2 TYPES OF LIFE INSURANCE
TERM LIFE
PERMANENT LIFE
LIFE INSURANCE IMPORTANT FACTORS
AGE: YOUNGER = CHEAPER
HEALTH: LOW COST IF HEALTHY
AMOUNT: $1M = MORE
TERM: LONGER = HIGHER COST
TERM LIFE INSURANCE
Like renting/leasing years of coverage. Usually takes from 10 years minimum up to 30 years maximum.
- COST LOWER
- EXPIRES WHEN YEARS ARE UP
- COVERAGES ARE NO LONGER THERE
- REQUEST AN EXTENSION OF COVERAGE
- AT THE HIGHER COST
PERMANENT LIFE INSURANCE
Like home ownership. It has no expiration and you are covered for life. You need to pay premium in order to keep it.
- AGE: Always Young
- HEALTH: Regardless of Future Health Issues
- AMOUNT: Does not Decrease: May Increase
- COST: Does not Go up
LIFE INSURANCE IMPORTANT FACTORS
TERM POLICY
$500,000 FOR 20YR
MORTGAGE: $200,000
COLLEGE ED: $100,000 (EACH CHILD)
PERMANENT POLICY
$250,000.000 FOR LIFE
FUNERAL
TAXES | LOAN BALANCES
PROCESS
Process usually takes about 2 weeks if all is done in a timely fashion.
Here is what to expect next:
- Phone interview from Horace Mann
- Nurse set appointment for the medical review
- Premium deduction based on agreed amount
- Policy issued Accordingly