What's Up SWFL?: Tips on Buying Life Insurance

From Bryce Grimsley

Life insurance isn't as expensive as many people think.

One in four U.S. households relies only on group life insurance to provide financial protection if a wage-earner dies. These households may lose their only life insurance coverage if they become unemployed or have their work hours reduced.

Who needs life insurance?

If someone will suffer financially when you die, you need life insurance. If you were to die today, life insurance would provide cash to your dependents that can help pay for your funeral and other final expenses, meet everyday living expenses, pay down the mortgage, finance longer-term goals like education and retirement, and generally maintain your family's quality of life.

Should I buy term or permanent life insurance?

Generally speaking, term offers the greatest coverage for the lowest initial premium and is a great solution for people with temporary needs or a limited budget. Permanent insurance may make more sense if you anticipate a need for lifelong protection and like the option of accumulating tax-deferred cash values. Also, it doesn't have to be either one or the other. Oftentimes, a combination of term and permanent insurance is the right answer.

If you purchase the right Life Insurance you don't have to die for your policy to pay out! * Life Insurance can protect your family from other catastrophic events.

Here are some other benefits life insurance can provide.

Return of Premium rider
Returns all premiums that you paid in at the end of the term if no claim paid out.

Disability rider
Pays the selected amount monthly if you are disabled

Critical Illness
Pays a portion of the face amount if diagnosed with selected major illnesses, such as cancer.

Terminal Illness
Pays a portion of the face amount usually 1/2 if you are diagnosed as terminal

Retirement
Whole Life and Universal Life policies can be setup to pay a monthly retirement benefit.

Financial needs
You can take out a loan on Whole Life and Universal Life policies for any reason.

*The above benefits listed vary by company and may not be available in all cases. Riders may require an additional premium.

Vary competitive term life Starting at less than $1.00 per day for $1,000,000 of coverage.

10 Term, Best Nonsmoker Class, Monthly Premium
Age	$100,000 Face Amount Male Female		$250,000 Face Amount Male Female		$500,000 Face Amount Male Female		$1 Million Face Amount Male Female
18-30	9.26	8.99	11.79	11.13	15.13	14.24	21.80	20.02
35	9.26	8.99	11.79	11.13	15.13	14.24	21.80	20.02
40	10.06	9.88	13.79	13.35	19.13	18.24	29.81	27.14
45	12.37	11.39	19.58	17.13	31.15	26.70	52.06	44.94
50	15.40	13.62	27.14	22.70	45.83	37.38	80.54	66.30
55	21.27	17.89	41.83	33.37	76.09	57.40	138.39	103.68
60	31.68	23.23	67.86	46.72	122.38	83.21	225.61	151.74
65	51.26	33.82	116.81	73.20	215.83	133.94	405.39	255.87
20 year, Best Nonsmoker Class, Monthly Premium
Age	$100,000 Face Amount Male Female		$250,000 Face Amount Male Female		$500,000 Face Amount Male Female		$1 Million Face Amount Male Female
18-24	11.12	10.50	16.46	14.91	24.03	20.60	38.71	32.48
25	11.12	10.50	16.46	14.91	24.03	20.60	39.60	32.48
30	11.30	10.50	16.91	14.91	24.03	20.60	39.60	32.48
35	11.57	10.68	17.58	15.35	24.47	21.36	40.49	34.26
40	13.35	12.01	22.03	18.69	33.37	28.92	58.29	48.50
45	19.05	15.75	36.27	27.59	57.40	44.05	106.35	78.76
50	25.36	20.11	52.06	38.94	89.00	62.30	165.09	114.36
55	38.54	28.57	85.00	60.07	138.39	100.12	261.21	185.56
60	60.52	40.85	139.95	90.78	231.84	154.86	441.89	293.25
65	108.31	68.53	260.10	159.98	455.23	285.69	877.10	551.35