Life insurance can be such a trip for some, there are so many options one can choose from. You have whole life, term life, universal life, index universal life, variable universal life, and many others. It seems some companies just think of a name and say you know what lets make that a plan! To the normal person they will just become confused and go with the first option that their insurance person says is the best. Don't get me wrong there is nothing wrong with trusting the professionals opinion. Actually I would love it if everyone would just listen to the professional, but please understand what you are getting yourself. Because lets be honest, the world is filled with people that are trying to take advantage of the people that do not understand what they are getting themselves into. This counts with every service and product you are thinking of, this gives the reason why sales people are supposed to be good at what they do. They just haven't been told yet........high pressure sales are a thing of the past. That is a story for another day though, myself and my company want people to understand what they are sitting down for. So lets go into that, lets say you are a single individual with no spouse or children yet. Should you still get life insurance?
The answer is yes, why would it be yes if you have no spouse and/or children. My answer will be and will always be......geee I don't kn
ow, do you want your family to have to hold a car wash so they can bury you? Let's be honest everyone even though you are no longer in this world does not mean your family will not be put through a hard time of needing to choose burial arrangements, body preparation, and so on for your remains. This is one thing that I am so tired of seeing numerous times in present day United States. Did you know that you can get life insurance for the same price as you spend on coffee for a week? Ok so now let's think of you have a spouse and children, how do you know how much insurance that you need? Use the DIME method, this will give you a better understanding of how much coverage you are needing. D for debt, I for income, M for mortgage, and E for education. Debt being how much debt do you have that your spouse will be left with if you are no longer with the living. Let's talk about this for a minute everyone, be honest with yourself. Do you really want your spouse to lose their partner in life, then have to worry about how are they going to make it by in life as well with only one income when they were so use to counting on you? This leads us into I for income, how much income would you have contributed to your family if you were still living? Now you are surely thinking to yourself........sooooooo how do I know how m
uch to leave, it could be really expensive. Easy way to choose and yes this part is a bit difficult to think about but I'm sure you will be okay. If you have children use their ages to choose how much you want to leave behind. Most parents will pay enough income until their child is of the age of eighteen. So take your annual income and the years that it will be until your child is eighteen and that is your answer for I. Now if you do not have children then you need to come to the conclusion of how many years do you want your spouse to not have to worry about the shortness of income. This gives them the proper amount of time they need so they can grieve. Now we are on M for mortgage, yes if you own a home or even if you are renting. This is the money that is set aside so your spouse can grieve and does not have to worry about losing the roof over their head. Then finally we are at the final letter of E, this is for education. Not only for your spouse and children, but it can be an education fund for your grand children and descendants after them. Not everyone puts money aside in every letter but this will give people a better understandin
g of how to come to the conclusion of how much coverage is best for them. Now we come to what type of life insurance should you go with..... This will be difficult if you make it that way but think about it like this. Do you want term or permanent? Term lasts for a certain amount of time, I say it is the temporary solution for the permanent problem. Now of course some people are going to say, well my term lasts forever this is what my insurance person told me. Of course it will last forever......as long as you can afford it. If you look at your life insurance policy, go to the premium page. It will have the ages lined up with the amount of premium you are paying in that year. After the "term" is complete the price will start to increase, a great example is if you have a ten year term in the eleventh year the premium will start to increase. Now there is another option it is called a return of premium. Companies think it is the coolest thing since sliced bread, and it is if you want to put money aside and not receive any interest on it what so ever. Also if you are wondering what do I sell, I am a broker and happy to say I am not captive to any specific company. This means I sell all products and do not care what you pick as long as it is the best option for you and your family. I place term as a temporary product, this means it will cover something that is not permanent like a mortgage. If you are in a financial bind and cannot afford permanent insurance as of yet, then get some term and convert it to a permanent policy within the first few years. This will give you the option of keeping the original age that you applied with the term policy with. Now remember this, there is an original age then an actual age. When some companies say you can 
renew your policy at any time and be guaranteed to be approved at the actual age. They are talking about the age you are, at the time of writing the new policy. So make sure they mean the original age if they are talking about you being guaranteed approval. The older you are the more expensive it will be, so that will be a night and day difference in your premium. Now with the permanent policies, yes they cost more that is why they are permanent. They also have additional "riders" you can put on each of the plans. The riders are customizations that you can install on your policy, and they range from a chronic illness rider to waiver of premium. Each rider does something different with the policy, but I will tell you I never sell a policy that does not have a chronic illness rider and accelerated death benefit attached to it. If a company tells you that these will cost you extra, you might want to check with a new company. These riders are a standard addition to most policies in present day. Which means they are free and you should not have to pay for a standard addition. There are over 300 life insurance companies in the United States so use a broker so they can find you the best option for you and your family. Also the company that is using the broker pays the broker, this means no money out of your pocket. If you have any questions feel free to post them into the comments and I will be glad to answer them for you. Thank you for reading our blog and we look forward to the next time.
ow, do you want your family to have to hold a car wash so they can bury you? Let's be honest everyone even though you are no longer in this world does not mean your family will not be put through a hard time of needing to choose burial arrangements, body preparation, and so on for your remains. This is one thing that I am so tired of seeing numerous times in present day United States. Did you know that you can get life insurance for the same price as you spend on coffee for a week? Ok so now let's think of you have a spouse and children, how do you know how much insurance that you need? Use the DIME method, this will give you a better understanding of how much coverage you are needing. D for debt, I for income, M for mortgage, and E for education. Debt being how much debt do you have that your spouse will be left with if you are no longer with the living. Let's talk about this for a minute everyone, be honest with yourself. Do you really want your spouse to lose their partner in life, then have to worry about how are they going to make it by in life as well with only one income when they were so use to counting on you? This leads us into I for income, how much income would you have contributed to your family if you were still living? Now you are surely thinking to yourself........sooooooo how do I know how much to leave, it could be really expensive. Easy way to choose and yes this part is a bit difficult to think about but I'm sure you will be okay. If you have children use their ages to choose how much you want to leave behind. Most parents will pay enough income until their child is of the age of eighteen. So take your annual income and the years that it will be until your child is eighteen and that is your answer for I. Now if you do not have children then you need to come to the conclusion of how many years do you want your spouse to not have to worry about the shortness of income. This gives them the proper amount of time they need so they can grieve. Now we are on M for mortgage, yes if you own a home or even if you are renting. This is the money that is set aside so your spouse can grieve and does not have to worry about losing the roof over their head. Then finally we are at the final letter of E, this is for education. Not only for your spouse and children, but it can be an education fund for your grand children and descendants after them. Not everyone puts money aside in every letter but this will give people a better understandin
g of how to come to the conclusion of how much coverage is best for them. Now we come to what type of life insurance should you go with..... This will be difficult if you make it that way but think about it like this. Do you want term or permanent? Term lasts for a certain amount of time, I say it is the temporary solution for the permanent problem. Now of course some people are going to say, well my term lasts forever this is what my insurance person told me. Of course it will last forever......as long as you can afford it. If you look at your life insurance policy, go to the premium page. It will have the ages lined up with the amount of premium you are paying in that year. After the "term" is complete the price will start to increase, a great example is if you have a ten year term in the eleventh year the premium will start to increase. Now there is another option it is called a return of premium. Companies think it is the coolest thing since sliced bread, and it is if you want to put money aside and not receive any interest on it what so ever. Also if you are wondering what do I sell, I am a broker and happy to say I am not captive to any specific company. This means I sell all products and do not care what you pick as long as it is the best option for you and your family. I place term as a temporary product, this means it will cover something that is not permanent like a mortgage. If you are in a financial bind and cannot afford permanent insurance as of yet, then get some term and convert it to a permanent policy within the first few years. This will give you the option of keeping the original age that you applied with the term policy with. Now remember this, there is an original age then an actual age. When some companies say you can 
renew your policy at any time and be guaranteed to be approved at the actual age. They are talking about the age you are, at the time of writing the new policy. So make sure they mean the original age if they are talking about you being guaranteed approval. The older you are the more expensive it will be, so that will be a night and day difference in your premium. Now with the permanent policies, yes they cost more that is why they are permanent. They also have additional "riders" you can put on each of the plans. The riders are customizations that you can install on your policy, and they range from a chronic illness rider to waiver of premium. Each rider does something different with the policy, but I will tell you I never sell a policy that does not have a chronic illness rider and accelerated death benefit attached to it. If a company tells you that these will cost you extra, you might want to check with a new company. These riders are a standard addition to most policies in present day. Which means they are free and you should not have to pay for a standard addition. There are over 300 life insurance companies in the United States so use a broker so they can find you the best option for you and your family. Also the company that is using the broker pays the broker, this means no money out of your pocket. If you have any questions feel free to post them into the comments and I will be glad to answer them for you. Thank you for reading our blog and we look forward to the next time. 
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