Since it’s only temporary coverage and USUALLY doesn’t pay a death benefit, Term Life Insurance can offer the HIGHEST amount of coverage for the lowest price. It’s often a great fit for younger families in their working years.
Some times you will go out on an appointment and FE insurance is not what they are looking for at all. They might want $100,000 policy to cover a mortgage if one of them dies.
Term Life Insurance is the RIGHT solution for:
- If they have temporary needs (loan payoffs, business debt, mortgages, etc.) and need a large amount of coverage for a limited period of time.
- Term is also a good solution for younger couples that need to protect from the loss of their spouse’s income if they ever die during their working years.
Term Life Insurance is a Terrible solution for:
- To cover funeral costs and other final expenses
- ANY other permanent life insurance need.
- Anyone in real bad health (they will never get approved)
Term is fully-underwritten or sometimes issued as “non-med” which means they don’t take a physical. It is not generally relaxed underwriting like FE is. Lots of people can qualify for prefered rates with FE that would be declined or rated way up on a term life insurance application.
Some of our FE Insurance Companies are also good to work with on term life insurance. But it’s best to not get real sidetracked with it. We have a business associate that will let you carry a one page, assist form with you. When you run into a term life sale you simply quote it on your smart phone with their 25+ carriers. Fill out the simple form and fax it in. They will take over and do the rest and after all the smoke clears, you get a nice check.
Call us if you run into a term life case you need assistance with.
