Build the perfect insurance policy, choose from multiple providers
How We Stack Up
Take the Guess work out of insurance with Upfront Quotes & Budget Friendly Options
INstasure
How does it work?
Choose the coverage amount
You determine the amount of coverage, also known as the death benefit, that you want your beneficiaries to receive if you pass away during the term.
Select the term length
You choose the duration of the policy, typically 10, 20, 25, or 30 years. This term should align with your financial obligations and the length of time you want to protect your loved ones.
Pay premiums
You pay regular premiums, usually monthly or annually, to keep the policy active. The premium amount is based on factors such as your age, health, and the coverage amount.
Death benefit payout
If you pass away during the term, your beneficiaries receive the death benefit as a tax-free lump sum. They can use this money to cover expenses, pay off debts, or replace lost income.
Renew or convert
At the end of the term, you may have the option to renew the policy for another term, although the premiums may increase. Some policies also offer the option to convert to a permanent life insurance policy without a medical exam.
Maintain coverage
As long as you continue paying the premiums, your policy remains in force, providing protection for your beneficiaries.
INstasure
How does it work?
Lifelong Coverage
Whole life insurance provides coverage for the entire lifetime of the insured. This ensures that a death benefit will be paid to the beneficiaries whenever the insured passes away, as long as the premiums are paid.
Cash Value Accumulation
A portion of the premiums paid for whole life insurance goes into a cash value account. This cash value accumulates over time and can be accessed by the policyholder through loans or withdrawals. The cash value can be used for various purposes, such as emergencies, education, or supplementing retirement income.
Level Premiums
Whole life insurance often comes with level premiums, meaning the premium amount remains constant throughout the life of the policy. This can be advantageous for long-term financial planning, as policyholders can lock in a consistent premium amount.
Estate Planning
Whole life insurance is commonly used as a tool for estate planning. The death benefit can provide a tax-free inheritance to beneficiaries, help cover estate taxes, or ensure that there is sufficient liquidity in the estate.
Dividends (Participating Policies)
Some whole life insurance policies are participating, meaning policyholders may receive dividends from the insurance company's profits. Dividends can be used to reduce premiums, increase the cash value, or be taken as cash.
Guaranteed Death Benefit
Whole life insurance policies provide a guaranteed death benefit, which is paid out to beneficiaries tax-free. This death benefit can provide financial security to the insured's loved ones, helping them cover expenses, pay off debts, or maintain their lifestyle.
Policy Loans
Policyholders can borrow against the cash value of the whole life insurance policy through policy loans. The interest rates on these loans are often lower than market rates, and the borrowed funds can be used for various purposes.
Supplemental Retirement Income
The cash value accumulated in a whole life insurance policy can be used as a supplemental source of income during retirement. Policyholders can choose to withdraw funds or take out loans against the cash value to support their retirement lifestyle.
Beneficiary Protection
Whole life insurance ensures that beneficiaries receive a death benefit regardless of when the insured passes away. This can provide peace of mind to the policyholder, knowing that their loved ones will be financially protected.
INstasure
How does it work?
Purchase of the Policy
Individuals interested in critical illness insurance can purchase a policy from an insurance provider. The policyholder pays regular premiums to maintain coverage.
Specified Critical Illnesses
Critical illness insurance covers a predetermined list of serious illnesses, which may include conditions such as cancer, heart attack, stroke, organ transplant, and others. The specific illnesses covered will depend on the terms of the policy.
Policy Renewal and Review
Critical illness insurance policies are typically renewable, and policyholders may need to undergo medical underwriting during the renewal process. It's important to review the policy periodically to ensure that it continues to meet the policyholder's needs.
Survival Period
Critical illness insurance policies typically have a survival period, which is a waiting period after the diagnosis of a covered illness. The policyholder must survive this period (usually 30 days) to be eligible for the benefit payout.
Lump-Sum Payout
If the policyholder is diagnosed with a covered critical illness and survives the waiting period, the insurance company pays out a tax-free lump sum to the policyholder. The amount of the payout is predetermined and specified in the policy.
Flexibility in Using Funds
The lump-sum payment can be used at the discretion of the policyholder. There are no restrictions on how the funds are used, allowing flexibility in covering various expenses related to the illness, such as medical treatments, medications, home modifications, debt repayment, or everyday living expenses.
No Requirement to Prove Loss of Income
Unlike disability insurance, critical illness insurance does not typically require the policyholder to prove a loss of income or inability to work. The benefit is paid based on the diagnosis of a covered illness.
Policy Exclusions
Critical illness insurance policies have specific terms, conditions, and exclusions. It's important for policyholders to understand the details of their policy, including the list of covered illnesses, waiting periods, and any exclusions that may apply.
Beneficiary Designation
The policyholder designates beneficiaries who will receive the lump-sum payment in the event of a covered critical illness. This designation ensures that the funds go to the intended recipients.
Premium Payments
Policyholders are required to pay regular premiums to maintain coverage. Premium amounts may vary based on factors such as age, health, coverage amount, and other underwriting considerations.
INstasure
How does it work?
Premium Payments
Policyholders pay regular premiums to the insurance company to keep the policy in force. These premiums cover the cost of insurance (mortality charges), administrative fees, and other expenses.
Death Benefit
Universal life insurance provides a death benefit, which is the amount paid to the beneficiaries upon the death of the insured. The death benefit is generally income-tax-free and is determined by the policyholder at the time of purchase.
Estate Planning
Universal life insurance is commonly used in estate planning to provide a tax-efficient way to transfer wealth to heirs. The death benefit can help cover estate taxes and ensure that beneficiaries receive a tax-free inheritance.
Cash Value Accumulation
A portion of the premium payments goes into a cash value account, which accumulates over time. The cash value grows on a tax-deferred basis, meaning that policyholders do not pay taxes on the investment gains as long as the funds remain in the policy.
Investment Options
Universal life insurance policies offer a range of investment options for the cash value component. Policyholders may choose from fixed-interest options, variable options, or indexed options, allowing them to allocate the cash value based on their risk tolerance and investment preferences.
Flexibility in Premiums
One of the key features of universal life insurance is the flexibility it offers in premium payments. Policyholders can adjust the amount and frequency of premium payments within certain limits. This flexibility can be useful during periods of financial change or when policyholders want to increase or decrease their coverage.
Adjustable Death Benefit
Universal life insurance allows policyholders to adjust the death benefit amount. This flexibility allows individuals to increase coverage during times of higher financial responsibility, such as when starting a family, and decrease coverage when financial needs decrease.
Policy Loans and Withdrawals
Policyholders can access the cash value through policy loans or withdrawals. Policy loans accrue interest, and if not repaid, they will reduce the death benefit. Withdrawals may also reduce the death benefit if they exceed the cash value.
Cost of Insurance (COI)
The cost of insurance (COI) is deducted from the cash value to cover the mortality risk and other expenses associated with the policy. The remaining cash value is available for investment and to fund the death benefit.
Tax-Deferred Growth
The cash value in a universal life insurance policy grows on a tax-deferred basis. Policyholders can enjoy the benefits of compound growth without immediate tax consequences, making it a tax-efficient investment option.
INstasure
How does it work?
Types of Disability Insurance
There are two main types of disability insurance: short-term disability insurance (STD) and long-term disability insurance (LTD).
Short-Term Disability Insurance (STD)
Provides coverage for a short duration, usually up to six months. It is designed to replace a portion of the individual's income during a temporary disability.
Long-Term Disability Insurance (LTD)
Offers coverage for an extended period, often until retirement age, if the insured individual is unable to work due to a long-term disability.
Elimination Period (Waiting Period)
Disability insurance policies often have an elimination period, also known as the waiting period. This is the period between the onset of the disability and when benefit payments begin. Short-term disability insurance typically has a shorter waiting period compared to long-term disability insurance.
Policy Application and Underwriting
Individuals interested in disability insurance typically apply for coverage through an insurance provider. The application process may involve medical underwriting, where the insurer assesses the applicant's health and may request medical records or examinations.
Premium Payments
Policyholders pay regular premiums to the insurance company to maintain coverage. The premium amount is based on factors such as the individual's age, health, occupation, and the coverage amount.
Definition of Disability
Disability insurance policies define what constitutes a disability. The definition can vary and may include criteria such as the inability to perform the duties of one's own occupation or any occupation. The specific definition is outlined in the policy.
Benefit Payments
Once the elimination period is satisfied, the insurance company begins making benefit payments to the policyholder. Benefit payments are a percentage of the individual's pre-disability income and are intended to replace lost earnings.
Benefit Period
Disability insurance policies specify the maximum duration for which benefits will be paid. Short-term disability insurance typically has a shorter benefit period (e.g., six months), while long-term disability insurance may provide benefits for a more extended period, possibly until the insured individual reaches retirement age.
Definition of Income
Disability insurance policies define the type of income used to calculate benefit payments. This may include salary, wages, bonuses, or other forms of earned income.
Rehabilitation and Return-to-Work Support
Some disability insurance policies offer support services to help individuals return to work after a period of disability. This may include vocational rehabilitation, training programs, or workplace accommodations.
Policy Exclusions and Limitations
Disability insurance policies may have exclusions and limitations. It's important for policyholders to be aware of these, as they can impact the coverage provided. Common exclusions may include pre-existing conditions or disabilities resulting from certain activities.
Claim Process
If a disability occurs, the policyholder must initiate a claim with the insurance company. This typically involves submitting documentation, such as medical records and evidence of the disability. The insurer will review the claim and, if approved, initiate benefit payments.
pros
Affordability: Term life insurance generally has lower premiums compared to permanent life insurance, making it more accessible for individuals on a budget
Flexibility: You can choose the term length that aligns with your specific needs, such as covering a mortgage or providing income replacement until your children are financially independent.
Simple and straightforward: Term life insurance is relatively easy to understand, with a clear death benefit payout if you pass away during the term.
Convertibility: Many term life policies offer the option to convert to permanent life insurance without undergoing a medical exam, allowing you to extend coverage if your circumstances change.
Temporary coverage: It provides coverage for a specific period when you may have higher financial obligations or dependents to protect.
Cons
No cash value: Unlike permanent life insurance, term life insurance does not accumulate a cash value over time. If you outlive the term, you won't receive any return on your premiums.
Premium increases: Renewing term life insurance after the initial term typically results in higher premiums, especially as you age. This can make it more expensive in the long run.
Limited coverage period: Term life insurance only provides coverage for the specified term. If you need coverage beyond that term, you may have to reapply, potentially facing higher premiums or coverage denials based on changes in health.
No investment component: Term life insurance focuses solely on providing a death benefit and does not include any investment or savings component.
Potential lapse: If you miss premium payments, your term life insurance policy can lapse, leaving you without coverage.
pros
Lifetime Coverage: Whole life insurance provides coverage for the entire lifetime of the insured, offering peace of mind that beneficiaries will receive a death benefit whenever the insured passes away.
Cash Value Accumulation: A portion of the premiums goes into a cash value account, which grows over time on a tax-deferred basis. Policyholders can access this cash value through loans or withdrawals for various financial needs.
Level Premiums: Premiums are often level and remain constant throughout the life of the policy, providing predictability for long-term financial planning.
Guaranteed Death Benefit: The death benefit is guaranteed, providing a tax-free payout to beneficiaries. This can be beneficial for estate planning and ensuring financial security for loved ones.
Dividends (Participating Policies): Some whole life insurance policies are participating, meaning policyholders may receive dividends from the insurer's profits. Dividends can be used to reduce premiums, increase the cash value, or be taken as cash.
Estate Planning: Whole life insurance is often used as a tool for estate planning, providing a tax-efficient way to pass on wealth to heirs.
Policy Loans: Policyholders can borrow against the cash value through policy loans at relatively low-interest rates.1 Column
Cons
Higher Premiums: Whole life insurance typically has higher premiums compared to term life insurance, which can be a disadvantage for those looking for lower-cost coverage.
Complexity: The combination of insurance and savings components in whole life insurance can make the policies more complex. Understanding the details of the policy may require careful review and explanation.
Limited Investment Options: The cash value is invested by the insurance company, and policyholders have limited control over the investment choices. Returns may be lower compared to other investment options.
Opportunity Cost: The returns on the cash value may not match the potential returns from alternative investments. Some argue that the opportunity cost of tying up funds in a whole life policy may be high.
Surrender Charges: If the policy is surrendered early, surrender charges may apply, reducing the cash value received by the policyholder.
Not Ideal for Short-Term Needs: Whole life insurance is designed for long-term needs, and it may not be the most cost-effective solution for those seeking coverage for a specific, shorter-term period.
pros
Financial Protection: Provides a lump-sum payment upon the diagnosis of a covered critical illness, offering financial support during a challenging time.
Flexibility in Use of Funds: The lump-sum payment can be used at the discretion of the policyholder, providing flexibility to cover medical expenses, daily living costs, debt repayment, or other needs.
No Requirement to Prove Loss of Income: Unlike disability insurance, critical illness insurance doesn't typically require policyholders to prove a loss of income or the inability to work.
Survivor Benefits: Some critical illness insurance policies may offer survivor benefits, providing a benefit to the designated beneficiaries if the policyholder passes away due to a covered illness.
Covers a Range of Illnesses: Typically covers a specified list of critical illnesses, which may include cancer, heart attack, stroke, organ transplant, and others.
Tax-Free Payout: The lump-sum benefit is generally paid out tax-free, providing the full amount to the policyholder or beneficiaries.
Complements Other Insurance: Critical illness insurance can complement other types of insurance, such as health insurance and disability insurance, providing additional layers of financial protection.
Cons
Cost: Premiums for critical illness insurance can be relatively high compared to other types of insurance, which may be a deterrent for some individuals.
Limited Coverage: Critical illness insurance covers a specific list of illnesses, and if a condition is not on the list, it won't be covered.
Waiting Periods: Policies often have a waiting period (survival period) before the benefit is payable. If the policyholder does not survive this waiting period after diagnosis, the benefit may not be paid.
Exclusions and Limitations: Policies may have exclusions or limitations regarding pre-existing conditions, certain illnesses, or lifestyle factors. It's essential to carefully review policy terms.
No Cash Value Accumulation: Unlike some other insurance products, critical illness insurance does not accumulate cash value over time. The policy provides a benefit only upon the diagnosis of a covered illness.
Health Underwriting: To obtain coverage, individuals may need to undergo health underwriting, and those with pre-existing health conditions may face higher premiums or potential exclusions.
Policy Complexity: The terms and conditions of critical illness insurance policies can be complex. Understanding the details may require careful review and explanation.
No Benefit for Non-Critical Conditions: The policy provides a benefit only for specific critical illnesses, and common health issues that are not on the list may not be covered.
pros
Flexibility in Premiums: Universal life insurance provides flexibility in premium payments. Policyholders can adjust the amount and frequency of premium payments within certain limits, allowing for adaptation to changing financial circumstances.
Adjustable Death Benefit: Policyholders can adjust the death benefit amount to meet their changing needs. This flexibility is useful during different life stages when financial responsibilities may vary.
Cash Value Accumulation: A portion of the premiums goes into a cash value account, which accumulates on a tax-deferred basis. Policyholders can access the cash value through loans or withdrawals for various purposes.
Investment Options: Universal life insurance policies offer a range of investment options, allowing policyholders to allocate their cash value among fixed-interest options, variable options, or indexed options based on their risk tolerance and investment preferences.
Estate Planning: Universal life insurance is often used as a tool for estate planning. The death benefit can provide a tax-efficient way to transfer wealth to heirs, covering estate taxes and ensuring beneficiaries receive a tax-free inheritance.
Lifetime Coverage: Universal life insurance provides coverage for the entire lifetime of the insured, as long as premiums are paid. This ensures that a death benefit will be paid to beneficiaries whenever the insured passes away.
Tax-Deferred Growth: The cash value in a universal life insurance policy grows on a tax-deferred basis, providing the potential for compound growth without immediate tax consequences.
Policy Loans: Policyholders can take out loans against the cash value at relatively low-interest rates. These loans can be used for various financial needs without immediate tax consequences.
Cons
Complexity: Universal life insurance policies can be complex, with various components such as cash value, investment options, and flexible premiums. Understanding the details of the policy may require careful review and explanation.
Cost: Universal life insurance premiums can be higher than those of other types of life insurance, such as term life insurance. The costs associated with the policy, including mortality charges and fees, can impact the overall returns.
Risk of Policy Lapse: If cash values are not sufficient to cover policy expenses and mortality charges, policyholders may need to increase premiums to prevent the policy from lapsing. Failure to do so could result in the loss of coverage.
Interest Rate Risk: The cash value in universal life insurance policies is affected by prevailing interest rates. If interest rates are low, the cash value may grow at a slower pace, affecting the policy's overall performance.
Policy Loans Impact on Death Benefit: Policy loans and withdrawals can reduce the death benefit if not repaid. Unpaid loans at the time of death can be deducted from the death benefit.
No Guaranteed Returns: While there is potential for investment gains, the returns on the cash value are not guaranteed. Poor investment performance can impact the policy's cash value and overall returns.
Limited Control over Investments: Policyholders have some control over how the cash value is invested, but the investment options are typically limited compared to other investment vehicles.
Potential for Higher Premiums in Later Years: Premiums for universal life insurance may increase in later years, especially if investment returns do not meet expectations or policy expenses rise.