Moran Life Group

6 Things:

1. The amount of insurance coverage you want ($1Mil in coverage will cost more than $100k)

2. How long you want it to last. (A permanent policy that never expires will cost more than one that covers you for 20 years)

3. Your age. (Someone at 40 will pay less than someone at 50 but more than someone at 30)

4. Your biological sex. (Women are cheaper. All. The. Time.)

5. Your health. (Healthy people cost less to insure than people with medical issues)

6. Your lifestyle. (Smoking, speeding tickets, felonies - all increase price)

Most people have some life insurance from work. But there are usually two important things to know about that policy:

1. It's not enough coverage.

2. It isn't owned by you.

Check out the box "How Much is Enough" for info on the first issue.

On the second issue - because YOUR WORK owns the policy, you're only covered while you work there. The minute you no longer work there - you no longer have life insurance.

Real Life Scenario: Guy gets diagnosed with cancer and has to quit his job to literally fight for his life. He loses the fight. He also had lost his life insurance.

Real Life Scenario 2: At 45 guy leaves his job to start his own business, he now needs life insurance and it's simply MUCH MORE expensive at 45 than it is at 30.

This is simpler to answer with another question: How many years do you want your family to continue their current lifestyle before they have to consider what’s next?

Let’s say you make $75k/year and you provide the health benefits (which would have to be purchased if you died). You also fix some stuff around the house and maintain the lawn and cars (which would need to be hired out if you’re not around.) So we’ll say your total financial contribution to your household is around $90k/year.

A $450k life insurance policy would cover your family for 5 years. A $900k policy would cover them for 10 years.

A Term Life policy is designed to cover you for a period of time, usually 20-30 years. The idea is to protect your family during the years of prime earnings and huge liabilities; when you have young kids that are dependent, a mortgage, and years of future income. By the end of a 20 or 30 year policy it is assumed that you’re in a different position where your mortgage is paid off, the kids are grown, and your financial obligations are much less.

In most cases people DO outlive their term polices are are left with nothing to show for it. The tradeoff was that the policy was inexpensive during the period coverage when they needed that protection most.

There are two alternatives, though both will cost you more.

1. You buy a Term Policy with a Return of Premium (ROP) Rider. This give you back 75-100% of all the money you paid in over the course of those years.

2. You opt for a Permanent Policy (Whole Life or IUL) as these will last forever but come with a higher premium.

I get it. Technology has made interpersonal interaction so abnormal - but getting you and your family the right amount of protection for a price that fits in the budget is tailored specfically to you. It is personalized and therefore difficult to just blindly quote online. My license requires me to make sure you actually need the coverage, and that we aren’t going to create a new financial stressor with what you choose.

When you see quotes online - they're often assuming you're perfectly healthy and they keep the quote low by keeping the years of coverage low.

But yes, we have to interact to some degree - it can be by phone, text, zoom, or over coffee … it’s whatever you’re comfortable with.

Then, simply get a FREE QUOTE!

In most cases, it makes sense to keep the policy you have and simply add an additional one. You can have more than one active policy at a time, even with different insurance companies.