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Life Insurance can be used to serve 4 main functions. Mortgage protection, income replacement, final expense finances and saving for college tuition. The earlier you start saving the faster you can accumulate the benefits of life insurance.
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Term & Whole Life Insurance Options
Term insurance offers no cash value accumulation over the course of the policy but does provide a death benefit for as long as the policy is in force. Term policies typically are 10 to 20 years are optionally renewable by the insured. Term insurance is usually a good option if your over 50 and want the death benefit and understand it builds no cash value. Term Insurance is almost always the cheapest option for the many forms of life insurance.
A whole life insurance policy is where the premiums stay the same over the life of the policy which does not expire until your death even if all the premiums are paid up. Whole life has a death benefit and builds cash value. With a whole life policy you can take out loans against the built up cash value for unexpected life expenses that occur, like a new baby or a car accident that is a total loss. Although the more expensive option compared to term, it offers far more options and is a great choice if you buy it before the age of 30
Benefits of Life Insurance
1. Mortgage protection
Term life insurance is used as collateral to a home loan or home mortgage. We recommend a decreasing term insurance policy. As the death benefit and mortgage balance decrease together over the course of the loan.
2. Income replacement
When couples get married they often plan on having a two income household and they get use to having a set amount of funds to run their home and pay bills. But what if either you or your wife pass away unexpectedly and the bills keep piling up with no end in sight? Life insurance can be used to replace lost income from your spouse, so you can maintain the same standard of living.
3. Final expenses
Funeral expenses include burial costs and medical bills and they can add up to a large amount fast.. These large expenses can be passed onto your loved ones when you die and they may or may not be able to afford them. Life insurance is commonly used to plan for these final expenses and prevent these costs from accumulating on your loved ones. Whole life insurance and term life insurance is available in different amounts, so you can pick whats right for you and your family.
4. College funding
To plan for your children’s future, you make payments for today to save for tomorrow.. Life insurance can be used to help fund a college education and pay for tuition and college books. The death benefit may be invested and potentially grow into the amount you need by the time your child reaches the age to attend college. Give yourself piece of mind knowing you helped prepare for your child’s future,even if you may not be there to see it.