Term Life Quote

There are two types of life insurance, term and permanent.  Term insurance can provide low-cost coverage for a specific period of time (the “term”)—most likely during an individual’s peak earning years when death can cause the greatest financial hardship.  Generally the most affordable type of insurance when initially purchased, term insurance is designed to meet temporary needs.  It provides protection for a specific period of time (the “term”) and generally pays a benefit only if the insured dies during the term.  This type of insurance often makes sense when someone has a need for coverage that will disappear at a specific point in time.  For instance, they may decide coverage is only needed until children graduate from college or a particular debt is paid off, such as a mortgage.

If someone buys a term policy and then later realizes they still have a need for life insurance, they can either renew the term policy or (depending on the insurance policy’s rules about conversion) convert it to a different type of policy.  If, in 10, 15 or 20 years someone is still healthy according to the company’s standards, they might re-qualify at a reasonable rate.  But if their health has deteriorated, they may find that it’s too expensive to renew the policy or may not even re-qualify.

So, when considering a term policy, be sure to carefully consider your needs and how they may evolve, financially, down the road.  If your needs will remain temporary, then term insurance may be right for you.  But, if you think there’s a possibility that you might need the coverage for a long time, then remember that renewing your term policy after it expires or buying a new term policy at that time, may make coverage more expensive due to your age, health status or other factors.

Permanent Life Quote

Unlike term insurance, which addresses more temporary needs, permanent life insurance is designed to provide life-long financial protection.  Because permanent life insurance policies are designed and priced to keep over a long period of time, this may be the right type of insurance for you if you have a long-term need for life insurance coverage.  Permanent insurance is generally a catchall phrase for a wide variety of life insurance products many of which include a cash-value feature.  Within this class of life insurance, there are many different products, including whole life, universal life insurance and indexed universal life insurance.

Despite what many people may think, the need for life insurance often remains long after the kids have graduated college or the mortgage has been paid off.  If you died, your spouse would still be faced with daily living expenses.  And if your spouse outlives you by 10, 20 or even 30 years—would your spouse be able to maintain the lifestyle you worked so hard to achieve, without the death benefit of life insurance?  Would you be able to pass an inheritance on to your children or grandchildren?  These are questions to consider carefully when determining what type of life insurance fits your needs.  There are a lot of opinions about what type of life insurance you should purchase, but after people do the research, they see the value in both term and permanent and frequently have a combination of the two.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157

The point of entering your date of birth is to generate an accurate life insurance quote. The difference between term and permanent life insurance is reflected in the premium one pays for insurance. There are multiple benefits of permanent life insurance but the main purpose is to provide a death benefit a person cannot outlive. When looking at permanent life insurance quotes it is best to find a no lapse guaranteed permanent product which has a level premium and the flexibility to pay premiums anywhere from one year to many years. The shorter period you pay premiums, the sooner the policy can be guaranteed paid up; but the higher the premiums will be in the short run. Generally a person will pay less total premiums if they pay the permanent policy up sooner such as 20 years than if they pay premiums for the rest of their life. When running the permanent life insurance quote make sure to select the correct option pertaining to how long you want to pay premiums. Common premium solves for universal life insurance quotes online are:

  • To Age 121 Level (No Lapse U/L)
  • To Age 121 Level – Pay to 100
  • To Age 121 Level – Pay to 65
  • To Age 121 Level – 20 Pay
  • To Age 121 Level – 10 Pay
  • To Age 121 Level – Single Pay

All of the above examples guarantee the death benefit to age 121. The difference is how long a person pays premiums.

When running the quote for term life insurance be sure to select the prudent health class selection which ranges from preferred plus non-tobacco to standard tobacco. Understanding the differences between rate classes is essential to getting a realistic online term life insurance quote. Only expect to receive a preferred plus (very best) rating if you are in perfect health with no negative family history and are not taking medications. If that is not the case and you have minor health problems, expect a standard rating and be pleased if you receive a better offer from the insurance carrier. Be sure to also select the appropriate death benefit matching your need for life insurance. Multiple financial studies confirm people are drastically under insured and do not have adequate life insurance coverage. To determine the correct amount of life insurance you should find an online life insurance needs calculator or meet with a competent insurance adviser who knows how to determine the correct amount of life insurance for your situation. After the correct amount of life insurance is determined, click submit or compare now.

If you are looking for cheap term life insurance quotes beware that the lowest price is not always the best deal. The best term life insurance quotes should take into account the entire benefits in the policy, such as accelerated benefits for terminal, chronic, and critical illness. What separates the best term life insurance quotes from the cheapest term life insurance quotes are the extra living benefits a person could access before their death, in the event of a qualifying illness. Several websites offer instant free term life insurance quotes displaying a list of rates but do not mention anything about the importance of conversion privileges. Paying fifty cents to a dollar more to have the ability to convert a term policy to the best permanent policies is something everyone should take the time to consider, unfortunately there is not much information about conversion privileges on most online quoting systems. The best way to learn about specific conversion privileges is to speak with a knowledgeable life insurance agent who can request a specimen contract on your behalf and translate any confusing language in the policy.

When looking for an instant online quote for return of premium term life insurance it is imperative to enter the correct term to generate the accurate solution for your needs. When looking at return of premium options, the normal coverage periods are:

  • 15 Year Return of Premium
  • 20 Year Return of Premium
  • 30 Year Return of Premium

An interesting aspect of return of premium term life insurance is the cost for a fifteen year term is always more than the thirty year option. This has to do with the fact that the insurance company will have less time to invest the money. The other reason why this is less expensive than the fifteen year return of premium is because a large portion of people will lapse their policy before the end of the thirty year period. Since return of premium term life insurance policies have vesting schedules, unless people keep the policies to the end of the term, they will get very little back if they surrender the policy early. The downside to generating an online return of premium life quote is the fact you cannot look at the actual illustration which shows exactly how much money you will get back at the end of the term period. Of course you could always take the monthly premium and multiply it by twelve and then multiply that number by the term length and get a good idea of how much you would get back – but most people would rather view an illustration. Another significant point the illustration shows is what the premium increases to at the end of the term length. It is extremely crucial for people who purchase return of premium life insurance contracts to be aware of when the level term period ends. With return of premium term life insurance the policy owner typically has to request the money back or else the policy will automatically turn into annual renewable term, which almost immediately devours the cash the policy owner would have received back and then the policy will lapse.

Learning how to run online quotes for life insurance is fairly easy, but knowing the intricacies of life insurance carriers and how they design products is a different story. It typically takes a good life insurance agent years to understand how insurance contracts are constructed as well as the benefits inside the contracts. Working with an independent life insurance producer is generally in your best interest and you will typically pay the same premium for the policy.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157

It is impossible to know when a tragedy is going to strike you or your family. In the blink of an eye, there could be a devastating accident, sudden illness, or any other type of misfortune that you were not expecting. With this in mind, one can see the need to have disability insurance. This will allow your life to go on in a somewhat normal fashion while you are unable to work.

The premiums for this type of insurance are going to vary by your income, age, type of employment, and the various policy provisions you choose. It is safe to say that the more coverage you choose to enroll in, the higher your premium will be. Below is everything you need to know about getting the right amount of coverage at an affordable price.


The vast majority of disability insurance on the market will typically pay up to 80% of your income should you become disabled. This type of coverage is designed to ensure that you have an adequate amount of income if you are unable to work.

The Terms Of Benefits

You can decide to choose a benefit that is going to pay for one year, two years, five years, 65 years old, or until death. Of course, the longer your benefits are expected to last, the higher your premium payment is going to be.

The Elimination Period

The elimination period is the amount of time from which you became disabled to the time you start receiving benefits. If you are looking to save money, you can choose to wait a longer period before your benefits begin. Typically, the average wait is 90 days, but some policies will allow between 60 days and two years, depending on your needs and wants. If you are expecting paid sick time from your employer, it is best to consider this in your elimination period.

Non-Cancelable Policy

Once you have been approved by the insurance company they will issue the policy non-cancelable, which means it can not be canceled unless they stop covering everyone in your occupation. In addition, the company can not raise your premiums. However, this type of policy is going to have a higher premium.

Guaranteed Renewable

In the case of a guaranteed renewable policy, it can not be canceled, but the insurance company can raise your premium if they raise it for the entire class of policyholders. The premium rate for a guaranteed renewable policy is typically much less than that of a noncancelable policy.

Any Occupation Or Own Occupation Coverage

Having Own occupation coverage means you will receive benefits when you are unable to work in your specific occupation. Professions such as dentists, lawyers, and physicians will choose this type of coverage. The “any occupation” coverage requires that you work in an occupation for which you are reasonably educated and trained in to receive benefits. The Own occupation policy will be significantly more expensive than those that only consider you disabled if you can not work at all.

Employer Coverage

Most employers in the workforce will offer their employees some form of disability income, sick pay, or a group disability policy. It is wise to talk to your employer to understand what benefits are provided to you and when they come into effect after becoming disabled. In addition, many employers will allow you to purchase more insurance at your own expense. Choosing to purchase additional coverage in this manner is generally less expensive than buying an individual policy.

It is also important to realize that the IRS makes a distinction between the coverage you purchase and that which is provided by through your employer. If you purchase your own policy and pay the premiums, the benefits are not taxable. However, if it is through your employer, your benefits will be taxed as income. One final consideration with individual coverage are known as COLA (Cost of Living Adjustment) riders which will increase the benefit payments and provisions once you are disabled without the need for evidence of insurability as your income gains over the years.

It is best to discuss your particular situation with a certified CPA to decide which structure would be best for your needs and situation. If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157

The purpose of life insurance is to provide financial support for your dependents if you are no longer around to do it yourself. If you are contributing significantly to the financial well-being of someone in your life, think about protecting them from any financial gaps that might occur if you are no longer able to provide the same support.

If anyone turns you down for life insurance, look somewhere else. Companies look at a whole host of information and utilize a variety of methods to vet who they will insure. Just because one provider turns you down, you shouldn’t assume another provider will come to the same conclusion.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157

If there’s one thing that’s important in an insurance company, it’s that the company outlives you. Look at the financial stability of the insurer as well as customer service ratings. There are plenty of helpful online insurance ratings and reviews to help you decide. Do plenty of research, talk to your agent and make sure you look at the their history as well as their outlook.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157, we will help you pick the right policy with the right provider, we work with several companies and have access to several products and are focused on providing you with the right policy for your situation.

Generally, an insurance agent will help you determine an appropriate coverage amount for the policy by examining some of the key costs your family will have in years to come, such as the cost of child care, education and the mortgage.

Another approach is to figure out how much income you’re expected to earn over your lifetime, while it might be tempting to think of life insurance in terms of a dollar amount, it makes more financial sense to tie that amount to a goal, like paying off a mortgage or college tuition.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157. Every client is different and we help you figure out the right policy to suit your needs. We have multiple products from multiple providers and we will guide you towards a solution that meets your specific needs.

While turning 40 might make you feel old on the inside, you’re still young enough to buy a policy that can protect your family in the event of your death.

Actually, most insurance companies that write term life insurance policies will insure people up until their 60s! Still, time is of the essence. Because life insurance rates tend to rise as you age, the cheapest time to buy a policy is now.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157, we work with several carriers and provide multiple products that will suit your specific needs.

Term life insurance generally is less expensive when you are younger and in relatively good health. That’s not generally the time in life when most of us think about buying term life insurance, but actually, that’s the best time to save money. Waiting until later in life when you’re a bit older and maybe dealing with some medical issues can drive up your premiums and may even prevent you from buying term life insurance at any price.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157

You can renew most term insurance policies for one or more terms even if your health has changed. Each time you renew the policy for a new term, premiums may be higher. Ask what the premiums will be if you continue to renew the policy. Also ask if you will lose the right to renew the policy at a certain age.

If you need help discussing your situation for life insurance, you can contact me directly at chris@miglifeinsurance.com or (877) 977-0157