The fast answer is nope—you don’t need to meet with an advisor to buy life insurance. That’s because, in most cases, buying life insurance isn’t rocket science! Figuring out how much you need isn’t that complicated.
Giddyup walks you through the process with our easy online life insurance tool.
But do you even need to figure out a life insurance amount? Realistically, a trusted advisor can help you find the right amount for your life and your budget.
- If you have dependent children, then you might want to think about replacing half your income until the youngest is age 25 (half because life insurance is paid out tax free).
- If you have a mortgage, that’s easy too—generally, the bank wants the outstanding balance insured.
- And for business owners with partners, you can look at insuring them for enough that you can comfortably buy out their heirs without draining all the cash. You’ll find lots of helpful insurance calculators on the web if you search.
There are a few different kinds of products. Don’t guess.
As far as product goes, it’s true that an advisor could help you decide between “Term” and “Permanent” but that can be daunting. Advisors tend to promote products they know or are comfortable with. To figure out what you need, answer these 4 key questions:
- Do I want my monthly premiums to always stay the same or can they change?
- Is my death benefit level or variable?
- Why would my coverage be terminated or cancelled?
- Is this affordable given my situation?
A good advisor is valuable—no doubt! But remember you can get all the quality advice you want without actually having to meet the person in person. And there’s never a need for high pressure sales tactics when you buy life insurance.
If you do want to talk, GiddyUp experts will help you understand your options—the right product for your lifestyle AND budget. We’re not into pressure tactics, and if you hate the phone, we can text or email. Life insurance, no bull.