Health life annuities disability dental and cash benefits
Individuals, Families and Self Employed

Tips on buying life insurance

Many people who buy life insurance want permanant insurance but buy term because of cost. The problem with this apoach is that most people still need life insurance when the term is up.

Purchaseing life insurance when the term is up 10 20 or 30 years later is much more expensive if you can even quaulify.

Here is another option to concider. Blended universal life. Example you need 500,000 of life insurance. You buy a 100,000 universal life policy with a 400,000 term rider. The term rider can be for any number of years you select. You have recently purchased a house with a 30 yr mortgage so we select 30 years for the term rider. At the end of the term the policy revert, to a 100,000 universal life. You can keep this policy the rest of your life in many cases with no further premiums. If you don't need the life insurance anymore you can take the cash out in a lump sum or keep the policy in force and take out annual income for retirement or any other needs.

I received an ad with my credit card statement.
In big bold print it says $1.00 buys $50,000 life insurance. Of coarse there is an *. The * means first month then as low as $3.49/mo. Still sounds pretty good, so I decided to investigate further. I went to their website and looked at their sample policy. It turns out that the $3.49 is for a $5,000 policy and it goes up on 2010, 2015 etc every five yrs. I ran some quick quotes on my term life. $50,000 is the smallest face amount most companies will quote.

35 Female best preferred rate
Plan	Level Premium Period	Premium Guarantee	Death Benifit	Monthly Premium
10 year	10 years	10 years	50,000	$8.00
10 year	10 years	10 years	100,000	$8.99
10 year	10 years	10 years	250,000	$11.13
10 year	10 years	10 years	500,000	$13.80
10 year	10 years	10 years	$1,000,000	$19.14
20 year	20 years	20 years	50,000	$9.00
20 year	20 years	20 years	100,000	$10.41
20 year	20 years	20 years	250,000	$14.69
20 year	20 years	20 years	500,000	$20.47
20 year	20 years	20 years	$1,000,000	$32.49

35 Male best preferred rate
Plan	Level Premium Period	Premium Guarantee	Death Benifit	Monthly Premium
10 year	10 years	10 years	50,000	$8.00
10 year	10 years	10 years	100,000	$9.17
10 year	10 years	10 years	250,000	$11.57
10 year	10 years	10 years	500,000	$14.89
10 year	10 years	10 years	$1,000,000	$20.92
20 year	20 years	20 years	50,000	$9.00
20 year	20 years	20 years	100,000	$11.31
20 year	20 years	20 years	250,000	$16.91
20 year	20 years	20 years	500,000	$23.59
20 year	20 years	20 years	$1,000,000	$38.72

As you can see it doesn't cost much more to go to a $100,000, 20 times what the credit card offer was, and this is Level Term for just a few dollars more.

Another important thing to keep in mind. If you qualify for the best prefered rates you can buy extra life insurance for vary little more than a small policy. This is because the smaller face amounts don't have the best prefured rate so you pay much more per thousand dollars of coverage.

This shows why it is so important to deal with a local agent. You should never buy insurance mail order. A local agent can find you the best possible plan for your situation at the best possible price. Call Cape Coral Insurance Center for help on determining the best policy for you.

Bryce Grimsley
Cape Coral Insurance Center LLC
Licensed Insurance Agent
Licensed to sell insurance in Florida Ohio and Indiana
239-357-6415
Fax 888-308-8394