Life insurance is a contract between you and a life insurance company. Any contract will display important summary information such as the death benefit amount, the term (in years), the insured individual, the beneficiaries, policy effective date, policy maturity date, and the premium amount. Simply put, if the insured individual passes away before the policy maturity date, the beneficiaries will receive the full death benefit amount.
Term life insurance keeps things simple. Just like your car insurance, you only pay for what you need. With term life insurance, you only pay for how much coverage you need, and you are locked in with the same premium amount for the entire term of the contract.
Yes, but term life insurance is the best 🙂 There is another type of life insurance commonly referenced as “Permanent” or “Whole” life insurance. It costs much more than term life insurance and adds unnecessary complexity. Financial experts recommend buying term life insurance.
To determine an appropriate coverage amount, we recommend that individuals purchase 10-12 times their annual income. An example would be, if you make $50,000 per year, you would want term life insurance protection between $500,000 and $600,000. Always make sure that you get coverage on both individuals in a relationship. A minimum of $500,000 in coverage is recommended for a stay-at-home parent or guardian. Our insurance specialists can guide you on your specific situation and offer you a no-obligation custom quote.
You pay for term life insurance online by securely entering your bank account information. The premium debits a checking account just like any automatic bill payment. You can choose if you would like to pay monthly, every 3 months, every 6 months, or annually. Discounts available when paying annually.
Please start by filling in the form on our website. You will then receive a phone call, email and custom quote from one of our insurance specialists. We will answer your questions and apply for the best term life insurance for your specific situation. You will then be required to complete a short telephone interview and health assessment with the life insurance company. Life Insurance of Arizona will be with you through the entire process to answer any remaining questions and notify you when your policy is ready to accept and pay online.