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Life Insurance 101

Insurance doesn't have to be confusing, and we want to make sure you understand how it works, as well as the options you have.

Accidents happen. Cars swerve. Zombies bite

Death isn't a typical concern for young healthy people. Term life insurance is often the best option for protecting against the unexpected. It provides coverage for a specific period of time, and is designed to help your loved ones make up for the loss of your income if something were to happen to you.

In doing so, it covers financial obligations that disappear over time, such as a mortgage, college tuition and loans. The healthier and younger you are, the more affordable coverage will be.

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The Application Process

Getting life insurance isn't difficult, but there are a few steps in the process.


Get a Quote

By filling out a short financial form, OUR LIFE COVEREDSM will provide you with a personalized recommendation on the coverage you need.


Apply for Coverage

Identify yourself and your beneficiaries, and answer a few initial health questions. You will also undergo a simple medical exam that will help determine your eligibility and the cost of your coverage. Most applicants are approved.


Receive your Policy

Once approved, you will receive your calculated premium and your policy for acceptance and signing. After paying your first premium (annual, quarterly or monthly payments), the carrier will put your policy in force. At this point, your policy cannot be cancelled unless you fail to pay your premiums according to the provisions of the agreement.

If you don't have life insurance because of any of the reasons below, hear us out...

Some people tend to over-estimate the cost of life insurance by 3 to 8 times the actual cost. The low rates can be surprising.

The younger you get your coverage, the lower your premiums may be. The longer you wait, the more likely you are to develop medical conditions that increase your premium costs. If you buy when you're young and in great health, your premium is locked in — for up to 30 years.

Most people believe if their income is lower or if they are a stay-at-home parent, they should not be insured. The loss of a non-working partner might require a need for services to care for your family, such as childcare. In addition, life insurance allows the surviving partner to take some unpaid time off work to help the family adjust to their loss.

Many employers provide group life insurance to employees. While this may provide a healthy baseline, it may not be enough to provide your family the help they need should something happen to you. In fact, many experts recommend 8-10 times your income in coverage to safeguard your dependents in future needs. And, in most cases, these policies do not go with you when you leave.

Life insurance can be purchased through an agent, but it can also be purchased online directly through the carrier. Individual life insurance rates are filed with state regulators, and remain the same for both online purchases or with an insurance agent. We offer Transamerica Life Insurance Company for an immediate online purchase and partner with a call center in offering other insurance competitors so you get the best rate — saving you time and money.

For younger Americans, accumulated savings and investments would do little more than cover final expenses. For others, their investments have grown enough that they don't need life insurance any longer. If your investments do not meet the needs of your loved ones, you may need life insurance.

A medical exam depends on the coverage amount selected. Other key factors such as occupation, hobbies, and driving record give the insurer a window into your health and potential risk factors in your life. All of these factors provide the insurer enough information to set your premium.

Have you met our corporate partner BFF?

OUR LIFE COVEREDSM has partnered with Life Happens, a non profit organization that is just as dedicated as we are to educating people about the importance of protecting themselves and their families with the coverage they need.

Lend a hand to someone left hanging.

OUR LIFE COVEREDSM is proud to support the Life Lessons Scholarship Program, which assists young people seeking a college education who are struggling financially because their parent died, leaving little or no life insurance. Please join us and make a donation today.