The globally distressing events of the coronavirus pandemic have made Americans more aware of their own mortality. Surveys show that 25% of people are more likely to get life insurance as a result of the outbreak.
That’s a good thing. Americans are thinking more about how to protect their families in the event that something happens to them, which is what life insurance does.
But what makes a policy a good choice? How can you make sure to get smart life insurance?
Nearly a third of consumers admit they don’t know how much life insurance to buy — and that leaves people vulnerable to overpaying for life insurance.
Table of Contents
The Need for Smart Life Insurance
When shopping for life insurance, most insurance companies will do two things. First, they’ll start the process by assuming people already know what they need when they begin their search. Then, the company offers bulk coverage over the life of the policy.
Not only do many people not know how much life insurance they need, but a one-size-fits-all policy doesn’t make sense — you don’t need the same amount of coverage as you age because your circumstances are always changing.
For example, a young couple who just had a baby and bought their first home will need a lot of coverage. But by the time the child is 10, they’ve likely paid off a chunk of their mortgage, so they won’t need as much. Then, when the child moves out and more of the mortgage has been paid off, they’ll need even less.
That’s where smart life insurance comes in. Everyday Life Insurance has smart policies that fix both of those problems for consumers who are unfamiliar with life insurance but know that they need it. The Ultimate Life Insurance Calculator helps you determine the amount you need, and your smart life insurance quote gives you recommendations for coverage that automatically adjusts over time to help you save money.
Smart life insurance is a radically different concept that’s changing the way that life insurance works. It’s important that you understand what that is and how it can help you avoid overpaying for insurance.
What Are Smart Life Insurance Quotes?
Did you ever watch the movie Smart House? Released by Disney in 1999, the film revolves around Ben Cooper, a teenage computer nerd who enters a contest and wins a computerized house, run by a virtual assistant, PAT (Personal Applied Technology). The smart house chooses clothes for the kids based on bioanalysis, cleans up spills and messes via floor absorbers, throws tennis balls from the wall to entertain the dog, syncs with work computers, controls the temperature, turns the lights on and off, sets alarms, displays videos on the walls, and more.
The mission of the technology is to anticipate the family’s needs as the kids grow up and then make life as easy and comfortable for them as possible.
This movie was released years before smartphones, Siri, Alexa, and other AI technologies were common household items. While we may not be able to throw tennis balls from the wall to keep our dogs happy while we’re away yet (that’s a great idea — someone should make that a reality), we can use Alexa to lock our doors, turn on lights, and more.
And our smart capabilities extend far beyond the home — doctors can treat patients virtually, transportation can be arranged in seconds, and we have all the information we could ever need at the touch of a button with our iPhones or smartwatches. The widespread adoption of smart devices has made our lives easier than any generation before us.
Now, smart technology is coming to the life insurance industry. Smart life insurance quotes from Everyday Life work to anticipate your needs, make your life easier, and save you time and money!
Here’s how they work:
These smart term life plans are created by Predictive Protection™ intelligence that anticipates and calibrates changes in your coverage needs during the course of your policy. Once your policy is activated, your coverage adjusts automatically to reflect these changes.
That way, you don’t have to remember years from now to update your policy. When you approve your smart life insurance quote, our technology does it for you!
A Smart Life Insurance Quote Example
Smart life insurance quotes are perfect for young families, people who just bought a home, or really anyone who understands the financial value of saving on life insurance.
Suppose you are a stay-at-home mom with two young kids and one pre-teen. Your husband works full time. A typical life insurance company may recommend a bulk, unchanging amount of $400,000 in coverage for a 30-year policy. For the policy, you pay a monthly premium, maybe $20 a month, and if anything happens to you in that time and you pass away, that $400,000 amount is paid to your family.
This makes sense at first because it will take that much to replace the cost of the child care and at-home support you provide, as well as provide for funeral and other end-of-life costs. However, it doesn’t make sense in 10 years – your kids will likely all be either out of the house or will soon be, and you will have paid off more of the debts you have.
In that situation, a smart life insurance quote from Everyday Life may recommend a 15-year plan. It has an initial peak coverage amount of $400,000 that steps down to $100,000 after ten years. For the first 10 years, you pay $18.75 a month; for the next five, only $9.34 a month.
Smart intelligence makes this change automatically. This saves you about $3,816 compared to a typical plan!
Get a Free Smart Life Insurance Quote Today & Start Saving
You can get a free smart life insurance quote online and see how much you can save. It all starts with The Ultimate Life Insurance Calculator.