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EXCELLENT Based on 26 reviews Mihailo Jovanovic2024-05-08Trustindex verifies that the original source of the review is Google. Great for life insurance quotes. Really helped understand the differences and choose the right product. Ruben Zaragosa2023-11-18Trustindex verifies that the original source of the review is Google. Service was amazing! Found us a great life insurance plan and helped with a 401k rollover. greg gomez2023-11-10Trustindex verifies that the original source of the review is Google. Damon helped us find great life insurance plans and found my parents a great annuity Antonio Garcia2023-08-21Trustindex verifies that the original source of the review is Google. Damon’s office did a great job finding my parents the best annuity for their retirement and life insurance Carryann C2023-03-15Trustindex verifies that the original source of the review is Google. If you don’t have life insurance, get some Damon is awesome and will set you and your family up with a great plan that works for you! Cameron Escovedo2023-03-15Trustindex verifies that the original source of the review is Google. Answered every question and concern I had at anytime of day. Took time to help me truly understand and feel confident in moving forward in the plans that were right for my family and I. A true business and family man that cares. Would recommend over and over again. Tone Locc2022-05-09Trustindex verifies that the original source of the review is Google. Found us great life insurance options and was very professional. Would highly recommend.
Term life insurance is an easy and the cost-effective way get a large policy at a very affordable price, to provide financial security for your loved ones, business, or estate, offering protection in the event of an unforeseen death or illness. Unlike whole life insurance or universal life insurance, which cover you for your entire life and typically include an investment component, term life insurance is purchased for a specific period, usually 10, 20, or 30 years.
On average, term life insurance is 10x-12x less expensive than whole life insurance and universal life insurance. If you pass away during the term, your beneficiaries usually receive the death benefit tax-free, which can be used to cover bills, family needs, children’s education, pay off the mortgage, funeral expenses, debts, or business overhead with no stipulations on how the funds must be used.
Determining the right amount of life insurance coverage is essential to meet your financial obligations and support your family’s needs if you passed. A good starting point would be calculating your total debts, including mortgage balances, car loans, credit card debts, small business needs, and any other liabilities.
Then, estimate your family’s ongoing expenses, monthly bills your spouse will take on alone, educational fees for your children, and potential future expenses like college, weddings or a spouses retirement needs. Consider the impact of lost income and include a replacement amount that can sustain your family’s standard of living. For example, If you make 100k a year and you want to replace your income for 10 years until the youngest child is older and your spouse can go back to work, then you would need a million dollar policy. Easy!
It’s also important to consider any special circumstances or future needs that might require additional funds, such as care for a family member with special needs or significant end-of-life expenses. By carefully assessing all these aspects, you can arrive at a more accurate figure that will help ensure your family’s financial security without overburdening them with unnecessary premiums.
There are actually three different types of no medical exam life insurance policies available. These include Accelerated, Simplified, and Guaranteed Issue options.
Often, applicants may not realize the full range of choices at their disposal, potentially leading to selections that might not best suit their needs. Choosing the wrong one can result in higher costs and restricted coverage.
Interestingly, many websites tend to provide only a couple of these choices, primarily because it streamlines the process for the agent, requiring fewer questions and underwriting, leading to quicker commission and less work. However, this may not serve the client’s best interests. By asking a few additional questions, clients could potentially qualify for better options that are more budget friendly, based on their responses.
1. Accelerated Underwriting Aka Express Underwriting is the most affordable option if you qualify. This is ideal for those who need life insurance quickly, are in good health , minimal health and want to avoid the blood and urine collection(its not a lot of blood). You may be eligible for this option if you have a minimal history of medical and health issues. Certain companies offer policies with no medical exam up to $2 million dollars for individuals ages 18-50, and $1 million for individuals up to age 60. You will still need to answer health and lifestyle questions so that the company may determine if a medical exam is needed.
2. Simplified Issue term life insurance has no medical exam at all, requires less health questions and is more lenient on medications, legal records, and health history, which makes these more expensive, but can be a great option if you cant qualify for basic underwriting. Companies usually offer less than $400,000 of coverage for this type of policy. Return of premium options are available.
3. Guaranteed issue term life insurance policies do not have medical exams and less than 5 questions like “Are you terminally ill?”, have a 2-3 year waiting period. This means if you were to pass away in the first 2-3 years, your beneficiary would not receive the death benefit, but rather the premiums paid into the policy plus 10%-15% percent. These policies are much more expensive due to the risk the carrier is taking on, knowing nothing about your health. This policy is for an individual in very poor health for the past 5 years.
Example, individuals up to the age of 55 who are in good health and have a minimal history of bad health records, qualifying for a no medical exam life insurance policy is highly . Coverage options are available up to $1-2 million. This streamlined process allows for a faster and more efficient application experience, ideal for those seeking substantial coverage without the traditional medical examination requirements.
Thirty-year-old Tom, Just bought a home, had a baby or started a business. To ensure his family’s financial stability, he purchases a 20-year term life insurance policy with $500,000 of coverage for $30 a month. Should Tom pass away within this decade, his designated beneficiary would receive the $500,000 death benefit to replace his 50k a year income for 10 years or pay off the house, being its the largest debt. Now Toms family will not struggle and have a great shot at living great lives.
Additionally, if George is diagnosed with a terminal illness during the term, it may affect his eligibility to renew the policy. While some policies offer features like guaranteed re-insurability without further health checks, these typically come at a higher premium.
When purchasing a term life insurance policy, the insurer sets the premium based on your risk evaluation and several key factors including the payout amount (death benefit) and personal details such as age, gender, weight, medical history, overall health, dangerous hobbies, driving record, current medications, smoking habits, bankruptcies, occupation, and family medical history. Here are some very close estimates below. Tobacco use could double the price.
(For a million, double the cost. For 250k, cut the price in half)
Male. Non Tobacco. Good Health. $500k 20 year policy.
Female. Non Tobacco. Good Health. $500k 20 year policy.
Use it while you’re alive! Living benefits or “Accelerated Death Benefit Rider” is a free rider that allows you to tap into the death benefit early if you were to be diagnosed with a Chronic, Critical or Terminal Illness, and even Critical Injury (NLG).
Chronic illness: Certified, within the past 12 months, by a licensed health care practitioner as being unable to perform, without substantial assistance, at least 2 out of 6 activities of daily activities by yourself for a period of 90 days. These are defined as eating, toileting, transferring, bathing, dressing and continence. This can allow up to 20% or more of your policy to be accelerated to you, but usually no more than 2 million.. Sorry guys.
Critical Illness: Diagnosed by a licensed professional for Cancer, Heart attack, Stroke, ALS, Major organ transplant, Heart Valve replacement & more. Some companies offer more or less illnesses than other. Same payout rules as the Chronic Illness Rider.
Terminal Illness: Access up to 90% of the death benefit or more when diagnosed by a licensed health care practitioner with a disease or medical condition that is expected to result in the death within 12 to 24 months. The exact timeframe and criteria for what constitutes a terminal illness can vary between life insurance companies and policies.
Critical Injury: diagnosed by a licensed health care practitioner with one of the following triggering injuries. Coma, Severe Burns, Paralysis or Traumatic Brain Injury. Payout depends on the severity so read your policies carefully. These are great options for employees with demand or dangerous jobs like Police Officers, Firefighters, Truck Drivers, Linemen and Construction Workers. Unfortunately, only National Life Group offers This rider. Luckily for you we are appointed with them!
Outliving your term life insurance policy is a possible scenario that many policyholders may face. Once your policy has expired at its end date, you will no longer be covered. But there are options available to extend coverage with conversion periods.
Some term life insurance policies include a conversion period. Converting your term life insurance allows you to convert chunks of your term policy to a permanent life insurance policy (such as whole or universal life) every couple years, usually until the last 2 years. Converting to a permanent policy can secure coverage for your lifetime and begin accumulating cash value. The nice thing is that there are no medical exams and you would be locked in at the health you started at. So if you have had a lot of health conditions over the years, there’s no denying you permanent coverage. The new premium is only based on your age.
If you outlive your term life insurance policy, it’s a good opportunity to reassess your financial situation. You might still need coverage to protect your spouse, children, cover estate taxes, burial needs or leave a financial legacy.
Term life insurance is best for those needing a large policy that is cost-effective to cover potential income loss during crucial times, such as raising children or paying off a mortgage. Term life insurance collects premiums to protect you during a specified “term,” and the policy expires if not utilized within that period.
Whole life insurance can cover you for your entire lifetime as long as premiums are paid. Whole life policies can build cash value, depending on the structure of the policy. However, premiums for whole life insurance typically cost 10-15 times more than those for term life insurance for the same coverage amount. Another alternative to Whole Life is Universal Life and Indexed Universal Life, which could be much more affordable depending on your needs.
Developed By Adil Shehzad