Among the many things I’ve learned from the recent pandemic and job instability is that I need life insurance outside of work.
On Youtube, I shared my experience recently applying for and getting term life insurance for myself to help cover my family in case anything happens to me.
Why I Got Life Insurance
First I want to share the reasons why I decided to get term life insurance outside of my policy I already had at work.
- I knew that while I was covered at work, if I got laid off that policy wouldn’t go with me.
- I have a child and if something happens to me I need to know she is taken care of financially.
- I have a mortgage and if something happens to me and my income disappears, I want my house to be paid off for my husband.
- I want to make sure my family has the resources they need to survive if I’m not able to be here for them.
Those are the reasons I decided to get a life insurance policy at this time.
My Considerations For Life Insurance
I knew I wanted a few things when I applied for life insurance:
- I wanted term life insurance for 20 years because that would cover til my daughter graduated college.
- I wanted it to be easy to apply and get covered without jumping through hoops.
- I didn’t want a medical exam. I hate medical exams and I have conditions with mental health and asthma.
- I wanted affordable rates. I knew that I’m not in perfect health but I wanted to find the best options available to me.
- I didn’t want to deal with a sales person trying to push whole life insurance that I didn’t want (this has happened the one other time I looked into getting life insurance personally).
Those were the five things I wanted in my particular situation in order to get life insurance.
Who I Used For Life Insurance
So let’s talk about who I ended up getting life insurance with! I ended up going with Bestow.
Like a few companies I use for things I found them through having my YouTube channel. I had mentioned I wanted to get life insurance a few videos back and they reached out to me about applying because they thought they would be a good fit for me.
They only offered term insurance and did not require a medical exam because they used complex technology to make decisions about approvals and rates.
It sounded good to me but I did a bit of research and read some reviews from other blogs and YouTube channels first. They had good reviews and policies were provided by a traditional company with a good rating so it felt like it was worth pursuing.
In the end I decided it was worth getting a quote from Bestow to see if I would qualify for affordable rates for term insurance. It took less than 10 minutes to get a quote since they only do a soft credit check. I figured it was worth getting a quote from Bestow and a couple other online life insurance companies that had similar models.
I did end up purchasing a policy with Bestow. In fact from start to finish the process took me 15 minutes and my husband came home from a gas station run where I told him I’d bought life insurance. I can’t be sure but I think he was a bit upset after his experience getting life insurance through a traditional company where he had multiple exams and 4 months of back and forth to get covered.
I had put off getting my own policy outside of work strictly because he had such a negative experience going through Zander and using a company they sent him to. I didn’t want to go through justifying my mental health history or my asthma or my weight or any number of things that I’m always working to improve but don’t look great on an application. In the end no medical exam was what felt like the best fit for me right now.
My new life insurance policy is for $300,000 for $33 a month. I know it’s probably not the best rate and I may be able to get a lower rate through a traditional company that underwrites policies but I’m very happy with this amount for my personal situation. It would pay off our house with less than half the money and the rest could be put aside for my daughter. I still have a policy at work as well.
Another reason why I liked Bestow was because I could pay online and set up auto payment for my monthly premium. Compared to my husband’s policy which forces us to pay quarterly with a check, this was so much better.
Getting Life Insurance Quotes
What I’ve learned from this experience is that it’s worth getting a life insurance quote from a couple different companies especially if they don’t require an exam. It does not affect your credit and you can compare your options easily when you aren’t going through a long medical underwriting process.
In my experience getting a quote and completing my policy took about 10 minutes start to finish (15 for me because I did record the experience and got distracted) and the whole process was so convenient that I’m kicking myself for not doing it sooner.
If you are looking for term life insurance, you can get a quote from Bestow and see if you qualify!
It’s worth applying to see if you can get rates as low as $15 a month for $250k with no health issues. I will leave an affiliate link below if you want to apply.
Do you have a life insurance policy outside of work? Get your free term life insurance quote today.