Get sound advice from the team at eFinancial.

Knowing the type of insurance and coverage you need is a good first step. But life insurance is about more than policy types, premiums, and payouts. Be sure to explore the different policy features and benefits before making your choice.

Some policies have a trial period, called a “free-look provision,” or offer payment options. In addition, some term life plans can be easily renewed or converted into a renewable term policy or permanent life insurance plan, which includes both whole life insurance and universal life insurance options.

In many cases, extra benefits can be added on as riders to help customize a policy. Some common riders provide additional coverage if you become disabled or seriously ill. Others add protection for a spouse or child. While these added benefits may cost extra, they can help provide additional peace of mind.

eFinancial works with trusted companies that offer a wide range of policy options and benefits. Once we get to know your unique situation and what’s most important to you, we’ll help you create a custom policy that best fits your needs.

People often think life insurance is just for families, but people at any stage of life can benefit. Single adults may use life insurance as a backup plan for debt and to protect aging parents. For families, a policy can help maintain a partner’s quality of life and take care of children. Life insurance can also help offset costs of end-of-life expenses and be useful for estate planning, since payouts are not taxed as income.

A life insurance policy can be beneficial for everyone, but is especially important when someone depends on you financially. The money they receive after you die can replace lost income, meet daily needs, help cover debts, or support long-term financial goals.

If you’re curious about how life insurance can help you and your loved ones, let’s talk.

For people between 50 and 85, final expense is an affordable way to give your family peace of mind during a difficult time and help cover funeral and end-of-life costs. If you have an existing life insurance policy, final expense insurance can also provide extra coverage.

Since the maximum amount of coverage is around $35,000, people with kids or other family members who depend on them financially may be better off with traditional life insurance.

If you’re wondering whether final expense insurance is a good fit, talk to one of our agents. They’ll walk you through all options and costs, so you can find the right solution for you and your family.

A term life insurance policy provides protection for a specific period of time, or term, and comes with a variety of coverage and premium options. You get to choose how long the policy lasts, usually 10 to 30 years, and can even renew it in some cases.

Term insurance works well if you need financial protection for a certain period of time, like when your kids are growing up or while you’re paying off a mortgage. It’s typically the most affordable type of insurance. If you die while your term life insurance policy is still active, your loved ones will receive a cash payment to use however they wish. But if you live past the policy term, it simply expires.

Permanent insurance offers lifelong financial protection and a tax-free cash payout to your loved ones after your death. Many permanent policies also have a cash value component that grows over time, which will generally not be taxed until you access it. You can borrow against it, use it as collateral for a loan, or even surrender it for extra income, which can be useful for saving or estate planning.

Permanent insurance plans tend to cost more than term plans, but they offer lifelong peace of mind.

Final expense insurance is designed to help cover end-of-life costs. This can include funeral or burial expenses, medical bills, or even credit card debt. Since the average funeral costs $10,000 or more, final expense insurance can save your family the stress of unexpected expenses during a difficult time.

Final expense insurance coverage amounts are much lower than traditional plans, usually $5,000 to $35,000, making it one of the most affordable types of coverage out there. Some carriers guarantee your monthly premiums will never go up, which works well if you live on a fixed income. Final expense insurance doesn’t require a medical exam, so even people with health issues can often get covered. Learn more about your options for final expense insurance here.

After your death, your insurance carrier will pay out a lump sum right away so your family can use it for immediate expenses. The payout is tax-free and will usually be between $5,000 and $35,000. It’s generally meant to help pay for your end-of-life costs such as funeral, burial, and medical expenses or debts. But since there are no strings attached, they can use the money for whatever they need.

You also have the option of naming a funeral home as your policy beneficiary to make sure those costs are covered ahead of time. Since final expense policies are usually permanent or whole life insurance coverage, you never outlive your coverage.

Life insurance costs are as individual as you are. Your rate partly depends on the type of insurance you select (term, permanent, or final expense) and the coverage amount you choose. Other deciding factors include your age, gender, health, lifestyle, and how many people you want coverage for.

People often assume life insurance costs way more than it does. According to a recent LIMRA study, 80% of people overestimate the cost of life insurance by as much as 300%, and millennials think the costs are even higher. A 2019 LIMRA found that four in 10 millennials estimated the cost of a $250,000 term life policy for a healthy 30-year-old at $1,000 a year or more. The actual cost? About $160 a year, or just $13 a month.

Before you give up on life insurance, try getting a quote to see what your actual costs might look like. Talk to one of our agents to help you find a customized plan that works with your budget and unique needs.

There are a lot of factors insurance companies consider before giving you a quote:

• Insurance type. This includes the amount of coverage you’re looking for.
• Age and gender. Younger people tend to get lower rates and so do women, because they have a higher life expectancy.
• Personal and family health history. If you or your family have a history of serious illnesses, like heart disease or cancer, it can affect your eligibility and the price you pay.
• Tobacco, alcohol, and drug use. Smokers pay higher rates for life insurance than non-smokers, and drinking or using drugs can also impact your coverage. Learn more about life insurance for drinkers and for marijuana users.
• Lifestyle choices. Dangerous hobbies like extreme sports, for example, may mean higher rates.

There’s no time like the present. Give us a call to start the process.

Yes, you still have options. We work with more than 20 insurance companies that offer a variety of plans for every situation, and they determine their own underwriting standards. You can choose to take a medical exam or opt for a no-exam alternative plan. If your health condition is well-managed or improves with time, you can potentially reapply for a lower rate later.

Your dedicated eFinancial agent will help you choose the coverage that fits your needs.

If your policy requires a medical exam, we’re here to help. We’ll guide you through the process and schedule your appointment at no cost to you. Exams take about 20-30 minutes and you can choose the location. A certified paramed will ask you about your medical history and record your blood pressure, pulse, height, and weight. You may also be asked to give blood and urine samples and take several tests, depending on the health information you’ve shared in your application.

By getting an accurate picture of your health, the insurance company can decide if you qualify for the policy you want and what your rate will be.

Employer-provided or group life insurance is a great benefit, but it’s often not enough to protect your family financially. These plans are often small and may not go far enough if you have kids, a mortgage, or other major financial responsibilities.

Many people also don’t realize that the life insurance you get at work stays with the company. If you leave that job or move, that coverage typically is not coming with you. You may end up paying more in a group than you would for an individual plan, especially if you are relatively young and healthy.

Having an individual life policy means financial security and no gaps in coverage, regardless of your work situation. Let us help you fill your coverage gap. Get in touch today.