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||One of the things that you'll hear Brad and I talk about in particular as you're trying to optimize all these different line items in your budget as you go through it. One of the things you do need to consider especially if you have dependents or a spouse or anybody that is depending on your income is term life insurance. This is just a critical piece of your financial puzzle at least until you get closer to reaching financial independence. Note that I do not think that you need life insurance for your entire life you need it. you need it until you reach the point where you create this perpetual money money making machine that is able to churn offer spit off enough money to support your family's lifestyle. So we don't need to necessarily get a 30 year life insurance policy or a 40 year life insurance policy if we're gonna have a plan to hit financial dependence in the next 10 ,15, or 20 years. So I think kind of the nice compromise there is looking for a 20 year term policy. uh there can be a lot of flexibility you can pick your coverage rate and it's very simple in my mind to calculate how much you need. First come up with whatever is your FI number. So if you your family's living expenses is forty thousand dollars a year and you look at your savings and $40,000 a year So you multiply that times twenty five and your FI number would be a million dollars and then you look at your assets and when you take a look of your assets you have about three hundred thousand dollar net worth so you're on this path you're doing well but you're not there yet. You need a just to make up the difference. You know you need something to last until you've made up the difference. And so maybe it would be reasonable to consider somewhere in between a five hundred thousand dollar policy or seven thousand dollar policy. You know I would I would make the case that probably a $500000 Policy dollar policy would be fine. That's what I took out on myself and my wife and Then if you're on this page very simple intuitive interface just go ahead and select whatever number you decide it and the term that you want. Maybe you decide that you have a shorter timeline because you're farther on this journey maybe you only need 10 years of coverage. You can play around with these numbers but I'm going to go ahead and select a 20 year term. Five hundred thousand dollars to get my quote You do this is select the orange button. "Get quote" and they start finding carriers for you. They only asked for a little bit information Specify gender male or female put in your date of birth and put in your zip code specify whether or not you are a U.S. citizen and then go to the next screen. All right on the next screen is going to ask you for just some basic health details and wants to know your your height,your weight. have you ever used any tobacco products. If you have shame on you and you you should quit. And if you haven't. Congratulations. Don't change :) And this is going to ask you if you're on any medications. Just answer the questions there. If you have any chronic conditions or health conditions that are being treated and then I'll ask you a little bit about family history as well This is basically a bet. They are. The bet is whether or not you are likely to die over the next 20 years and that sounds kind of morbid but one of the reasons that term life insurance is so cheap is based on these factors. It's very unlikely that you will ever need this. But it's such a low cost to you that there's really no harm in you doing it and you're not locked in. You don't have to keep this policy up for the next 20 years. You just simply you know at any point in time you can cancel it. But you're locking them in at this rate they're committing that they're only going to charge you at this rate for the next 20 years which is pretty cool. So once you've gone through that and then ask you Have you had your license suspended revoked or had more than one ticket or accident and the fast five years. Obviously if you're a reckless driver that kind of moves the needle a little bit so they want to know about that. Then once you've given them that little bit information just say "Get my quotes" All right. So you made it this far. It prepares your list of quotes and it will e-mail address to save the results. All right so it just takes about 10 15 seconds to get you old full list of quotes and then it's going to ask you for an e-mail and then it's going to display your results. And it is also going to ask you for your e-mail address And this is kind of cool because it's going to save your quotes and allow you get access to them at any time. So go ahead and give me your e-mail address and then go to save progress. All right and then you unlock it and you see that they have about they give you three options right off the top that are ranging right around 20 dollars a month. And this is exactly what I found as well and that's that's a really good rate four or five hundred thousand dollars for a 20 year term. If you scroll down you'll get some additional options. I actually went with us our SBLI I and my price was you know because I went directly to the company I went with them. But if I had used this you know because now instead of just having one person compete for your business you have all these different companies competing. There's a little bit of savings even here in SBLI is a fantastic company so all that being said is What we find is that when there's competition you know the the individual is the winner. People competing for your business is a really really good thing. It's worth noting that you get a discount on your pricing if you move it to an annual premium. Willing to pay on an annual basis which frankly probably I would do anyway is just out of convenience. You're going to get a little bit of a discount even beyond what their initial quote was. For instance that the numbers kind of change a little bit. AIG came in at two hundred thirty nine dollars a year. And quick simple math on that you get it from 19.91 a month. So that actually is awesome. That's amazing. And I think that once you kind of have that sort of information then it's going to send you off to the insurance company if you decide that's what you want to do. And I'm you know this is this is the way in 2018 you're living in the future. This is the way to go about getting your life insurance. And I hope this helps hope it saves you some money and hopes you gives your family some security at a very low cost you know up until you get closer to your fi path. Keep in mind that in my mind this isn't necessarily something you're going to need for 20 years. They are committing to you that they're not going to raise their price on you for this period of time. So if you FI within a ten year period of time or a five year period of time whatever it may be you can always close the policy down. You're not locked in but they are. And that is why I love this as just a backboard. You know it's just a financial blackboard for your family alright so once you've decided whether or not you want to do a once you've decided whether or not you want to pay monthly or you're more interested in the annual price which honestly depending on how you go with that it may actually change which company is more competitive. then it's going to do is just going to ask you for your phone number so you can get on the call on the line with an actual agent and you will be able to lock this up. They're not allowed to change it on you. They're not allowed to change on you as you get older or if your health changes. And the other cool thing that they've done here is they have actually incorporated ratings for these individual companies so Like if one company was offering the same policy but they had like a three out of 10. And the other one is maybe a little bit like 50 cents more a month but they were 10 out of 10. That might tell you something about who dealing but all these companies are really good. This particular company that this came back with this quote came back with a nine point eight out of 10. So you know I don't I wouldn't worry too much about that either way. But you know it is nice to have those ratings right there on the dashboard so that you can see that. All right so just putting your first name your last name and just add your your number to that and they will set up a time to get in touch with you. And you can make this a reality. I mean this is something that you can have up and rolling. Don't let this be something that you just leave and don't think about. I like to I like to hope for the best plan for the possible control my downside. I have very optimistic outlook on life. But to be honest with you if I were to die tomorrow or next year it would ruin my family's financial future. It would be very difficult for them to come back from that. That's not necessarily a position I'll be in five years from now. Seven years from now and my needs for life insurance can change very very quickly. I don't like the idea of doing very complex insurance or bundling insurance with investments.I'm not a huge fan of whole life insurance, universal life insurance, cash value insurance. But I think that a great low cost term policy absolutely makes sense for the individual that is aggressively pursuing financial independence. And I hope you find policy genius as useful as I did. Brad is actually going to be checking his rates in the very near future here and we'll report back to you on the show what he came back with.
||families, health, lifeinsurance, myfinumber, networth, savings