Question 1

How much life insurance do I need?

Accepted Answer

Use the DIME formula: Debt + Income (10x annual) + Mortgage + Education. A 40-year-old earning $80,000 with a $300,000 mortgage, $30,000 in other debt, and two children needs approximately $1.33M. A $1.3M 20-year term policy for a healthy 40-year-old costs approximately $80–$120/month.

Question 2

What is the difference between term and whole life insurance?

Accepted Answer

Term life: coverage for a set period (10, 20, or 30 years), no cash value, most affordable. A $500,000 20-year term for a healthy 35-year-old costs ~$25–$35/month. Whole life: permanent coverage, builds cash value, significantly higher premiums (~$400–$600/month for same coverage). Term is right for income replacement and mortgage protection; whole life for estate planning and permanent needs.

Question 3

How much does term life insurance cost?

Accepted Answer

For a healthy non-smoker: $500,000 20-year term — Age 25: $18–$25/month; Age 30: $20–$28/month; Age 35: $25–$35/month; Age 40: $40–$55/month; Age 45: $65–$90/month; Age 50: $110–$150/month. Women pay 20–30% less. Smokers pay 2–4x more. Health class significantly affects premiums.

Question 4

Can I get life insurance without a medical exam?

Accepted Answer

Yes. Simplified Issue: health questions but no exam — up to $500,000+ available. Guaranteed Issue: no questions, no exam — up to $25,000, for final expense. Accelerated underwriting: data-driven approval up to $1M+ without exam. No-exam policies typically cost 10–30% more but approval is often within 24–48 hours.

Keep What You Earn For Your Family

Legacy Insurance Options