the help of online technology, it is now possible to instantly write a policy. Likewise, with instant issue coverage, the morning’s request will have an answer by the evening, or even sooner.

Now, it is easier for insurers to calculate the risks of applicants using reports and databases from other life insurance companies in the United States. Therefore, an insurer can go through the underwriting process as fast as possible.

However, it is not the cheapest affordable life insurance option, but it makes it less hassle for insurers with the help of technology. As a result, the price for this type of coverage is decreasing. With the instant issue, those who aim for a quick policy to settle legal issues or business loans are granted.

Guaranteed issue

As the name implies, guaranteed issue offers a policy regardless of your health condition, age, and other factors. Also, known as a guaranteed acceptance policy. Can’t be denied life insurance with this type of policy.

Guaranteed issueIt is a type of life insurance for seniors but some insurers offer it to younger generations. It is an expensive life policy type and offers lower death benefits than others. One may get as much as $25,000. When it comes to the underwriting process, it has no medical exam, no questions about medical issues, and has quick approval.

Moreover, people who cannot qualify for a standard life insurance policy usually apply for this type. The only drawback of a guaranteed issue policy is that one could pay more in premiums than what the death benefit will pay. Therefore, we advise clients to consider other life insurance coverage options before deciding on guaranteed issue coverage.

Final expense insurance

Final expense is a type of insurance that can pay either part or the whole amount of the funeral cost. Hence, it offers peace of mind to the bereaved family. There are some with cash value. One can at anytime withdraw cash from the cash value, take out a loan, or increase the death benefit.

Accidental death and dismemberment insurance

It is a straightforward type of coverage and very limited to accidental death. Therefore, insurers will only make payments if the cause of death is by accident. It is also one of the cost-efficient types of life insurance that are the same with a guaranteed issue because there is no medical exam.

Furthermore, this type of insurance is being offered to younger generations like students and those at risk of getting involved with accidents, like regular travelers. Some insurers may also offer a double payout if the accidents occur inside commercial carriers, such as trains, buses, or airplanes.

Return of premium life insurance

In case you outlive your policy, it will allow you to recover all or part of the premiums paid. Hence, it is one of the least talked about policies in the insurance market. It operates the same as a normal term life policy, except you will be able to get your premium back if you outlive the term. With a regular term life policy, policyholders do not have the right to get the premium back if they survive the term.

However, this policy has a higher premium than term life since the company will not keep it after it expires. A higher premium is used to cover the cost of the insurer. At the end of the policy, the return of premium policyholder will get a lump sum payment.

Term vs. Whole Life Insurance

The policies mentioned above provide security in different levels and ways, but there are two main types of coverage: a Term life and Universal life. The following comparison of both policies:

TERM LIFE

WHOLE LIFE

Term Length

up to 40 years

Lifetime

Coverage Amount

up to $5,000,000

up to $100,000

Cost

Least expensive

Costly

How Much Does Life Insurance Cost

POLICY TYPE

GENDER

AGE

COVERAGE

COST/MONTHLY

30 Year Term Life

Male

38

$250,000

$29

Universal Life

Male

38

$250,000

$140

Reasons Why People Don't Buy Life Insurance

  • Too Expensive
  • Think they don’t need it
  • Dont’ know amount they need
  • Don’t know what type they need
  • Don’t understand it
  • Don’t trust anyone

Coach B. is calling BS on this one and dismisses these myths:  Sorry folks the Coach inside me is coming out now.  Call it like I see type Coach!

Only 3 Reasons Why You Don't Buy Life Insurance

And that’s OK.  I wanted a Cadillac model too.  But settled for a good Chevy model.  The Chevy at least provides something for the family until you can get the Cadillac.

And that’s OK too.  It’s hard to understand all the products available today.  That’s why I’m here.  To make it easy for you.

And this is OK as well.  I hear this from every person or family I ever talk to.  If your thinking about it- then you know there is a problem!

What 30 Years In This Business Has Taught Me

I can’t help you build a Chevy or a Cadillac if you don’t ask me for some help.  I don’t control what the insurance company charges nor do I control your budget.  But I will do a fantastic job trying to build something that will fit that budget and get you some coverage as well.

I can’t help you understand it if you don’t ask me for some help.  

After 30 years I know when someone tells me they are not going to make a decision tonight but they want to think about it. That only means they don’t trust me, they can’t afford it, or they don’t understand it.  All of those mean I have done a poor job explaining everything and that’s on me. (Doesn’t happen often).  But also know if you go with I want to think about it you have just made a decision to go to bed again tonight hoping nothing happens.

7 times I have seen families lose everything because they had to think about it!  We all know what that means.  Anyways, 1 was too many.  Please don’t be number 8!  Again, can’t help unless you ask?  Hit the Button!

Questions About Life Insurance

What is life insurance quotes

An online life insurance quote is the easiest way to compare the prices of several insurance providers in the market. It gives clients the idea of the cost for all types of life insurance policies you want to get, like term life, whole life, guaranteed issue, and final expense.

Premiums may increase or decrease depending on several factors, such as age, coverage amount, health status, and length of coverage.

Why get life insurance online

In the past, purchasing life insurance policies requires face to face meeting. Today’s top trends is moving to online technology that has made the application process easier. Using your computer or even a mobile phone with an internet connection, you can secure your family’s future.

Therefore, in a matter of days or weeks, you can get the life insurance online policy that you need. Consequently, it allows applicants to compare prices from diverse insurers all at once. At Coach B. Insurance you can compare 50+ companies to ensure that you only get the best coverage for you and your family. 

What is Term life insurance

It is a type of policy that offers coverage for a specific time, like 5, 10, 15, 20, or 30 years. If you think of this policy as an option, we recommend that you consider a term with a guaranteed death benefit. If you have questions about term life insurnce, you may go to the Term Life Insurance Page

Average cost for Term life insurance

20 year term policy with $100,000 in coverage

AGE

MALE

FEMALE

30 

$11/mo.

$9/mo.

40

$13/mo.

$11/mo.

50

$31/mo.

$23/mo.

60

$89/mo.

$61/mo.

When to buy term life insurance

Typically, people choose term life insurance because it is far more affordable than other types of insurance. Another reason is if the need for life insurance is just temporary and if alternatives like whole life do not match their budget.

Hence, dollar-for-dollar you will get more death benefit with term life. Which means that it offers more insurance value for the cost making it the best type for someone who is on a tight budget.

If you are someone who wants to cover outstanding financial liabilities like loans, debts, mortgages, and other expenses, then term life is for you. It safeguards your family financially in case of your early death. 

Which company is the best for life insurance

Not all insurers are equal, as each provider has its policies and guidelines. Hence, the best company is the one that can meet your specific needs and budget. Some providers may have very strict rules when it comes to health conditions and other behaviors. Others are more competitive than other companies, so they are more lenient.

Also, it is not always the price that is important when deciding on the best insurance providers. That is why it is better to talk to an expert independent agent like Coach B. We can help you discover your perfect match that offers the highest quality of coverage for the least price possible. 

Can a company cancel my term life insurance policy

The only reason for cancelation of any policy is miss payments of the monthly premium. Keep in mind that changes in job or health conditions are not a valid reason to cancel a policy. For as long the client is making timely payments, then the policy will push through.

However, if the term life policy is through an employer, organization, or other institutions, then coverage can be terminated if you are no longer connected with them. 

What is univeral life insurance

Universal Life Insurance is very similar to the whole life policy. Both policies have cash value and death benefit, but the universal is more flexible by changing the death benefit and premium allowed. On the other hand, the whole life is set and fixed compared to universal life. 

Difference between term and whole life insurance

Some experts say that the best way to difference between term and whole life is through “renting and owning.” Therefore, with a term policy, you are just renting the policy for a specific time 10,15, or 30 years; while the whole life policy, you are buying the policy for a lifetime. In short, whole life is an asset similar to buying a house.

Term is like Renting a house that offers cheaper options.  However, neither option of the two is better than the other. It depends on the individual needs and capacity to pay for the monthly premium. 

What is Return of Premium life insurance

It is an additional feature to a typical term life policy that can provide either full or partial return of the premium. With normal term life, the policyholder will not get anything after the end of the policy if he or she outlived the term.

With the return of the premium, the policyholder will be able to get all part of the premiums at the end of the policy. One can apply it through a rider, but each insurer has its own set of rules. However, one should become aware that it is a bit more expensive than normal term life coverage. It is good to discuss it with an experienced agent from Coach B. Insurance.

How come companies like Allstate and State Farm aren’t listed

Insurance providers such as Farmers, States Farm, Allstate and USAA, and others offer great insurance packages, but agents working for them are exclusive or captive agents. It means that they cannot talk about and recommend other products than what is provided by their company.

Independent insurance agencies like Coach B. Insurance can provide clients assistance by providing information about different insurers that meet individual needs. We are working with top-rated insurers to help you look for the best coverage that fits your needs. In short, we are working for our client and not for a particular insurance company.

How do I know which life insurance company is right for me

There is a possibility to change the premium depending on the type of term life coverage. Talking with a Coach B. agent will provide you with the information you need before buying any policy. Term life policies are very competitive in terms of premiums, so it is essential to know everything about it. 

How can I determine what a good life insurance company is

Clients are looking at two important areas as they decide on the best insurer, such as:

  • Customer service
  • Reputation in making payments for death benefits quickly

Customer service is an essential consideration in deciding on an insurer. First, find out of the company offers online customer service and a technical support team. Also, it is important to go for a company that answers questions promptly. You will deal with them for many years, so it is better to choose a company that values its clients. 

A claim is another factor that should be taken to consideration by clients. The reputation of the company should be good at giving timely payment for claims. Above all, make sure that your family is in good hands and will get the benefit on time. What is good with paying for the cheapest premium if they may not payoff after your death.