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Do I Need This Type of Life Insurance?


 

Online Term Life Insurance

Whole life insurance requires premium payments that remain the same over your entire life. The most common type of permanent life insurance, whole life policies allow you to choose how often you’d like to pay – annually, semi-annually, quarterly or monthly.

Although many insurance agents might tell you life insurance is a necessity throughout life, this not true for everyone. In fact, those who need it most are often those who haven’t built up assets yet, like young adults with new children. By the time you retire, your children will be grown and ideally you’ll have enough money built up elsewhere to support your spouse if you pass first.

Term life insurance is: Basic | Simple | Inexpensive

It is the least expensive way to purchase a death benefit while allowing yourself a set amount of time to save up money elsewhere.

Full Life Insurance

Whole life insurance requires premium payments that remain the same over your entire life. The most common type of permanent life insurance, whole life policies allow you to choose how often you’d like to pay – annually, semi-annually, quarterly or monthly.

We buy life insurance not because we have to, but because we want to make sure our kids and family are taken care of in the event something does happen.

Whole life insurance is easy to understand – the payments are always the same. Some of these policies can even be completely paid for after a set number of years. Although payments are predictable, they usually do continue throughout your life, so when considering whole life insurance, be sure to consider your ability to make premium payments in the future.

When you do buy whole life insurance, you’re purchasing a policy in which part of your premium payments go toward building cash value from investments made by your insurance company. Every year you keep your policy, you can borrow against the cash accumulation fund that has built up, without being taxed.

Universal Full Life Insurance

Universal life insurance combines certain aspects of term insurance and whole life insurance. Universal insurance offers low-cost protection, as well as a savings element which provides a cash value buildup. Your benefits and premiums can be reviewed and changed as your circumstances change throughout life.

Unlike whole life insurance, you can use the interest from your accumulated savings to help pay your insurance premiums; and, the cash value of your investments can grow at a variable rate. Overall, universal life insurance is a more flexible way to protect your family and build cash value.

At Online Mortgage Life Insurance, we’ll work with you to help you understand your current financial situation, and how to best work toward your ultimate financial goal. If you have questions about which type of life insurance is right for you, or if you’re ready to receive a free quote, give us a call or send us an email today!

Final Expenses Insurance

When you die, the last thing you want your family to worry about is financial troubles and funeral expenses. Final expenses can be hard to talk about, but final expense insurance ensures your loved only aren’t burdened with bills and expenses while dealing with your loss.

The average cost of funerals today is over $8,000. Additional fees can push the cost of some funerals to nearly $10,000. These costs have consistently increased over the past couple decades, and this trend is expected to continue into the future.

Final expense insurance ensures that no matter when you pass, your family will be able to cover your funeral expenses and can experience at least financial relief during the emotional time of your passing.

Child Insurance

Your child may seem like the last person who needs life insurance. However, buying life insurance for children is a responsible financial decision that makes sense to many parents.

At the most basic level, the reason you buy life insurance for your children is to ensure you don’t add financial burdens to the emotional hardship of a child passing. The death benefit you receive can be used for memorial and funeral expenses, in addition to medical bills for the treatment of your child.

Buying a permanent life insurance policy, such as whole life insurance or universal life insurance, that allows your children to increase their death benefits in the future ensures your child will always be protected. Plus, their premiums are guaranteed to never increase.

Critical Illness Insurance

Critical illness insurance can complement your disability coverage and ease the financial impact of a critical illness diagnosis and treatment by providing a lump-sum benefit.

Everyday, in fact every few minutes, medical bills force Americans into bankruptcy. Critical Illness Insurance policies were formed in the late 1990s to help prevent just this. The three primary illness most often covered by this type of insurance are: cancer, heart attacks and stroke.

When devastated by critical illnesses, many families have financial troubles compounded on top. Critical illness insurance provides cash when you need it most. The vast majority of those who have heart attacks survive, and other critical illnesses are striking more and more Americans every year. Surviving a critical illness can take an emotional toll on your family, however with critical illness insurance, you don’t have to bear an additional financial struggle.

Disability Insurance

Not to mention saving for retirement. To put it in perspective, if you save 10 percent of your income every year and become ill or disabled for one year, 10 years worth of your savings could be wiped out.

If you are young and in good health, there is usually little reason to worry about disability insurance. However, if your work is very physical or if you are older in age, disability insurance can help give you peace of mind knowing that you and your family would be protected in the event you ever became disabled.

Today about 1 in every 4 people living in the U.S. will suffer a disabling injury before they retire. With disability insurance, you don’t have to let an unexpected illness or injury damage your financial future.

Long Term Care

Long term care insurance is specifically designed to cover long-term services, such as personnel and care in a variety of settings, be it your own home, a community home or any other facility. This type of insurance is not just for seniors however, as about 40 percent of those receiving long-term care are between the ages of 18 and 64.

Some long term care insurance policies will cover you for two to five years, and a few even cover your long term costs for life. This type of insurance covers your day to day needs and ensures you won’t have to rely on help from your family to cover out-of-pocket medical expenses. Additionally, premiums on long term insurances may be eligible for a tax deduction.

The cost of long term care insurance depends on how old you are when you first buy the policy and how long you want to keep the policy. If you are currently in poor health, it’s possible you will not qualify for a new long term care insurance policy.

Travel Insurance

When you travel often, occasionally things are bound to go awry. Whether your flight is cancelled or you become seriously ill, travel insurance can protect your money that was invested in nonrefundable payments, and can even help with medical expenses that might not otherwise be covered.

Whether you’re traveling for pleasure or for work, travel insurance can help cover unexpected costs you face before and during your trip. At Online Mortgage, we offer travel insurance that can offer you peace of mind no matter where you’re at – in the country, out of the country, in the air or even in the middle of the ocean.

If your flight is cancelled, we’ve got you covered. If you get sick, we can help with the expenses. If someone rear-ends you on the way to the airport and you miss your flight, don’t sweat it. If your street is flooded and you can’t leave home, we’ll still be here to help get your trip back on track.

If you have questions about travel insurance or are ready to receive your free quote, contact Online Mortgage today.

Travel insurance can be purchased up to 24 hours before your trip!

If you have any questions about our insurance policies or if you're ready to receive your free quote, contact The Insurance Guys today.