Life insurance, quoted term first
Term first, and here is why: it is the version most families can afford at the amount they actually need, and an underinsured permanent policy is the most common mistake in this line.
What this touches
- Term, for a fixed number of years at a fixed premium
- Permanent options where there is a genuine estate or business reason
- Final expense, for smaller amounts with simplified underwriting
- Key person and buy-sell funding for business owners
How much, before which kind
Start with the number: the mortgage balance, the years of income the household would need, and what it costs to raise the children who are in the house today. Decide that first. The product argument is easy once the amount is honest, and a smaller permanent policy sold instead of an adequate term policy is a decision people regret quietly for twenty years.
What moves the premium
- Age and health at application, which is why waiting has a cost.
- Tobacco use, which roughly doubles most quotes.
- Term length and face amount.
- Whether you qualify for accelerated underwriting without a medical exam.
Employer coverage is not your coverage
Group life through work usually ends the day the job does, and it is typically one or two times salary, which is far below a household's real need. Treat it as a bonus on top of a policy you own.
Questions people actually ask
Do I need a medical exam?
Often not. Many carriers now approve mid-sized term policies through accelerated underwriting using data rather than a nurse visit.
Work it out before anybody sells you anything
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