Episode 128: How To Find And Buy Term Life Insurance

Today’s Prep:

Wondering if you need term life insurance? You probably do, so how and where should you get it? Find out on today’s podcast!

(Click the featured times below to jump forward in the episode)

Equipping Points:

Inspired by David’s mailbox, many of us are getting extra solicitations encouraging you to get some type of insurance or coverage. You’ve likely seen something like that from somewhere such as AAA selling group term life insurance. David is a big fan of term life insurance, but is this where you should get it?

There’s nothing wrong with getting this type of term life insurance, but if you’re healthy it’s not the best option to get this product. There are three ways to get term life insurance. You can get it through your employer, through a group, or do-it-yourself, either through a broker or through a website.

If your employer offers life insurance for free, you take it. But you need to calculate how much you need, and it may be more than one or two times your annual salary like your employer offers. Having a few kids and a mortgage might mean you need quite a bit to cover them for quite some time.

David breaks down the difference between the varying ways you can get term life insurance. Doing a little bit of work on your own, if you’re healthy, will save you a lot of money. The prices are significantly different if you get a health assessment instead of term life insurance straight through the group without any qualifiers. The most important thing to determine is how much life insurance you need. Is that how much you have? If not, what’s the cheapest way to fill in that gap? It’s unlikely that you are over-insured but more likely you’re underinsured.

Listen to the entire episode or use the timestamps below to skip ahead.

[0:33] – David got to be young at heart with some family recently.

[2:54] – How do you get the best and cheapest term life insurance for you?

[7:15] – How do you get life insurance?

[11:38] – Who should get term life insurance?

[12:47] – Where should you get it?

Today’s Takeaway:

How do you go about getting the best, cheapest form of term life insurance based on where you are in life?

– David Dickens

Additional Resources:

PODCAST: The 3 Worlds of Money

PODCAST: What’s Your Retirement Income Literacy?

PODCAST: Do Retirees Really Need Life Insurance?

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The host: David Dickens

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