Life Insurance

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How much does life insurance cost?

The cost of life insurance varies based on coverage and term limits but policies are more affordable than you may think. At Magnum Insurance, our insurance providers prices start from $12 per month up to $100 or more. 

Besides price, Magnum Insurance can provide access to policies that do not require medical examinations and also accept your ITIN number for coverage.

What are the different types of life insurance?

Life insurance policies provide beneficiaries with lump-sum payments when the insured party passes away or after a specific period of time has passed. Life insurance provides financial security by replacing lost income and covering expenses.

There are different kinds of policies, each meeting different needs.

Term Life Insurance:
Covers a limited time period and does not build cash value. If you die within your terms, your beneficiaries receive the payment.

• A specific period of time
• Could replace income
• May cover some other expenses
• May be eligible for a No-Med Exam policy
  

Permanent Life Insurance:
Whole life is the best-known form of permanent life insurance. Other types include universal, variable, and variable universal. This policy costs more than term life but offers additional features like cash value you can borrow against and grows over time.

• Coverage for your lifetime, as long as policy terms are met
• Help with income replacement
• Providing supplemental income
• Assisting with estate planning
• May offer a side cash fund that can build over time

Who needs life insurance?

Magnum Insurance recommends life insurance for anyone who has loved ones who depend on them financially. This includes parents, homeowners with a mortgage, business owners and others.

Life insurance is not a purchase you make often and most people don’t know where to start or how to get life insurance quotes. At Magnum Insurance, our independent agents are certified and ready to answer questions and help you plan for the next stages of your life. 

If you can, apply when you’re healthy

Life insurance companies use life expectancy as the basis for determining rates. Anything that could shorten your life expectancy could lead to a higher price. Things that are taken into consideration include your age, gender, medical conditions and family’s health history.

If you’re young and healthy, it’s smart to buy life insurance as early as possible. As you increase in age or new health problems arise, your rates will go up. However, if you already have a pre-existing condition but are still young, it’s still worth exploring options as insurance companies vary in how they view pre-existing conditions.