Navigating Your Choices Regarding Term Life Insurance and Permanent Life Insurance

How Term Life Insurance Works

How Permanent Life Insurance Works

Permanent life insurance is commonly referred to as whole life insurance, and works exactly as the name would suggest. It is permanent, so you have it for your entire life, and can never be canceled. Permanent life insurance will also generate cash value for you. Most companies allow you to borrow from the cash value in the policy after a few years. Your age, health and medical history form the basis for the cost of your premiums, which are locked in for life and will never increase. Permanent insurance premiums will be more expensive then term insurance premiums due to the cash value and lifetime guarantees. There is no right or wrong type of life insurance policy, however. A person’s age, health, and financial responsibilities, determine which type of policy is best for them.

Here’s some more information on this type of policy:

Timing Is Everything

Depending on where you are in life, it may or may not be time for you to purchase life insurance.

If it is time to purchase insurance, please remember the premiums are based on a few things. The major components when pricing life insurance are age, current and past health conditions, as well as prescription medications that you are currently taking. The younger and healthier you are, the less you will pay for life insurance. It is that simple. If you have had some health issues in the past, or are dealing with them presently, you may be required to pay a higher premium. Serious health issues may cause you to be considered high-risk due to your health. If you wait too long to purchase coverage, you may not be able to get the amount of coverage you need, based on your health or age.

Taking Your Next Steps

Here at Topline Life Insurance, we help you through every step of the often complicated process of purchasing life insurance. Please let us do the shopping for you. We will assess your situation and help you make the best decision for yourself and your loved ones. With over 40 companies from which we choose, we are able to get you the coverage you need at a competitive price.

Contact us today to learn more.

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What is the best kind of life insurance?

There are many life insurance policies from which to choose, and the best one for you might not be the best for someone else. If you need lower premiums, a term life insurance policy might be a good option. If you are looking for insurance that provides investment opportunities and does not expire until you pass away, a universal plan is an excellent choice. Speak to a TopLine Life Insurance broker to discuss your options.

What is a life insurance premium?

A life insurance premium is a regular payment you must make to your insurance company to pay for your life insurance policy. Continuous payments will keep your plan active, while missing payments could cause it to lapse. Different policies have different requirements for premium payments, so research possible policies and contact us at TopLine to find the right plan for you.

How much life insurance do I need?

This answer differs from person to person and is mostly dependant upon your finances. Typically, your minimum amount should be enough to cover your mortgage, loans, credit cards, and any other outstanding payments and debts.

Other considerations include:

  • College tuition assistance for your children or grandchildren
  • Income replacement for your spouse
  • Estate planning

Speak with a TopLine life insurance broker to avoid over or under-insuring yourself.

Should I buy life insurance before I turn 40?

Generally speaking, buying a life insurance policy when you are younger and healthier gives you a better chance of locking in a favorable policy premium. By purchasing a plan now, you can guarantee your “insurability” for the future. You won’t have to stress about higher premiums when you get older and possibly experience health issues. Talk to one of our brokers about the best available policies for you.

What is a beneficiary? Who can be one?

A beneficiary is a person listed on your life insurance policy which is the full or partial recipient of the death benefit provided by the policy. Anyone can be a beneficiary, and there can be multiple beneficiaries on the same plan. Note: No one is automatically listed as a beneficiary, including your spouse and children, so be sure to indicate your beneficiary choice(s) at the time of your policy purchase.

Your Family is Our Focus

We are a fully transparent agency, there are no secrets or surprises. We allow consumers to see the companies we represent and allow them to quote prices before they contact us. We want them to know which company offers the lowest prices as opposed to us telling them. Once a program is selected by the consumer or suggested by TopLine, our clients are amazed at the speed in which they are approved for coverage. We have a family mentality that is productive and fun. Our office has almost no turnover, which means you get to know us very well. We are an insurance family, and we treat our clients as an extension of our family, without them, there is no TopLine Insurance.

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At TopLine, we partner with some of the most reputable life insurance companies in the country. We can help you compare quotes and find the best deal.

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Our life insurance brokers are experienced and passionate about finding the best policies for our clients. If you are unsure about your options or have any questions, they are happy to help.

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Don’t worry about medical exams or your financial situation. With TopLine, you can get approved for a life insurance policy instantly.

Our Insurance Carriers
Accordia Life, A Global Atlantic CompanyAllianz Life Insurance Company of North America
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They said the application process would be fast. I was thinking I would be approved in a few weeks but somehow, they made sure we got approved the same day. Tracy made the approval process simple and walked me through everything.

- Tanya F.
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