A couple things, really.
First, we’re an independent agency. Meaning, we’ll sift through dozens of carriers to give you the best rates. Other online agencies only work with one to a few carriers.
Second, we frame our recommendations around the pursuit of Financial Independence.
Our technology and our agents are familiar with strategies around this concept and we give you advice on carriers who would partner well with these strategies.
No, and here’s why.
SureLI uses underwritten products as opposed to an insurance site with instantly approved policies. This means SureLI’s carriers will give you the the lowest rate possible for your specific health class.
Instant approval methods use the limited data gathered to make an assumption of your health class, which quite often isn’t the best rate available.
Typically, instant approval life insurance sites only offer one to a few carrier options. SureLI is an independent agency, which means we are able to shop dozens of carriers instantly.
Our online application process starts with giving you three instant benefit options based on the information you provide.
- Minimum – This is calculated from the amount of your total debt.
- Good – This is based on your income. We multiply your income by 10x.
- Best – This is based on a number of factors. We calculate your annual expenses minus what you’ve saved so far to give you the amount you need for Financial Independence.
Click here to get your custom benefit options.
For most, no more than a few days. Some will require more underwriting depending on health or the amount of insurance applied for.
Most customers will go through “fluidless” underwriting. Which means you won’t need to a physical.
The insurance carriers SureLI works with usually allow up to several million dollars of coverage before requesting “labs”.
If you do need a physical, a traveling technician will ask you a series of questions, check your height, weight, blood pressure, etc. They will also collect blood and urine samples.
Again, for most, this won’t be the case.
No, they are not.
When applying for coverage, you’re simply asking the insurance company for an offer. Once you receive an offer, you’ll be able to review the offer before accepting coverage.
You’ll also have a period of time once you’ve accepted the offer where you can cancel the policy and recieve a refund of the premium. This is called a right of recision.
If you would like to move your coverage to a policy with SureLI, all you have to do is apply, and your agent will take care of the rest.
Part of the application process is to review your current coverage.
Just let us know if replacement is your goal of the new policy. Your old carrier will be sent notification of cancellation if this is the case.
We recommend keeping your current policy until you’ve accepted coverage with the new carrier through SureLI.
The FIRE (Financial Independence. Retire Early) community is a movement of highly motivated savers looking for a way to retire early and give themselves more time to enjoy life.
These are people who find ways to save a high percentage of their income and is earmarked for an early retirement.
These are strategies that allow you to lower the amount of coverage you have in an attempt save money on your premiums as your wealth grows.
There are basically two strategies when looking for insurance coverage while you’re on a path towards Financial Independence.
- Laddering – This is where you purchase multiple policies with varying term lengths in order to lower the overall cost of the coverage.
- Single-Policy Coverage – This is using a single policy, but working with carriers that allow you to lower the coverage amount as you increase your wealth through saving and investing.
Cost differences of these strategies will vary based benefit amount, age, gender, etc. See our case studies for examples.
These are carriers that allow you to lower your benefit amount during your contract term. Lowering your benefit as you grow your wealth ensures you’re not overpaying for uneeded insurance coverage.
SureLI regularly reviews these carriers and their products.
This varies from person to person.
In terms of cost, both laddering and single-policy strategies can differ depending on how much overall coverage you’re looking for. Carriers have breakpoints, or tiers, where they have better pricing as you increase your death benefit.
Sometimes, by laddering with multiple smaller policies, you can fall below these tiers. This might cause your premiums to be higher with the laddering strategy.
In terms of flexibility and easier underwriting, the single-policy strategy tends to be the most chosen.
The concept behind Term Life Insurance is simple. It’s designed to be very straight forward with the coverage and how long you need it. You choose the amount of coverage and for how long (10-40 years), that’s it.
Once the term is complete, you’re no longer insured.
Term is also anywhere between 3x-10x cheaper than more expensive products like Whole Life or Universal Life Insurance. And your premiums are fixed, meaning they won’t go up or down over time.
And with SureLI, our carriers allow you to lower the coverage amount over time when you’re ready.
So, when your kids get older, or you payoff your mortage, you don’t need to pay for any uneeded life insurance.
This is a very personal question. Meaning, everyone is different.
That’s why we give you a Good, Better, Best scenario for you to choose from. When on the path to Financial Independence, not everyone is in the same situation.
You can see how much you need by clicking here. If you would like to speak to an agent about how much life insurance you need, feel free to reach out.
There are a couple ways to look at this.
First, get coverage for as long as you can. Generally, this is a 30-year term policy. This gives you the flexibility to retain coverage now, while you’re the youngest and healthiest you might ever be. And with SureLI, you’ll be able to choose a carrier that allows you to change the coverage along the way.
The second strategy is laddering your coverage. This means you can obtain multiple policies that vary in term length. For example, if your mortage will be paid off in 10 years, you only need a 10 year policy for this.
Our agents are well versed in laddering policies and can guide you through this. You can start the process here or contact an agent.
If you already have coverage, simply compare what you have now with carriers here. You can either layer your new policy with your current one, which is laddering, or replace it with a policy from us.
If you have coverage through work that is paid by your employer, great! Just keep it. But, if you’ve obtained additional coverage, compare the rates.
Having private insurance outside of work is generally a good idea. This is because you can take it with you if you leave your company.
Generally, you might not be able to take the coverage you have at work with you if you were to leave the company.
If you have any questions, feel free to connect with an agent
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