Protect your family and save up to 70%
on your life insurance.
When you stop to think about it, we insure nearly every important facet of our lives. Our car, our home, our health, our businesses and some even insure their pets. However, to your family, you’re priceless and probably one of the most significant facets of their life!
We’ve made shopping for and acquiring term life insurance easy. Our goal is to help provide you the peace of mind that your family can be financially stable and secure when it matters most.
Your term life insurance policy can help your family:
- Replace their lost income
- Maintain their standard of living
- Cover any short-term debt and needs
- Financially support young children during dependency years
- Pay off the home mortgage
- Create an education fund
We also understand that when you’re shopping for life insurance, you want options, transparency and to be sure you’re acquiring the least expensive rates possible; and this is EXACTLY our commitment to you.
How We Help You Save Time AND Money
Industry Leading Experience
Our independent life insurance agency has been assisting our customers in acquiring life insurance quotes and applying for coverage since 1976. We know our stuff and work hard to save you money on your life insurance.
When you work with us, your personal licensed agent will guide you through the entire process from start to finish. Not only will you be backed by the experience of your agent, but our agents are backed by our agency’s over 38 years of experience. Our clients have had needs for everything from first time policyholders to those looking to purchase life insurance on a parent to someone making plans for their final expenses. Rest assured that our experience with term life insurance is working for you!
Access to Over 60 Companies
If our experience isn’t enough, having access to over 60 top rated life insurance companies should be. Having these types of connections allows us to offer you the best rates available. As an independent life insurance agency, we will shop your case to every life insurance company available which allows us to find the best rates possible for the best types of life insurance for you.
No Risk Guarantee
Depending on your state of residence, you will have up to 30 days to return your policy for a full-refund of any and all premiums paid. You can’t beat that!
Our Unbeatable Technology
No more surprises when requesting a quote. With our advanced life insurance quoting technology, we are able to get a nearly exact life insurance rate with the health information provided by you. This means more transparency for you during the quoting and underwriting process. It also means we can get rates for both standard plans and no medical exam policies.
So How Does Our Process Work?
- We Use Our Cutting Edge Life Insurance Quoting Technology
Most life insurance companies and agencies will provide you a term life insurance quote based on an assumed health class. Now, this is fine, however it could lead to surprises in the future if you applied for a Preferred Best rating and you are actually approved at Standard Health. Often times agents will provide you a quote for the absolute best health class hoping to bait you in with cheap rates to complete an application. This can be a deceiving tactic as most people will not qualify for Preferred Best health rates.How do we differ with our technology? By asking you a few health related questions and entering that information into our quoting system, we compare your health information with over 60 life insurance company’s underwriting specifications. We then receive instant term life insurance quotes from each life insurance company based on the health class in which they would most likely approve you. This results in more accurate quotes and less surprises for you during the approval process.
- We Call The Underwriter And Go To Bat For You
If you have a health concern that may be considered high risk for most life insurance companies, we make it our job to know which insurance companies will look most favorably upon your health condition. We then contact those companies and speak with their underwriters personally to portray your health condition as favorably as possible in order to get you the cheapest term life insurance rates possible.This should be a basic part of EVERY insurance agent’s job and if you find an agent who doesn’t want to shop your policy or speak with underwriters directly, they are either lazy or want you to pay more for your term life insurance to benefit themselves.Rest assured when you work with us, we are certainly working for you.
- No Sweat, Super Simple Policy Finalization
Gone are the days when you had to meet face to face with your life insurance agent to sign that 50 page contract term life insurance contract. Even better, we don’t need even need you to physically sign the policy and mail it back to us. In today’s day and age, we’re able to take advantage of e-Signatures and voice signatures over the phone making the policy finalization process much simpler and less time consuming for you. Now who doesn’t want that?!
The Life Insurance United Difference
At Life Insurance United we’re a small independent insurance agency working hard for our customers and clients. We aren’t a huge insurance company and we aren’t in bed with any particular insurance companies either. We earn our keep by working hard for and catering to our clients, you. By working hard, it means that we put every effort into the process of trying to find you the best plan and insurance company to fit YOUR particular situation. This is in an effort to try and find you the cheapest term life insurance rates possible. We recommend the life insurance company best for YOU.
Our belief is that life insurance shouldn’t be sold; it should be bought. That means we don’t use any high pressure sales tactics to annoy you to the point of either applying for coverage or hating every insurance agent you see for the rest of your life. We want you to come out of this process as a friend and advocate of our way of assisting you and doing business.
Last But Not Least
The number one question we’re asked by our customers regarding term life insurance is:
“How much life insurance coverage do I need?”
Considering the frequency of this inquiry, we felt it would be prudent to address it here along with the reasons and justifications for how much coverage an individual should have.
Before beginning though, I want to briefly touch on who should consider life insurance coverage. When considering life insurance, people generally focus only on the family’s “income earner(s)” since the primary reason life insurance is purchased is to replace the lost income of a family breadwinner or income earner. This is certainly important; however, this isn’t to say that a parent or guardian who does not produce income does not have a need for life insurance coverage as well.
For example, consider what a stay-at-home mom or dad does, day in and day out, 24 hours per day. Their duties each and every day are equivalent to that of a day care worker or babysitter, a chauffeur, house cleaner, cook, social worker, counselor and personal shopper. The list I’m sure can go on and on and on.
It’s been well documented that a stay-at-home parent’s workload is equivalent to an income of over $110,000 per year. So, just because a stay-at-home parent may not be thought of as an “income earner” in the traditional sense, that does not mean they are not providing significant monetary value to the family. Imagine as an income earner what you would have to do to make ends meet AND keep the family together if you had to pick up the duties of your stay-at-home counterpart.
So, just because your family may only have one “income earner,” that’s not to say your family shouldn’t seriously consider acquiring life insurance for your stay-at-home parent.
How much life insurance coverage do I need?
There are really two main ways to go about determining how much life insurance coverage an income earner should have. The most thorough method is to work with us to complete a brief needs analysis which takes into account your income, assets, liabilities, debt, etc.
A more simple and common method to determine how much coverage one needs is to simply multiply your gross (pre-taxed) annual income by 10. This should give your family enough term life insurance coverage to provide income replacement for your family until your dependent children have become self-sufficient and graduated college.
My personal preference in determining how much coverage is needed is by multiplying the individual’s annual income by 10 and adding to that figure the amount of your home mortgage. This would allow your survivors to replace your income for 10 years while also allowing them to pay off your home mortgage allowing them to live free and clear in their home.
Now, how do you determine how much term life insurance coverage your stay-at-home parent needs? You could go with the standard assumed salary of $110,000 and multiply it by 10 to get the coverage amount needed. Or you could do a few calculations of what the annual cost would be to have a few very important tasks taken care of by a professional that your stay-at-home counterpart would have taken care.
For example, determine what the annual cost would be to hire a nanny or daycare to watch the children while you’re at work. In addition to that you may want to include how much a housekeeper would cost on an annual basis to clean your home. Tally up what the annual cost would be to have those duties taken care and multiply that figure by 10 to get the coverage amount you would need to have on your stay-at-home parent.
Bottom-line, some coverage is better than no coverage at all, so don’t get too hung up on how much coverage is the perfect amount. Just buying enough to allow your family to pay off the mortgage may be fine. Or possibly providing your family with five times your income is sufficient. Something is better than nothing and I’m certain they will surely appreciate it. If you would like to read more information on determining an amount of life insurance check out our page on how much life insurnace do I need?.
Life Events and Circumstances to Consider In Buying Term Life Insurance
Now that we know how to determine how much term life insurance coverage an individual might need, we wanted to touch on a few reasons why life insurance may be necessary.
Survivor Income Replacement
This goes without saying; the main reason life insurance is purchased is to replace lost income. You have provided your family a certain standard of living. It would be nice to know that if something happened to you, your family would be able to continue with that standard.
Mortgage Protection Life Insurance
One of the main reasons I purchased life insurance on myself is for the peace of mind in knowing that if I die, my family can pay off our home mortgage and not risk having to face even further stress and strain. The last thing I or anybody would want is for their family to sell their home and become uprooted due to the inability of their survivors to cover the mortgage or pay it off outright.
Funding Your Children’s Education
Another reason life insurance is purchased is to help create an education fund for children upon the death of an income earner. A college education isn’t cheap and life insurance can be used to fund your children’s education should you not be around to help save for it.
Another important aspect of term life insurance is its use in eliminating any debt left behind with survivors. The average American family has $15,191 in credit card debt, $154,365 in mortgage debt and $33,607 in student loan debt. The loss of a loved one is difficult enough as it is, make sure you aren’t’ leaving them with the pressures of debt as well.
Final Expense (Burial Insurance)
The average funeral/burial cost is around $10,000. Having a small no exam life insurance policy that can be used to cover that expense can allow your family the time it needs to mourn their loss and not have to worry about how they are going to get the money to cover funeral expenses.
Pay Federal Estate Taxes
This isn’t a common use for life insurance but nonetheless the more wealthy estate owners can and have used life insurance to pay potential federal estate taxes upon their death. Since these taxes must be paid in cash, life insurance can be a good way to ensure the fulfillment of this federal tax obligation.
Key Person Life Insurance
Employers or business partners often purchase life insurance on each other or other key employees to insure against the loss of service or income that may result after an employee’s death. When that happens the proceeds are paid to the company and can be used to hire another key employee, pay overhead expenses etc.
This is a contractual agreement among business owners. At the loss of an owner, the business interest is transferred to the surviving business partner. The surviving owner is obligated to purchase the deceased business owners interest from their heirs and the deceased’s heirs are obligated to sell. The life insurance purchased as part of the buy-sell agreement can be used to fund the purchase of the business from the deceased owner’s heirs.
Life insurance is not a complicated product or idea, or at least is shouldn’t be. Despite the fact that there are many reasons why one should purchase life insurance, or different ways to determine how much an individual should insure themselves for, it’s quite simple.
Your family needs that income replacement and financial protection in the event of your loss. It’s that easy.
If you’d like to discuss your need for life insurance, or would like assistance in determining how much coverage you should purchase for yourself we are happy to help.