Term life insurance is the most basic form of life insurance. It provides coverage for a specified period of time (e.g. 1, 5, 10, 15, 20, 25, or 30 years) in exchange for a specified premium. If the death of the insured individual occurs within this period of time or term period, the insurance company will pay the death benefit. If the term period expires while the insured individual is still living, the policy terminates and no death benefit will be paid.

The two main types of term life insurance policies are level premium term life insurance and yearly renewable term life insurance.

No medical exam term life insurance is a product that utilizes a simplified underwriting process and streamlined application process. The process can be completed online through our web site if you qualify. No medical exam is required, just an online health review. Coverage amounts are limited to $500,000 or less, depending on the insured's age.

Permanent life insurance provides coverage for the life of the insured individual(s). These policies are more complex and expensive than term life insurance. They often accumulate tax-deferred cash values from which future premiums can be paid or policy loans can be made. These policies typically stay in force as long as the premiums continue to be paid.

Some of the main types of permanent life insurance policies are whole life insurance, universal life insurance, and variable life insurance.

Your coverage will depend on your individual circumstances. Factors you should consider include anticipated final expenses (e.g. medical bills and burial costs), living expenses for your surviving family members, any outstanding loans (e.g. auto and credit cards), the outstanding balance on your mortgage, anticipated education costs for your children, estate taxes, and business continuation expenses.

A simple way to achieve a "starting point" is to take a multiple of your annual income and adjust for the factors listed above. We recommend ten times your annual income to start. Keep in mind that your needs will most likely change over time and what seems like enough money today may not be adequate in ten years. It is usually best to purchase an amount you can afford while at the same time considering future needs.

Most insurance companies will allow a certain multiple of your annual income based on your age and are usually flexible if you can demonstrate other needs. The amount you choose is up to you for the most part; however, you will need to justify amounts over and above a company's income multiple guidelines.

Driven by the enjoyment of helping families and businesses build financial security, Garry Johnson started Garry L. Johnson and Associates in 1970 in Mesa, AZ on the principles of honesty, integrity, and a strong work ethic.

We believe in serving your insurance needs, not your insurance. With over 35 years of expertise, we pride ourselves on offering innovative insurance solutions that meet your needs and lower your costs.