With so many different types of life insurance out there my hope is to give a high level overview and make it presentable here so you can choose what’s right for you and your family.

• Unless you are financially independent with millions and billions of dollars to your name and no debt, YOU ABSOLUTELY NEED LIFE INSURANCE!
• Never buy a financial product you do not understand! Got it? So let’s get started.
• What is term life insurance? Well one definition is, “life insurance that pays a benefit in the event of the death of the insured during a specified term.”
• Basically life insurance that is effective for a certain amount of years from 1 to 5 to 20 to 30 years.
• Nowadays you can find some insurance companies that offer term periods as long as 35 years!
• What’s so great about term life insurance?
• You’re typically going to pay a significant amount less than most other life insurance products. Term life insurance products are about 10-20 times less than term permanent life insurance products.
• Allows you to diversify your investment portfolio and build wealth.
• If you’re a 30 year old male and in good health you can get a $1,000,000 dollar 30-year term life insurance policy for as low as $60/month.
• One of the downsides could be that term life insurance is temporary insurance.
• There are mainly two types of term life insurance to choose from. Level term life insurance and annual renewable term life insurance.
• With level term you simply pay a flat fee for the term of the policy.
• Annual renewable term provides coverage one year at a time up to a certain age which varies from state to state.
• For example, in New York the maximum age is 80.
• One major benefit of annual renewable term is you have the option to renew the policy without having to take a medical exam.
• There is another type of annual renewable term life insurance policy called decreasing term insurance which provides a death benefit that decreases over the life of the policy, but not common.
• For life insurance quotes check out:
  • Haven Life
  • Health IQ
• Make sure to get multiple quotes before settling for one insurance product.