Life Insurance Made Easy
Everything you need to know to buy life insurance
The income replacement method is a simple and effective way to determine how much life insurance you need. You can start with your annual income and estimate how many years your loved ones would need this income if you were to die. By multiplying your income by the number of years it will be needed if you die, you can quickly determine how much life insurance you should consider purchasing. For example, if you earn $100,000 per year and your family would need this income for 20 years, you would need $2,000,000 in life insurance coverage. Keep in mind that this method does not take into account current or future debts, any future income growth, or other changes in your financial situation, so it’s important to review your coverage periodically to ensure that it meets your evolving needs. Of course, this is a more simplified approach, but it is a good start. Click here to learn more about additional ways to determine how much life insurance you should purchase.
When selecting a life insurance term length – the amount of time the policy will be in effect with a locked-in rate – it’s essential to consider your unique needs and goals. Different term lengths ranging from 10 to 40 years are available, and choosing the right one requires careful consideration of an individual’s age, health, financial obligations, and budget. If you’re on a tight budget, a shorter term length of 10-15 years might be appropriate, as it can provide the amount of coverage you need at a more affordable price. If you want to guarantee you have coverage until your children are grown and no longer financially dependent on your income, you should get at least a 20-year term. If you’re looking for long-term financial planning, protection of your income until retirement, and a more cost-effective plan, a 30-year term length might be a better option. Additionally, your age and health will also play a role in selecting the best term length, as premiums increase as you get older and may be impacted by future changes in your health. Ultimately, you may need to seek guidance from a licensed insurance agent to select the best term length. We can help you understand the available options and select the one that best fits your unique circumstances. Click here to learn more about choosing the right term length.
When choosing a life insurance company, there are several factors to consider, including price, underwriting standards, and financial strength ratings. Price is an important consideration, and you should compare rates from multiple companies to find the most affordable coverage. If you have any concerns about your health or personal risk factors, it’s also important to review each company’s underwriting standards with us to ensure that you can qualify for coverage and to understand any restrictions or limitations. Additionally, consider the financial strength ratings of the life insurance companies from independent rating agencies, as this indicates the company’s ability to pay claims and remain financially stable. Companies with higher ratings generally offer more security and peace of mind. By evaluating these factors and researching multiple companies, you can select the life insurance company that offers the best combination of affordability, underwriting standards, and financial strength. Contact us with any questions about any life insurance company or for our professional recommendation.
Step #1: Determine how much life insurance you need and your desired term length or policy type. Then use our quote machine to instantly compare price quotes from numerous top life insurance companies for your preferred policy.
Step #2: Complete and submit our secure online life insurance application. A licensed life insurance agent will confirm receipt of your application, complete a preliminary underwriting assessment, and either let you know if any other information is needed or submit it to the specified insurance company.
Step #3: You will receive an email or a phone call with instructions on how to complete a health questionnaire. If your application qualifies for accelerated underwriting there are no further requirements. If not, you will asked to complete a life insurance exam and a order a copy of your medical records may be ordered.
Step #4: After your application file is complete, it will be reviewed and you will receive notification of a final decision that will be delivered by our office. If the policy offer doesn’t come back as you hope, it can be modified, we can change companies, or you can reject the offer.
Step #5: If you want to proceed with the offer, your policy will be issued electronically for you to review and approved. After the company receives your first payment (by credit card, check, or bank draft) your policy will be activated and your loved ones financially protected!
The following life insurance companies offer coverage, up to a maximum amount, without a medical exam:
Up to $1,000,000
American General
Assurity
MassMutual
North American
Ohio National
Protective Life
Sagicor
SBLI
Thrivent
Up to $2,000,000
Ameritas
Banner Life/Legal & General
National Life
Nationwide
Transamerica
United of Omaha
Up to $2,500,000
Lincoln National
Up to $3,000,000
John Hancock
Pacific Life
Prudential
Securian
Symetra
Up to $7,500,000
Penn Mutual
It is important to note that all of these companies still reserve the right to require an exam depending on age and health history of the applicant. Click here to learn more.
Yes. Our online life insurance application is secure and HIPAA-compliant thanks to several measures we have taken. This includes implementing SSL security (similar to online banks) to protect against unauthorized access and to ensure that data transmitted during the application process is encrypted and secure. Additionally, we follow strict HIPAA regulations to limit access to data and obtain consent before sharing it. To learn more, read our privacy policy.
No. You can apply for life insurance, receive a policy offer, and review the terms and pricing before making a final decision. If you decide not to accept the offer or to explore other options, you are free to do so without any cost or penalty.
No. There is no cost to you for any part of the application process. You will only have to pay the premium for your life insurance policy, if you choose to accept a policy offer.
Our price quotes are provided by COMPULIFE® and have been taken from the rate cards and rate manuals which life companies routinely publish and distribute to life agents and brokers. There are no additional costs for working with us, nor any surprise fees when purchasing a policy. However, all rates are subject to approval, and if there is a discrepancy between the information contained in the price quotes on our website and any official company illustration and/or policy, the policy shall govern.
We will immediately receive your application at our offices and you will receive an e-mail from us confirming our receipt. Then, throughout the processing of your application, you will receive regular updates on your application status. You are also welcome to call or e-mail with any questions about your application, or to request a status update.
The life insurance paramedical exam is typically completed in your own home at a time that is convenient for you, including weekends and early mornings. The exam includes obtaining your height and weight measurements, blood pressure and pulse readings, and blood and urine samples. Click here to learn more.
If your application qualifies for accelerated underwriting, you can get an official decision and have your policy issued anywhere from the same day you apply to within a week. However, if the company requests a life insurance exam, following completion of this exam it will typically take 2 weeks for those results to be sent to the company, reviewed, and a decision made. If your medical history requires a review of your medical records, it can take up to 30 days for medical facilities to process an order for your records and release them to the insurance company. The longest it usually takes for a company to reach a decision is 6-8 weeks.
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Financial Security
Financial security through life insurance planning is an important part of any financial plan. However, it can be a challenge to find a financial advisor who is knowledgeable about life insurance products that guarantee income and isn’t captive to a limited number of life insurance companies. This can leave people working with someone who only has limited knowledge or limited options to offer when it comes to life insurance products. At CEG Life Insurance Services, we are committed to offering the best expertise and largest selection of companies and products related to life insurance planning. We also work with other insurance and financial professionals to offer financial security to individuals and families with tax-free income at death, disability, college, and retirement with life insurance.
Life Insurance
Life insurance is at the core of our business. We believe that life insurance is a foundational part of a comprehensive financial plan and our aim is to help you understand the policies available to you, the companies that provide those policies, and the process and cost of obtaining a life insurance policy. We then help you obtain the best life insurance policy for your needs, from the life insurance company of your choice, at the best available price, as well as provide you ongoing service for your life insurance policy after your purchase.
Disability Insurance
What is your most valuable asset? Many would mention a business while others a home. Some might present an investment portfolio. However, the majority of individuals fail to remember the single most valuable asset that makes all others possible: the ability to earn an income. But what happens when you can’t work due to a disabling illness or injury? Disability insurance and life insurance can guarantee a set monthly benefit for a set amount of time, so that you can continue to provide for yourself, your family, or your employees while you are disabled.
College Savings Plan
You have the highest hopes for your children and all that they can accomplish in their lives. As such, you want to give them every opportunity to excel that you can, including access to the best education opportunities possible. However, when the time comes for them to pursue post-high school education, will they be able to afford to pay for that experience? With a college savings plan using life insurance, your child can be protected from education debt and allowed to focus on what their education will give them instead of what it will cost them.
Retirement Income
While obtaining life insurance and/or disability insurance are important in terms of planning for events that you don’t look forward to but could happen, your retirement is something you plan for that you do look forward to happening. In planning for your retirement income you should focus on three things: your monthly retirement income is enough, your retirement income will last as long as you live, and that you have as much tax-free income as possible to protect against future tax increases. Ideal retirement planning should typically include multiple products, including annuities and life insurance.
Long-Term Care Insurance
You will spend years working, saving, and investing in preparation for retirement. When that day finally arrives where you can finally look forward to years of travel, activities, and everything else that you have been planning for, you do not want to lose all that money to pay for assisted living, nursing home, or home health care. However, an illness or injury in your later years can require this type of care, and the cost of these services can have a dramatic impact on your retirement savings. With long-term care insurance or life insurance, though, you can make sure that you can enjoy and afford your retirement years as well as leave a financial legacy behind.
Life Insurance Planning Articles
Additional expert advice to help you with your insurance planning
Is This the Worst Financial Advice Ever? – Entrepreneur
Why following the common advice to buy term life insurance instead of cash value permanent life insurance may ultimately be a bad long-term financial decision.
Understanding Life Insurance
Life insurance is a financial protection policy for your family that gives them a tax-free cash payment should you die while the policy is in effect. It is a foundational part of any financial plan and could end up being the most important financial decision you ever make.
Term Life Insurance: This type of policy provides coverage for a specific length of time (a term). Term insurance is popular for providing the largest immediate death benefit for the lowest amount of premium.
Whole Life Insurance: This type of policy offers coverage for your whole life while it also accumulates cash value. The highest-rated companies offering whole life policies are mutual companies, owned by the policyholders, and pay dividends.
Universal Life Insurance: This type of policy offers flexibility in premium payments allowing you to pay more or less at different periods of time. It can also be used to accumulate cash value with or without involvement in the stock market or set-up as a non-cash accumulating policy to pay out no matter how long you live.
Learn MoreWhat Is an Annuity?
An annuity is a type of life insurance policy that can be used to accumulate and distribute a lump sum of money as regular guaranteed income payments for a specific amount of time up to as long as you live.
Learn MoreUnderstanding Disability Insurance
Disability Insurance will pay you a tax-free monthly benefit to provide for yourself and your family if you become disabled during your working years and are unable to continue in your employment. We offer numerous plans that can provide financial protection for you and your family should you suffer a disability before or after retirement.
Short-Term Disability Insurance: This type of disability policy has a waiting period of 0 to 14 days and a benefit period of 13 weeks to 2 years. While often offered as group coverage through an employer, individual policies are also available.
Long-Term Disability Insurance: This type of disability policy has a waiting period from several weeks to a year or longer. The benefit period can ranges from 6 months up to age 70. Long-term disability insurance is offered by several companies.
Learn MoreWhat Is Long-Term Care Insurance?
Long-term care insurance pays a tax-free benefit to pay for nursing home, assisted living, or home health care should you become unable to perform two out of six activities of daily living without assistance. These activities include bathing, dressing, eating, toileting, transferring, and continence. Most long-term care services are generally not paid for by health insurance, Medicare, or Medicaid, so this benefit can protect you from having to use your retirement savings to pay for this kind of care, which can be extremely expensive.
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