Philadelphia Life Insurance – Free Quote & Personalized Coverage Analysis

Philadelphia Life InsuranceGet a free quote and personalized coverage analysis, along with a full initial consultation from a local Philadelphia life insurance advisors through our partnership with local advisor and financial companies.


For almost everyone, life insurance should be purchased to protect your family after your (or your spouse’s) death. Unfortunately, many people feel that they do not need life insurance because they have other investments or they believe that their employer-sponsored life insurance policy will be enough. In actuality, purchasing a personal life insurance policy is one of the most important things you can do to ensure the financial security of your family. A financial advisor who specializes in Philadelphia life insurance can help you  decide how much life insurance coverage you need, determine what financial resources your beneficiaries would have if you or your spouse were to die now, and what your family would actually need to maintain their current standard of living.


Whhen you fill out the form to the right, you will receive a FREE life insurance coverage analysis (sample), a NO OBLIGATION & FREE 1 on 1 consultation with a top local advisor, and most importantly, peace of mind.  You will gain peace of mind because 1 of 2 things will happen when you have your initial consultation:
1) The advisor will tell you that everything looks great and you have the proper amount of coverage, or
2) The advisor will make recommendations on the correct amount and type of life insurance coverage that you should have.

Either way, you will walk away knowing exactly what your next steps are.

Alternatives To Life Insurance

As already mentioned, many feel that they do not need to purchase life insurance because there are other resources to adequately provide for their family in the event of a death. Let’s analyze those alternatives and identify the pros and cons of each.


Personal Savings and Investments


First, if you feel that you can only put money aside for savings or buy life insurance, one of our financial advisors who specialies in life insurance in Philadelphia can help you develop a plan where you can efficiently allocate money to both your savings and life insurance. In addition, depending on your age and financial situation, personal savings will rarely provide enough funds for your family to live on, especially if you are far away from retirement age.  Purchasing life insurance also provides the following benefits:


  • Guaranteed money for the life of the policy
  • Income replacement
  • Personal and fiscal discipline by contributing monthly to your life insurance program.


Finally, the proceeds from life insurance are not included as taxable income to the beneficiary. With personal savings and investments, depending on the type of vehicle, there may be taxes and penalties if you need to access that money before age 59 1/2.  When you work with one of our Philadelphia life insurance advisors, they can run an analysis for you to see the pros and cons of using personal savings and investments vs proper life insurance coverage.


Employer-Sponsored Benefits


Most employers offer a benefits package to their employees which will often include a life insurance benefit equal to one or two times salary. So, for example, if you make $50,000 per year and your employer provides a 1x life insurance benefit, then in the event of your death while employed, your beneficiary will receive $50,000 in life insurance proceeds. This type of policy can be a helpful additional benefit to your family, however, it should rarely be relied on as your sole life insurance policy to protect the financial future of your beneficiaries. It is important to note that a life insurance policy offered through your employer also means:


  • The policy is term insurance and therefore does not accrue any cash value
  • It is only in effect if you are working for that employer. If you leave that job or retire, you do not keep the policy


Social Security


Again, you first need to ask yourself if social security income alone will be enough to maintain your family’s standard of living. However, in addition to that, your spouse is only eligible for this income if he or she is over the age of 60, or caring for an unmarried child under the age of 18.


What Kind of Life Insurance in Philadelphia (PA) is Right for You?

Term vs Permanent Insurance

Term and Permanent life insurance are the two main types of insurance. There are a variety of different “flavors” of life insurance that fall into those categories which will be discussed below the comparison chart.


Term vs Permanent Insurance



Term Life Insurance


Term insurance covers you for a set period, known as a term. This term period is typically for 5-20 years. It pays a death benefit only if you die during that term. Term insurance usually provides the largest immediate death protection for your premium dollar. Term life insurance in Philadelphia are policies that can be renewed for one or more additional terms even if your health status has declined. However, every time you renew the policy, premiums will be higher.  It is important to check the premiums as you get older and how long the policy can be continued. Most term insurance policies can be converted before the end of a certain term for a permanent life insurance policy, even if you are not in good health. However, premiums for the converted policy will be higher than what you had been paying for the term insurance.


Permanent Life Insurance 


Permanent life insurance protects you for as long as you live (and as long as premiums are paid). The are several types of permanent life insurance in Philadelphia Pennsylvania:


  • Whole life: Whole life policies develop cash values. Therefore, if you stop paying the premiums, you can take the cash or you can use the cash value to buy continuing insurance protection for a limited time or a reduced benefit. You can borrow against the cash value by taking a policy loan. The loan principle and any unpaid interest on the loan will be deducted from the benefits if you die or from the cash value if you stop paying premiums.
  • Universal Life: This type of life insurance also offers a cash value benefit, but it is based on the insurance company’s interest earnings. Universal life insurance also offers flexibility with the premiums and death benefit.
  • Variable Universal Life:  Provides a permanent and adjustable death benefit. However, the key difference with this type of policy is that the cash value is tied to an underlying investment account that fluctuates based upon market performance. Your advisor will be able to discuss the investment options with you in more detail and provide you with a prospectus and associated risks with this type of life insurance policy.
  • Survivorship life: This type of life insurance policy provides a death benefit for two people, where the death benefit is paid to a beneficiary after the second death.

The decision between buying term vs permanent life insurance is where there seems to be very polarizing opinions. There are some pundits who say that you should only by term insurance, while others say you absolutely need permanent insurance. Our answer is: it all depends. It is dependent on your personal situation and your goals. Let one of our life insurance advisors in Philly do a full evaluation for you so that you you can make the proper decision with your life insurance coverage.


How to Buy Life Insurance in Philadelphia

Life insurance in Philadelphia (PA) can be purchased through one of our insurance brokers or financial advisors. In regards to the actual companies who provide the life insurance,  there are over 500 companies that are licensed to sell life insurance in Philadelphia (PA). Many of the companies that sell life insurance also sell disability and long-term care insurance. Some notable companies are: AAA Life Insurance, ACE Life Insurance Company, Aetna Life Insurance Company, Berkshire Life Insurance Company of America, Boston Mutual, Colonial Penn Life Insurance, Guardian Life Insurance Company, Hartford, MetLife, Mutual of Omaha, Northwestern Mutual, Penn Mutual, and State Farm.


When you work with one of our licensed Philadelphia life insurance advisors, he or she will be able to provide you with the pros and cons of the various types of policies and companies, and ultimately, make a recommendation as to the most appropriate policy to purchase.


Contact us today to get a free life insurance quote and personalized analysis