Life Insurance

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We work with more than 20 different Life insurance carriers, so we are confident we can find you the right solution at an affordable price. 

Some people are fortunate enough to have a basic Life policy provided through their employer, so they often feel they don't need another policy or that they're adequately insured.  That may be the case for a certain segment of the public, but the reality is that most employer benefit plans only provide one to two times the annual salary.  That may seem great on the surface, but in most instances it can lead to some serious financial problems for your loved ones should you die prematurely - especially if you happen to be the primary breadwinner or a key part of the typical dual income family.  Plus employer provided policies are tied to that particular job so if you leave the job they usually go away.  For this reason it may be in your family’s best interest to “own” your Life policy. 

When it comes to Life Insurance any purchasing decision requires that two basic questions must be answered:
     1) How much Life Insurance should I buy?

     2) What type of Life Insurance policy should I buy?  Term or Permanent

The first question should always be resolved first. For instance, after examining your debt obligations, mortgage balance, medical bills, car payments, insurance expense, food and clothing bills etc. and then examining future financial requirements like college tuition for your children and your spouse’s retirement, funeral expenses, or any inheritance you would like to provide, the amount of life insurance that you need may be so large that the only way you can be afford it is through the purchase of Term insurance, since Term insurance has a lower premium.

If your ability to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the second question -- what type of policy to buy. Important factors affecting this decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), your desire for cash value in the end and the rate of return on alternative investments possessing similar risk.

Term Life Insurance:
Is for a specified “term” or period of time – typically 10, 20, or 30 year periods.
It is the most affordable way to get maximum Life Insurance coverage
Ideal to cover specific financial responsibilities like a mortgage or college expenses
Can supplement your Permanent Life Insurance during periods when coverage needs are higher, such as when your family is still growing, mortgage-paying years etc.
There is no cash value accumulation
Flexibility allows you to change your policy should your temporary needs turn into permanent goals.
Continuing your coverage after the initial level premium-paying term expires can be expensive

Whole/Permanent Life Insurance:
Has fixed premiums that will not increase, but are more costly than Term Life.
Includes a guaranteed death benefit payout
Cash value that is guaranteed to grow each year - tax-deferred
Dividends that can be used to increase the value of the policy.  Dividends are not guaranteed.
Loans and withdrawals can be taken on the policy but can reduce the death benefit payout

This information is for informational purposes only.  Please refer to your Life Insurance policy for specific details about your coverage.

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Life Insurance

LIFE Insurance

Having a Life Policy in force is so important that it warrants special consideration. Protect your family's finances.  Let BID find you a better Life insurance deal.