Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Your need to determine the amount and the length of coverage. If you add all your financial liabilities, future obligations and charities that depend on you, you'll have a good idea on the face amount of coverage. Then add your income replacement from today until retirement age. If you can retire all you debts and future obligations within 30 years, you may be able to purchase term. But if these items are ongoing then you need to consider a permanent guaranteed life insurance product like guaranteed universal life.
As you can see by this website and others, there are many opinions on what a nameless, faceless life insurance consumer really needs. That is because no one knows unless they know your unique situation (health, age, reason for insurance), budget, and desires. But after writing thousands of policies, it is surprising how quickly some agents can boil down some great choices for you, that you may have never thought about.
Talk to someone you trust, either by reading reviews or getting referrals. You may find the quest for life insurance is not as complicated as you think.
There are hundreds of options across the country for Life Insurance. Each carrier has a different underwriting appetite. Do you have 5 - 10 extra pounds to shed? That will be a factor between when determining what health tier you qualify for. Most carrier have 4 tiers & are commonly called Standard, Standard Plus, Preferred, and Preferred Plus. Underwriting is the answer to your question.... underwriting will help determine the best TYPE of life insurance for YOU.
Most life insurance shoppers understand that health plays a huge role in determining the "rate" you qualify for. Yet lifestyle, occupation, hobbies, family health history, & more play into the rate you qualify for. A top agency will work with dozens of carriers. What name, mascot, or even financial rating (don't sweat A- vs. A++) are all secondary to getting the best underwriting for your specific needs. One carrier may offer you Standard while a Preferred is available at a second.
Another thing to consider as of this writing is a new generation of plans called "Living Benefits Life" (LBL) You DON'T have to die to use you "life" insurance anymore. Several carriers offer the ability to accelerate when diagnosed with a range of Critical or Chronic Illnesses. Just think of it as accessing the bank vault early. If you were diagnosed with invasive cancer, wouldn't it be to get a large sum of cash to help pay for deductibles, time away from work, home health care, & travel to the hospital you need that is in a different state? LBL life might just do all that for you…
My suggestion for shopping Life plans:
1. If the agent or ‘dot.com’ you call doesn’t ask A LOT of questions about health, history, & lifestyle, RUN. All they’re doing is “guessing”. Accurate rates do NOT come from age, height/weight, & current tobacco use. The agent needs to interview you so you’re matched with the right carrier.
2. Don’t be afraid to ask the agent, “What underwriting factors lead you to this option vs. any other carrier?”
3. See if the agent offers you a LBL option. IF NOT, it is my strong opinion that her/she is NOT on top of current trends. If an agent or dot.com is doing what is best for you, several ideas/options should be explored.
If you have any questions or comments, reach out to us!
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Talk to someone you trust, either by reading reviews or getting referrals. You may find the quest for life insurance is not as complicated as you think.
Most life insurance shoppers understand that health plays a huge role in determining the "rate" you qualify for. Yet lifestyle, occupation, hobbies, family health history, & more play into the rate you qualify for. A top agency will work with dozens of carriers. What name, mascot, or even financial rating (don't sweat A- vs. A++) are all secondary to getting the best underwriting for your specific needs. One carrier may offer you Standard while a Preferred is available at a second.
Another thing to consider as of this writing is a new generation of plans called "Living Benefits Life" (LBL) You DON'T have to die to use you "life" insurance anymore. Several carriers offer the ability to accelerate when diagnosed with a range of Critical or Chronic Illnesses. Just think of it as accessing the bank vault early. If you were diagnosed with invasive cancer, wouldn't it be to get a large sum of cash to help pay for deductibles, time away from work, home health care, & travel to the hospital you need that is in a different state? LBL life might just do all that for you…
My suggestion for shopping Life plans:
1. If the agent or ‘dot.com’ you call doesn’t ask A LOT of questions about health, history, & lifestyle, RUN. All they’re doing is “guessing”. Accurate rates do NOT come from age, height/weight, & current tobacco use. The agent needs to interview you so you’re matched with the right carrier.
2. Don’t be afraid to ask the agent, “What underwriting factors lead you to this option vs. any other carrier?”
3. See if the agent offers you a LBL option. IF NOT, it is my strong opinion that her/she is NOT on top of current trends. If an agent or dot.com is doing what is best for you, several ideas/options should be explored.
If you have any questions or comments, reach out to us!