AT ITS CORE
Insurance is designed to protect against a certain risk (loss of value) — I.E. car insurance protects against the loss of value of your car if you crash it. LIFE INSURANCE is designed to protect against the loss of income (money) in the event of your death. In other words, life insurance is a way to leave the people you care about money if (when) you die.
I’ve seen far too many people die leaving their family members NO other option but a go-fund-me campaign to pay for the funeral. Life insurance should be easy to understand and obtainable.
David Johnson | Founder, Fortis Life Group
The Two Main Types of Life Insurance
Term
- Term life insurance has an expiration date
- As long as you pay your premium the life insurance will stay active until it’s expiration date. You’re protected during this time
- Term is usually less expensive than permanent
- Term is very common for younger individuals, households raising children and more
- For a healthy adult – term is extremely affordable and provides great protection
Permanent
- Permanent life insurance lasts forever
- As long as you keep your contract active (pay your premiums) your beneficiary will have access to the death benefit when you die
- Permanent life insurance policies can build a cash value that can be accessed later in life.
- Certain permanent life insurance policies have payment and death benefit flexibility. Meaning you can adjust your monthly payment
I’m Looking For The Best Price. Where Do I Start?
Well, it’s not always that simple — but here is what you need to know.
- Most (if not all) insurance products go through a process called underwriting
- Life insurance companies take into account your age, health, gender, what type of policy you are applying for and more… these factors produce what you call a price.. and what we call an insurance premium
- Different insurance companies have different underwriting guidelines and risk tolerance levels
- Life insurance is not a “one size fits all”. We recommend starting with an experienced and independent insurance professional.
This short blog was written by David Johnson, the Founder of Fortis Life Group (FLG). David has 10+ years of professional experience in the insurance industry and loves helping the veteran community. Don’t hesitate to reach out if you have any questions; David@FortisLifeGroup.com
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