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What Is Direct Term Life Insurance? - YouTube
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here we are our very first rental
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property
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what is direct term life insurance all
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right let's talk about everyone's
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favorite topic direct term life
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insurance I know I know it might seem
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terribly exciting but it's incredibly
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important to understand and there are a
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lot of different definitions out there
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floating around on the internet but I
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think that the one we're gonna talk
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about here today and lay out for you is
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the best and the most usable for the
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2020s and beyond do we even know what
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we're calling this decade yet the 20s
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although I can't help but thinking of
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the great gatsby whenever I hear that
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hopefully this will be another Roaring
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Twenties without a great depression at
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the tail end of it hey everyone I'm
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Clayton Morris longtime investor on this
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channel we teach people how to get rich
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without quitting their day job unless of
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course they want to I retired at 40
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years old from my day job thanks to
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passive cash flow from real estate
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investing I built this channel to help
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you do the very same thing so go ahead
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and hit that subscribe button in that
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little bell notifications so you'll be
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notified when we publish a brand new
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video ok first up let's define what term
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life insurance is all about at its
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beating heart term life insurance is
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protection against loss for a specific
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period of time so you can pick from a
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variety of different numbers and the
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periods almost sound like mortgages you
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can have 5 10 15 20 and 30-year term
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life insurance plans for instance I have
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a 10 year term life insurance plan that
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expires in the year 2020 and then I can
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renew it at that time if I want to
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another important thing to know is that
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there are different types of term life
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policies - like level that's one of
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them's name level graded is another and
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two more increasing and decreasing so
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for so level graded increasing and
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decreasing these four products are
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usually the most affordable and they're
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gonna give you the most coverage that
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you can get from term life insurance
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alright let's take it a step further and
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define what direct term life insurance
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is direct term life insurance at its
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beating heart once again kind of cuts
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out the middleman the insurance salesman
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and it lets you go directly to the
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insurance company that offers the pow
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see that's how you get the name direct
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you're going directly to the insurance
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company look nothing against agents and
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insurance agents but years ago I've
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gotten taken pretty badly by an
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insurance agent in Philadelphia she made
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a ton of money off my policies without
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explaining all the fees that were in
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these policies so you get to avoid that
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headache it's pretty great huh now that
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means you can do every step of the life
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insurance buying process without dealing
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with an agent at all and you can go at
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your own pace on the internet now there
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are benefits of course with working with
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agents and hopefully the good ones out
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there we'll explain and hold your hand
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through that whole process when you go
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direct with a company like a direct term
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life company you have to rely on some
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internet tools to help you along and
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going direct with an insurance company
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can be a great thing because you get the
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speed of the application process and
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lightning-fast approval process now if
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that's important to you then don't even
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think twice about it just go direct now
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the best direct term life insurance
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companies out there here's a list of the
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best direct term life insurance
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companies that we've identified these
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companies are mostly new to the industry
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and they've created a whole new space
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for the industry Haven life that's the
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first one they're one of the first
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insurance companies to offer a more
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modern version of a direct term life
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insurance policy Haven life has coined
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the term real rate and the real rate
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gives you the ability to apply for
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underwriting approval before you have to
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pay any money this is unique because
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most insurance companies require payment
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information before you even get your
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real rate upfront
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I think Haven life is pretty much onto
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something with this new concept of
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buying insurance and certainly in the
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internet age feel free to check a Haven
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out we have a link below ladder life is
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another one is a newer entrant into this
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direct life insurance industry and
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they've come up with a unique concept of
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how someone should use life insurance
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they really kind of believe in a system
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of laddering coverage up and down in our
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research and depending on your specific
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situation and your needs so it's not a
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one-size-fits-all approach it's a solid
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concept of how you can manage your life
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insurance payments based on current life
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events and I'm sure it's gonna catch on
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even more again it's not a
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one-size-fits-all world so it works
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fabric life is another one
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it's one of the newest entrants into the
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world of direct life insurance they
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offer both accidental death only product
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as well as the full term life insurance
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product now in my research online they
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offer the accidental death policy to get
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you in the mindset of having coverage
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especially when you're a little bit
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younger in this game you can then
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upgrade later to a full term life
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insurance policy another one is called
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Bisto it's the second newest entrant
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into the field of direct life insurance
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they offer the only true no exam life
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insurance product in the marketplace
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right now they've created an in-house
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underwriting
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software program that basically allows
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for underwriting and approvals in very
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very short amount of time
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ethos is another one they're also new to
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the field of direct life insurance and
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they offer up to 10 million dollars in
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insurance available online they're one
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of the few companies that offer what
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they call their return of premium life
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insurance product and then up to 1
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million dollars in no exam life
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insurance so these are the five main
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companies that we've researched and that
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are out in the moment in regards to
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direct life insurance and they're really
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rocking the boat in the whole industry
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right now so right now the direct life
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insurance industry is wide open I would
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encourage you to check out some of the
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links that we have here in this video
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and see if it's right for you go on
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their websites test out your different
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products see if one of them fits you
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better than the other you may find that
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the latter in company may actually have
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a better style of coverage for you
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because you're able to layer on
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different kind of coverages based on
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your needs you may find Haven is better
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because the speed with which you can do
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it so go through and check them out
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yourself we'll have links below to all
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of that so that is direct term life
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insurance everyone we'll see you next
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time in the next video
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