Life Insurance Policies

There are several aspects to consider when purchasing life insurance for yourself or your loved ones. Whether you need coverage to ensure your family’s well-being, need to help take care of debt left behind, or simply need additional coverage during your child-rearing years, you don’t want to be unprepared in the event of tragedy. Acceptance Insurance agents offer affordable life insurance options to keep you covered should the unexpected happen.

At its core, life insurance helps financially protect the ones you love in case something happens to you and you are no longer there to provide for your family. There is no perfect time to purchase life insurance: Every life event means changes you can prepare for by helping to make sure your loved ones won’t struggle if something happens to you.

Types of Life Insurance Coverage

When purchasing life insurance, you’ll find you have several choices. It can be confusing to understand and navigate the best one for your specific situation and goals. We offer a variety of life insurance options to fit different stages of your life, including:

• Term Life
• Whole Life
• Short-Term Life
• Universal Life
• Final Expenses Life
• Permanent Life

At Acceptance, our local agents will walk you through the best options for you and your family. We can help you find affordable insurance solutions that provide peace of mind as you move through your life.

How Much Does Life Insurance Cost?

The average cost for a 30-year-old male with no poor health factors is around $22 per month for $250,000 of term. A whole policy with the same factors will come in much higher at around $3,000 annually. That amount increases significantly as a person ages. The average cost of term is $80 per month for a healthy male at age 50.

The cost of a life insurance policy is determined by various factors including age, lifestyle, occupation, health, and more. If you’re a young, healthy non-smoker, you can typically expect a lower rate compared to a middle-aged smoker with diabetes, for instance. The cost also depends on your desired coverage amount and whether you choose term or permanent life insurance.

There are many different variables that determine a life insurance quote. Here is a more detailed look at how insurance underwriters come up with the cost of insurance:

• Type of Policy: Term is less expensive than whole, but when the time is over, you do not get any money back. There is no payment once your “term” is over.
• Age: The younger you are, the less money your policy will cost. That’s why it’s a good idea to purchase a policy when you first get “out on your own.”
• Gender: Insurers like statistics and when it comes to life span, women tend to live longer than men.
• Health: Those who are considered healthy will pay less than those with chronic disease conditions. Also, if you smoke or have smoked, you may find your price is higher.
• Lifestyle: Is jumping out of airplanes your favorite hobby? That might cost you when it comes to your premium. Insurers save their best pricing for people who live mainly safe lives.
• Family Medical History: Your family medical history can play a part in your costs. Those whose relatives lived to a ripe old age will likely get a lower cost than those whose relatives died younger of cancer or some other disease.

Keep in mind you won’t be automatically excluded from purchasing a policy just because you once smoked or you have a chronic disease such as diabetes. You may just pay more.

As mentioned, there are different types of insurance with different benefits. From birth to death and all points in between, building a fortress around those you love is the highest gift you can leave behind. Let’s examine the two most popular options.

Term Life Insurance

This basic insurance lasts for a set number of years and you can choose how long it lasts. For example, many main breadwinners may choose to purchase term through their children’s growth and education years. If you and your spouse have purchased a home together and started a family, term will be a literal lifesaver when it comes to allowing your family to maintain their lifestyle and stay in their home.

Whole Life Insurance

A whole policy lasts the length of your life, as long as your premiums are paid. These policies have several additional benefits over term, including the ability to borrow money from them, as well as having a cash out at the end for your designated beneficiaries.

Whole life offers several benefits you won’t get with term or other types, including tax advantages, guaranteed cash value, dividends and predictable premiums. It’s more expensive than term insurance. It has less flexibility than some other types and comes with potential penalties.

Term life offers protection for a set number of years so you’ll have peace of mind knowing the people you care about will be taken care of if the unthinkable happens. It’s also cheaper than whole life. It’s only for the exact number of years you choose. After that, it goes away and there is no payout.

After term and whole, there are even more subcategories of insurance your broker may recommend. Depending on your goals with your policy, one of these may work better for you.

Short-Term Life Insurance

This type of policy typically lasts for one year. Some of the reasons you may choose to carry a short-term policy include changing jobs where your new employment benefits, such as health care and death benefits, will not kick in for a while.

Universal Life Insurance

Universal offers more bang for your buck in that your death benefit and ability to grow value are not guaranteed, leading to a lower premium. Your lower payment will provide a policy that is flexible and tax-free. There are no guarantees, however, on the amount available upon your death. The policy amount is based on investment performance.

Final Expenses Life Insurance

This policy, also known as burial insurance, pays for funeral expenses and other end-of-life expenses, such as medical or legal bills. The advantage is this policy is much cheaper than a whole life policy since it is intended to pay for costs associated with death, not as a financial boost for dependents or beneficiaries. However, this is a great option for those who do not want to leave their loved ones burdened with last costs and a funeral.

Permanent Life Insurance

Permanent encompasses several different subcategories of insurance, including whole. Permanent builds cash value, may be borrowed against and pays out your full policy amount when you die, as long as you premiums are up to date and any loans have been paid back.

Just as with any major purchase, getting a life insurance quote comes with some thought and consideration. You want your family to be protected, but you also want to make sure you are paying a fair price for that protection. It’s always best to compare prices across different carriers to find the best option for you. At Acceptance, we can do that for you. Here are some other steps for finding the right plan for you:

Simplified Application Process

1. Decide if you want term, whole or some other form and how much you need. If you decide on term, may experts advise purchasing 10 times your current income.
2. Either research quotes on your own or have an Acceptance independent agent who is not tied to one carrier to do that for you. Comparing quotes is the best way to save money.
3. You’ll be asked to provide personal information, as well as health and medical facts.
4. The next step is usually a phone interview. This will include going over the answers you provided on your application, as well as any additional information the agency needs.
5. Schedule a health exam, if required. In some cases, you may not be required to get a medical exam.

After these steps, you’ll wait for the insurer to notify you if your policy has been approved or if more steps are needed.

As the old saying goes, the best time to buy life insurance is as soon as possible. There are good reasons behind most old sayings and this one is no different. The younger you are, the cheaper the life insurance. Let’s look at a few of life’s stages and why these are all good times to consider insurance.

In Your 20’s

You are not dependent on your parents anymore. You’ve graduated and are in the career path of your choosing. Purchasing a whole life insurance plan at this point means getting the absolute cheapest insurance rates possible and you’ll be building up a strong cache of resources you can use throughout your life.

When You Get Married

A couple starting their lives together can provide support for each other by purchasing a term or whole policy – or both. The partner with the largest income should consider a term policy for the length of a mortgage or the raising of potential children. The other partner, if working, can begin investing in a whole policy.

Purchasing a Home

For many, the largest investment is their home purchase. Nobody wants to leave a partner in the position of possibly losing that home is one income is suddenly gone. A term policy will help a surviving partner maintain their lifestyle, plus handle sudden expenses, such as a funeral.

Having a Baby

Once you’ve started a family, you’ll want to consider, at the very least, a term life policy to help with the costs of raising a child – and possibly even getting them through college. Along with a mortgage, the costs of having a baby and bringing them up will be among the largest of your life’s expenses. Although your children are priceless, studies point to the costs of raising a child in 2024 at about $300,000 (and that’s without college).

Your friendly, neighborhood Acceptance agents are parents and homeowners, too. They’ll listen to what you want to protect, as well as how much you want to spend and come up with life insurance options specific to your situation.