The Sage Largesse Endeavor
Life Insurance
Life Insurance is a very tough item to check off of the to-do list for most people and for several different reasons. The biggest reason is because nobody likes to talk about the subject of their own death. Another big reason is that when people get motivated enough to do research, they end up completely overwhelmed with all of the different options, there’s 700+ companies to choose from, each with their own suite of products!
I’m able to use my, more than 14 years of, experience to simplify the marketplace and explain to you not only what the best company and product is for your situation, but WHY! Let’s start with the basics…
There are two main types of life insurance: term insurance and permanent insurance.
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The number of life insurance companies in the United States reached a peak in 1990 and has fallen year-on-year ever since. In 2021, there were 737 U.S. life insurers, down from 747 in the previous year.
- Term insurance provides coverage for a specific period of time, such as 1, 10, 20, or 30 years. If the policyowner dies during the term of the policy, the insurance company pays the death benefit to the beneficiary. If the policyowner outlives the term of the policy, no death benefit is paid.
- Permanent insurance provides lifelong coverage. The policyowner pays premiums for as long as they want coverage, and the insurance company invests the premiums. The policyowner can access the accumulated value of the policy through loans or withdrawals. There are two different types of permanent insurance Universal Life (Variable, Universal & Guaranteed) & Whole Life.
The cost of life insurance depends on a number of factors, including the policyowner's age, health, and other risk factors. The insurance company will also consider the death benefit amount and the length of the policy term.
A common mistake I see with people who already own life insurance is that they have never reviewed their coverage, they simply set it and forget it. This approach could cost you $1,000’s in unnecessary premiums!
Whether you’re looking at life insurance options for the 1st time, wanting to review your coverage, or renew an expiring policy, I would love to help you simplify the process!