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[VIDEO] How to Buy Life Insurance Without Getting Ripped Off

Young worried woman with empty piggy bank

By McKenzy Bowers | August 13, 2018

Shopping for life insurance can be a daunting task. But, there’s no need to fear being ripped off when you’ve got the facts! Part of the secret is, knowing what to ask:

  • How much coverage should you have?
  • How do you know that you’ve got the right amount?
  • Are all insurance providers the same?
  • What’s ROP and why should you care?

We all know knowledge is power, so take 12 and listen to Byron educate you on the things you might want to consider when buying a life insurance coverage for those you love.

As you heard, the calculator isn’t fool-proof, so reach out and let us help you get the coverage you need for your life. Otherwise, take our nifty calculator for a drive and get a better idea of how much coverage your family needs.

Nifty Life Insurance Calculator

Our Life Insurance Calculator can help you get a rough idea of how much coverage you’ll need to make sure your family is okay financially when you die.

  • Annual income before tax: $

    Annual income is an important factor in determining your needs, but it’s not the only one. When you die, your life insurance is like your final paycheck.

  • % of income needed by dependents:  %

    Because you’ll be gone, presumably they won’t need as much as you’re currently earning.  Typically, 80% of your current income is a good place to start.

  • Your Age: years

    The younger you are, the more years of your income your family stands to lose when you die.

  • Number of years benefits are needed:  

    If you died tomorrow, how many years of income do you want to provide for your family?

  • Annual inflation rate (estimate):  %

    Because of inflation, in order to maintain your family’s current standard of living, you’ll need to plan for increases in their annual income to keep pace.  Historically, inflation has averaged between 2% and 4%.

  • Annual interest rate (estimate):  %

    This is an assumption as to how much you believe your spouse will be able to earn on the death benefit proceeds. We have found that most surviving spouses are usually very conservative in how they invest the death benefit. The most common thing we see is that the money gets deposited into a bank account. You know your spouse better than anyone. Pick a number that you feel your spouse will be able to comfortably earn on the proceeds.

  • Based on the information you provided, you need about

    of life insurance to replace your income for the next years.

Now that you’re clear on how not to get ripped off AND you know about how much coverage you need – give us a call! A live agent is standing by.

Call 800-442-9899 NOW and we’ll help you figure out what kind of policy makes the most sense for your life.

We only work with highly rated insurance companies – brand names you trust. You may be able to save money without sacrificing quality and strength.