Buying life Insurance is one of the easiest things you can buy for yourself that will do a couple of different things. It can provide a replaceable income for your spouse, it can cover your debt so when you pass away your family doesn’t get stuck with your debt, it can cover your funeral expenses, and it can even help you secure a loan. If you are here you are probably wondering how much coverage you should buy and know this, it is totally fine to not know this, that’s what we are here for! You may have wondered if you should buy a $5 million dollar life insurance policy or not and you are in for a special treat today. In this article, we will be discussing whether or not $5 million dollars in coverage is enough, the life insurance process, and how to know if it’s enough. The following are some key points from this article;

1. You need to figure out which type of life insurance you should buy! We can simply not get to the part about coverage if you don’t know what type of life insurance you want to buy. There are two major life insurance types and they are term life and permanent life.
2. Once you have figured out what type of life insurance you want to buy you should know what’s coming next. The process of life insurance is fairly easy, especially if you work with us!
3. Step one is to compare life insurance quotes online and make sure you settle on a company, premium, and of course coverage amount that suits you and your family’s personal needs.
4. Step two is to request and application for the coverage online and complete the application over the phone with one of our agents.
5. Step three is the medical exam.
6. Once the application and medical exam are complete there is an underwriting process that usually takes between 6-8 weeks.
7. Whether $5 million is enough coverage or not is something we won’t know until you tell us what your debts and personal needs are. We can walk you through this process so that we can figure it out together just by giving us a call today.
8. To find out your final answer you will need to multiply your income by 10 and don’t forget to add on $100,000 per child for college expenses. Also, add on a couple thousand dollars for your funeral costs and like we mentioned don’t forget to deduct your savings from the total amount in the end.
9. Don’t wait another day and compare your quotes without quick and easy quote engine. Or you can give us a call today and let us do all the shopping and comparing for you, for FREE.
10. Here at InsureChance, we are able to give you unsolicited advice and recommend the company that will best fit you and your situation. Besides, life insurance is confusing as it is, leave it to the pros. We are here to make life insurance simple, give us a call today or hit the chat button below!

The Basics Term life or Permanent life

Congratulations! You have taken the right step to protect your family’s financials and you are now being welcomed into the world of life insurance. Now you need to figure out which type of life insurance you should buy! We can simply not get to the part about coverage if you don’t know what type of life insurance you want to buy. There are two major life insurance types and they are term life and permanent life. Term life is a form of temporary life insurance that only provides coverage for a short and specified period of time. Term life insurance is best for those who want to fill a short term need gap or need this for a loan. It is also the cheapest type of life insurance and can be the most affordable for those who don’t have a big budget for life insurance, which is probably not your case because you are looking into a $5 million dollar coverage. “Term” refers to the length you would like to be covered for. Most carriers offer term lengths of 5, 10, 15, 20, 25, or 30-years. Be aware that your death benefit will only be paid out if you pass away during that time you choose to stay covered for. Once your term life policy expires your policy will automatically renew, this can be expensive because every year your premiums will rise tremendously. You can choose to convert your term life policy into a permanent life Insurance Policy without having to go through the whole underwriting process again and you can still have the same rates regardless of your age or health. You can also choose to terminate your policy but if you choose later on in your life to get coverage again your rates will be different because of your age when you decide to get coverage again and you will have to go through the whole underwriting process all over again.

Permanent life insurance consists of a couple different kinds of life insurance. The most popular form of permanent life insurance is Whole life and this kind of life insurance provides coverage for you guessed it, your WHOLE life. Universal life is another form of permanent life insurance and again provides you with coverage for your whole life but offers flexibility that a traditional whole life insurance policy doesn’t. There are two other types of Universal life insurance such as Variable Universal life and Index Universal life. Both of these offer an opportunity to take some of your cash value (this is built in all permanent life insurance policies) and invest it for more possible returns while still providing the same flexibility that a traditional universal life policy offers. Variable Universal life differs from Index Universal because Variable Universal has no cap floor and you have to manage your own investments leaving more room for risk.

The whole life insurance process

Once you have figured out what type of life insurance you want to buy you should know what’s coming next. The process of life insurance is fairly easy, especially if you work with us!

• Step one is to compare life insurance quotes online and make sure you settle on a company, premium, and of course coverage amount that suits you and your family’s personal needs.
• Step two is to request and application for the coverage online and complete the application over the phone with one of our agents.
• Step three is the medical exam. A traditional policy unless said otherwise will require you to undergo a medical exam. A nurse will be scheduled to come out a time and place of your choosing to do a quick and painless check up that will take about 15 minutes of your time.
• Once the application and medical exam are complete there is an underwriting process that usually takes between 6-8 weeks. During this time the life insurance company’s underwriters will review your application, look at your lab results, and make sure your medical records match up with what was filled out in your application. Once that is complete you will be officially approved for your $5 million dollar life insurance coverage. as soon as you receive and sign the policy, your payments will begin.

If you decide you cannot wait 6-8 weeks to get the coverage you should consider a no medical exam life insurance policy. These policies are slightly more expensive but will make your wait time between 12-48 hours! Keep in mind that most no exam life insurance companies cap their coverage at $250,000 to $400,000 at most, but don’t worry you can stack up your policies to make it the coverage amount you want.

Is $5 Million enough coverage?

Whether $5 million is enough coverage or not is something we won’t know until you tell us what your debts and personal needs are. We can walk you through this process so that we can figure it out together just by giving us a call today. When determining if $5 million is enough coverage you need to think of all your debt and this includes your mortgage, if you have a stay at home spouse you need to add them into the equation. Don’t guess how much life insurance coverage you need because what if your family needs more? Give it some careful thinking because if you pass away and your family gets $5 million what can they do with it? Will $5 million be enough to cover your children’s college and your spouse’s finances left alone? Life insurance is not a one size fits all kind of thing and as much as we want to tell you if $5 million is enough coverage for you or not we can’t. You may need more coverage or you may not need all that coverage but again that’s something you have to determine or give us a call and can walk you through it all. If you are still debating how much coverage to buy after reading this article, don’t hesitate, we get these calls all the time you are not alone and we are here to help!

How to find out your coverage amount

There are a couple of different ways you can go about this whole thing to find out what is the perfect coverage for you and your family. Ask yourself a couple of questions like how much debt do you have with your mortgage included, and do you add to your debt every month if so how much? Do you pay it down each month? This is important to ask yourself because you want to make sure that your life insurance policy will pay it off otherwise it will get passed down and become new debt for your loved ones.

Another question to ask yourself is how much do you spend each month? A good way to find out how much you spend each month is with your bank statements, they never lie! Assessing this matter will help you understand how much you should leave to make sure your family’s expenses are taken care of. How much do you save each month? The good thing about savings if you have put away some of your income into a savings account or college savings account for your children is that you can deduct this amount from your life insurance coverage. How much income does your surviving family member need if you aren’t around? This is kind of like the expenses question but still a very valid question to analyze. You will need to add up these answers from the above questions to be able to answer this last question.

How much do you save each month? The good thing about savings if you have put away some of your income into a savings account or college savings account for your children is that you can deduct this amount from your life insurance coverage. Basically, you should find your life insurance policy amount by calculating your long-term financial obligations and then by subtracting your assets. To find out your final answer you will need to multiply your income by 10 and don’t forget to add on $100,000 per child for college expenses. Also, add on a couple thousand dollars for your funeral costs and like we mentioned don’t forget to deduct your savings from the total amount in the end.

Work with us!

Don’t wait another day and compare your quotes without quick and easy quote engine. Or you can give us a call today and let us do all the shopping and comparing for you, for FREE. Yes, we said FREE! Don’t waste any more time searching around because most websites out there are just marketing companies as life insurance agencies that require a ton of personal information before they let you look at their quotes. You can just run quotes on our site or call us directly where one of our reliable agents will answer and work together with you to find you the best life insurance company who offer the premiums you want with the coverage you need. Here at InsureChance, we are able to give you unsolicited advice and recommend the company that will best fit you and your situation. Besides, life insurance is confusing as it is, leave it to the pros. We are here to make life insurance simple, give us a call today or hit the chat button below!

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