How hard is it to get the right kind of life insurance?

You can get a quality policy that fits your unique life without breaking the bank.

When trying to be frugal, there are some choices to be made. Do you get mozzarella sticks AND the nachos or a second round of drinks? Do you buy the $5 flowers that last three days or the $10 flowers that last six days? Is cable worth the price or do you throw caution to the wind and only pay for streaming services?

And what about more pressing needs, like taking care of your family? If you’re looking to get life insurance, it’s easy to be lured in by low prices, but you can quickly discover that it’s not all it’s cracked up to be. So, is it possible to get cheap term life insurance without an exam that still gives you the care you need? In short, the answer is an emphatic yes. Read on to learn more.

Use our free Wysh Builder to get the exact coverage you need

What should you look for when shopping for a policy?

You may have been endlessly scrolling through Google trying to find a life insurance policy that best suits you and, in doing so, have bumped into many different options. While some companies say they offer low-cost, no-exam policies, these options may not take into consideration everyone’s criteria.  If you’re an older shopper or a person with a pre-existing condition, your age or health may alter the policies you’re eligible for (and have you asking why is my premium so high when you do get a policy). Some things to look out for as you shop:

  • Coverage offered: Each company has different minimum and maximum amounts of coverage, so it would depend on what you and your family needs.
  • Policy lengths: term policies will cover you for a set amount of time (usually between 10-30 years) while whole policies will cover you for, you guessed it, your whole life.
  • Medical exam: Depending on the company, you may or may not have to visit the doctor. Some companies don’t require an exam, but you do have to answer underwriting questions.
  • Coverage until you’re 65: Make sure to ask if the policy lasts close to retirement age.
  • Digital sign-up or with an agent: While traditionally customers had to speak to a life insurance agent, some prefer to buy a policy online. As you shop around, research what companies offer a digital experience.
  • Flexible plans: If it’s important to you to be able to change your coverage, then definitely ask about flexibility and what the terms for that are.
Animation chart showing monthly expenses and a cell phone showing coverage amounts.
Disclaimer: The costs are based on an average and may vary by city

Sources:
The average gym membership in the US costs $58 per month, according to a study by the Statistic Brain Research Institute
Acorns reports that the average American spends about $1,100 per year on coffee, which breaks down to roughly $92 a month.
According to Q4 2020 State of the Automotive Finance Market the average monthly lease payment in Q4 was $460
A Survey by J.D. Power shows that the average viewer pays $47/month on all their subscriptions combined.

It’s always a good idea to jot down your thoughts and questions and then make sure to research the company’s website thoroughly and/or talk to a customer service rep.  

How to find quality life insurance

Although paying less for a policy can be attractive to some shoppers, you have to consider it’s not all about the Benjamins (and the Andrews, Abrahams, and Alexanders). In fact, most people would prefer to pay a higher premium as long as they’re getting a quality product. There are ways to get affordable coverage without sacrificing quality.

  • Buy life insurance ASAP: the younger and healthier you are, the more options you’ll have as you shop around.
  • Determine how much coverage you need: make sure you understand what financial obligations you have to consider now and in the future. 
  • Decide if you need riders: riders are additional benefits that you can pay to add to a basic life insurance policy. They are great but not always necessary because you can still get excellent policies without the added benefits.
  • Research the company’s reputation: make sure the life insurance company is financially and ethically sound. This can help ensure that they will provide a great product.
  • Make sure there’s good customer service: when talking to a rep, ask any and every question you have to understand if the company is committed to giving customers a great experience.  

The spectacular news is that Wyshbox has reinvented the wheel and provides best-in-class hyper-personalized memberships, standout customer service (aka Wysh Granters), and a fabulous way to leave a legacy through your Wyshes. 

Wysh Builder

Wyshes are the financial dreams and goals that you’d like to fulfill if you were to die. They can be anything from paying off your home, sending your kids to college, or making a mark on the world. Whatever you want to happen after you die, we can help fulfill your unique needs and wants.

Wysh Granters

Despite our love for all things tech, we also understand that having a conversation with an actual human can make it easier to navigate all the things that need to be taken care of after someone dies. Our Wysh Granters (that’s what we call our customer support team) not only assist our members with questions, they also help direct beneficiaries in whatever they may need during the claims process. In addition, they do their best to help make sure that whatever Wysh you have, is granted.

No needles? No problem

If you prefer not to have to visit the doctor to sign up for life insurance, Wyshbox has you covered. Our underwriting process is simple and fast, and the best part is that it’s 100% online—so, you can do it anywhere, anytime, and get an instant quote.

Pay (Less) As You Go

We definitely understand life changes and at some point you might not need as much coverage. If you turn on the Pay (Less) As You Go feature, it can detect if you’re over insured on your total coverage. If that’s the case, it will lower your monthly/yearly amount, saving you money!

Conclusion

Whenever you decide to purchase a plan, it’s essential to remember that you’re building a long-term partnership with your insurance company. So, while inexpensive premiums might be what you initially look for, remember that there’s more than just money in the mix because most people want to be able to rest easy knowing their policies are working for their families. Wyshbox always has customers at the forefront by understanding that having tailored coverage, fast support, and the ability to create Wyshes is an important part of the  journey. Doing research as you plan for the next chapter of your life is a key component of getting a life insurance plan that serves you and your family in the best way possible.

The Wyshbox Blog

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