The Ultimate Guide to DIY Life Insurance: Make Life Insurance Work for You

Are you tired of the high insurance premiums and confusing jargon associated with life insurance policies? Look no further than DIY life insurance. With a little research and effort, you can create a custom life insurance policy that fits your specific needs and budget.

But where to start? In this comprehensive guide, we will explore everything from the basics of life insurance to the ins and outs of creating your own policy. Along the way, we’ll answer commonly asked questions like: What is the 7 70 method? How can I make a life insurance claim? And, can I write my own life insurance policy?

We’ll also explore different types of life insurance, including fixed rate life insurance, affordable whole life insurance, and universal life insurance online, as well as guaranteed life insurance for the elderly. Additionally, we’ll delve into the benefits of life insurance with locked-in rates and provide useful tips on how to put life insurance on yourself.

This DIY guide to life insurance is perfect for anyone looking to save money and take control of their insurance needs. So, let’s get started!

What is the 7 70 method

If you’re looking for a DIY life insurance policy, you may have come across the 7 70 method. So, what exactly is it? Well, the 7 70 method is a form of life insurance coverage that provides a death benefit for seven years. After seven years, the policy’s coverage increases, with coverage extended up until the policyholder reaches 70 years of age.

Let’s break it down further with some key takeaways and important facts:

Key Takeaways:

  • The 7 70 method is a unique form of life insurance coverage that provides death benefit coverage for seven years.
  • After the initial seven years, coverage increases with coverage extended up until the policyholder reaches age 70.
  • It’s a DIY life insurance policy that’s simple, quick and easy to understand.

Important Facts:

  • The 7 70 method is great for those who need life insurance coverage but don’t want to get bogged down in complicated policies or processes.
  • The premiums for a 7 70 policy are often much lower compared to other life insurance policies.
  • The coverage amount can typically range from $50,000 to $100,000, which is suitable for most people.

The 7 70 method is a great option for those who want a simple and straightforward life insurance coverage plan. It may not be the best option for everyone, though, so be sure to do your research to ensure you’re getting the right coverage for your needs. Remember, life insurance is an essential investment, so choose wisely.

Fixed Rate Life Insurance

Fixed rate life insurance is a type of permanent life insurance that guarantees the premium and death benefit for the life of the policy. Here are some key things to consider when thinking about fixed rate life insurance:

How It Works

  • Premiums for fixed rate life insurance are higher than term life insurance because of the guaranteed death benefit and guaranteed premium.
  • The policy lasts for the lifetime of the insured person.
  • The cash value of the policy grows at a fixed rate over time.

Pros and Cons


  • Guaranteed death benefit and premium.
  • Cash value builds up over time at a fixed rate.
  • Can be used as a source of retirement income or emergency fund.


  • Higher premiums than term life insurance.
  • Not ideal for short-term needs.
  • Cash value growth may not keep pace with inflation.

Is It Right for You

Fixed rate life insurance can be a good option for those who want a policy that they can keep for the rest of their lives and build up cash value over time. However, because of the premium cost, it may not be the best option for those who only need coverage for a short period of time or those who are on a tight budget.

Key Takeaways

  • Fixed rate life insurance guarantees a death benefit and premium for the life of the policy.
  • Premiums are higher than term life insurance.
  • Can build up cash value over time.
  • Not ideal for short-term needs or those on a tight budget.

Understanding DIY Life Insurance Policies

When it comes to life insurance, many people prefer to take matters into their own hands by getting a DIY life insurance policy. This type of insurance policy allows you to be fully in control of your coverage and tailor it to your specific needs. Here are some things to keep in mind when considering a DIY life insurance policy:

Benefits of a DIY Life Insurance Policy

  • Affordability: DIY life insurance policies are often more affordable than traditional policies since you aren’t paying for an agent’s commission.
  • Flexibility: Unlike traditional insurance policies that offer standardized coverage, DIY policies allow you to customize your policy according to your specific needs.
  • Control: With a DIY policy, you’re in charge of all aspects of your coverage, including choosing your beneficiaries, coverage amount, and payment options.

DIY Life Insurance Policy Types

  • Term Life Insurance: DIY term life insurance policies provide coverage for a set period of time and are usually less expensive than permanent policies.
  • Permanent Life Insurance: DIY permanent life insurance policies offer lifelong coverage and have the added benefit of building cash value over time.
  • No Medical Exam Life Insurance: DIY no medical exam life insurance policies don’t require a medical exam but may come with higher premiums.

DIY Life Insurance Policy Process

  • Research: Before purchasing a DIY life insurance policy, do your research and compare quotes from various providers to ensure you’re getting the best deal.
  • Application: Once you’ve chosen a provider, you’ll need to fill out an application and provide any necessary supporting documents, like your medical history.
  • Underwriting: The insurance provider will review your application and assess the risk level of providing you with coverage.
  • Policy Issuance: If you’re approved, the insurance provider will issue your policy and you’ll be responsible for paying your premiums on time.

DIY Life Insurance Policy Considerations

  • Risk Management: With a DIY policy, you’ll need to ensure that you’re adequately covered and that your beneficiaries will be taken care of in the event of your death.
  • Coverage Limits: DIY policies often have lower coverage limits than traditional policies, so you’ll need to assess whether the coverage is sufficient for your needs.
  • Expert Advice: Even if you’re getting a DIY policy, it’s still a good idea to consult with a financial advisor or insurance professional to ensure that you’re making an informed decision.

In summary, a DIY life insurance policy can be a great option for those looking for affordable, flexible, and customizable coverage. Just be sure to do your research, assess your coverage needs, and consult with an expert before making a decision.

Affordable Whole Life Insurance

Are you looking for an affordable way to secure the financial future of your loved ones? Whole life insurance might be the perfect option for you! Here are some things you need to know to get started with affordable whole life insurance:

What is Affordable Whole Life Insurance

Whole life insurance provides coverage for the entire lifetime of the policyholder, as long as the premiums are paid. Affordable whole life insurance is designed to offer the same coverage as traditional whole life insurance, but at a lower cost.

How Much Does it Cost

The cost of whole life insurance depends on several factors, such as age, gender, health status, and coverage amount. But generally, affordable whole life insurance is much cheaper than traditional whole life insurance.

What Are the Benefits

  • Lifelong Protection: With affordable whole life insurance, your loved ones will receive a payout whenever you pass away, no matter when that is.
  • Cash Value: Your policy earns cash value over time, which you can borrow against or use to pay premiums.
  • Guaranteed Premiums: Your premiums will never increase as long as you continue to pay them.

How to Choose the Right Policy

To choose the right affordable whole life insurance policy, you should consider the following:

  • Coverage Amount: Determine the amount of coverage your loved ones may need in the event of your demise.
  • Premiums: Choose an affordable premium that you can continue to pay throughout your life.
  • Riders: Consider additional options, such as accidental death benefit or waiver of premium, as add-ons to your policy.

Where to Find Affordable Whole Life Insurance

Contact your insurance company or compare quotes online to find the best affordable whole life insurance policy that meets your needs and budget.

In conclusion, affordable whole life insurance is a great way to provide lifelong protection to your loved ones while ensuring that you pay affordable premiums. Start the process today and secure the financial future of your family for years to come!

Understanding Universal Life Insurance Online

Universal life insurance has become increasingly popular in recent years, and the ease of purchasing the policy online has only added to its appeal. Here’s everything you need to know about universal life insurance online:

What is Universal Life Insurance

Universal life insurance is a type of permanent life insurance that provides both a death benefit and a savings component. Unlike term life insurance, which only provides coverage for a set period, universal life insurance is designed to cover the policyholder’s entire life. The savings component of the policy grows tax-deferred and can be used to pay premiums or taken out as a loan.

How Does Universal Life Insurance Work Online

With the advent of online purchasing, buying a universal life insurance policy has never been easier. Online insurance companies offer quotes and allow you to compare rates from different insurers, making the process of finding the right policy for you much simpler. Here’s how it works:

  1. Start by researching different insurance companies to find the best policy and rate for you.
  2. Once you’ve selected a company and policy, you can apply for coverage and receive a quote online.
  3. The online application process is straightforward and usually requires basic personal and medical information.
  4. You may have to undergo a medical exam to qualify for coverage, but some policies offer a simplified underwriting process that does not require an exam.
  5. Once you’re approved for coverage, you can pay your premiums online and manage your policy through an online portal.

Benefits of Universal Life Insurance Online

There are several benefits to purchasing universal life insurance online:

  • Convenience: You can apply for coverage and manage your policy from the comfort of your own home.
  • Comparability: You can easily compare rates and policies from different insurers to find the best coverage for you.
  • Efficiency: The online application process is typically quicker and less bureaucratic than traditional methods.
  • Accessibility: Online policies may be available to individuals who have been previously denied coverage by traditional insurance companies.

In conclusion, the availability of universal life insurance policies online has made it easier than ever for individuals to secure permanent coverage for their loved ones. By researching different insurance companies, comparing rates, and applying for coverage online, you can get the protection you need with a few clicks of a button.

Make Life Insurance Work for You

Life insurance is a crucial investment that can provide peace of mind for you and your loved ones. However, many people are unsure about how to make life insurance work for them. Here are some tips to help you get the most out of your life insurance policy:

Choose the Right Type of Life Insurance

There are two primary types of life insurance: term life insurance and permanent life insurance.

  • Term life insurance is typically less expensive and provides coverage for a specific period, such as 10 or 20 years.
  • Permanent life insurance, on the other hand, provides coverage for your entire life and includes a savings component that grows over time.

It’s essential to choose the right type of life insurance that suits your specific needs and financial goals.

Calculate Your Life Insurance Needs

Before purchasing life insurance, it’s crucial to determine how much coverage you need. Consider factors such as your income, outstanding debts, and the needs of your dependents.

  • A general rule of thumb is to purchase life insurance that is equal to 10-12 times your annual income.
  • You can also use online calculators to help you determine your life insurance needs.

Review and Update Your Policy Regularly

Life circumstances can change quickly, and it’s essential to review and update your life insurance policy regularly. For example, if you get married, have children, or buy a home, you may need to increase your coverage.

  • It’s also important to review your policy annually to ensure that it still meets your needs and is up-to-date with any changes in laws or regulations.

Consider Adding Policy Riders

Policy riders are additional options you can add to your life insurance policy to customize your coverage. Some common riders include:

  • Accelerated Death Benefit Rider: allows you to receive a portion of your death benefit early if you are diagnosed with a terminal illness.
  • Waiver of Premium Rider: waives the premium payments if you become disabled and unable to work.
  • Guaranteed Insurability Rider: allows you to purchase additional coverage without the need for a medical exam.

Seek Professional Advice

Life insurance can be complex, and it’s essential to seek professional advice before purchasing a policy.

  • A financial advisor or insurance agent can help you determine your needs, choose the right policy, and understand the terms and conditions of your coverage.
  • Be sure to work with a reputable and experienced professional to ensure that you receive accurate information and guidance.

In conclusion, life insurance is an essential investment that can provide you and your loved ones with financial security and peace of mind. By choosing the right type of life insurance, calculating your coverage needs, reviewing and updating your policy regularly, adding policy riders, and seeking professional advice, you can make life insurance work for you.

How to Make a Life Insurance Claim

If you have a life insurance policy, it’s important to know how to make a claim in case of an unexpected loss. Here are some key steps to follow:

1. Obtain a Death Certificate

If your loved one passed away, you’ll need to obtain a certified copy of their death certificate from the funeral home or the state. This document is essential for filing a claim, and you may need multiple copies to send to different entities, such as banks or other financial institutions.

2. Contact the Insurer

Once you have the death certificate, contact the insurance company to initiate a claim. You can find contact information on the policy or the insurer’s website. Provide the necessary details, such as the policy number, the name of the insured, and the date of death.

3. Fill Out the Claim Form

The insurer will send you a claim form, which you’ll need to fill out and return. Provide accurate information and attach any required documents, such as the death certificate and proof of beneficiary designation.

4. Wait for Processing

After submitting the claim form, the insurer will review and process your claim. This process can take several weeks or even months, depending on the complexity of the claim. If there are any issues or discrepancies, the insurer may contact you for additional information.

5. Receive the Benefit

If the claim is approved, the insurer will pay out the benefit to the designated beneficiaries. The payout can be a lump sum or installments, depending on the policy terms. Make sure to check the payout amount and review any tax implications with a professional.

In conclusion, making a life insurance claim can be a daunting task, but knowing the process can help alleviate some stress during a difficult time. By following these steps, you can ensure a smooth and successful claim process.

Locked-in Rates for Life Insurance

When it comes to life insurance, one of the most common concerns that people have is the cost. Nobody wants to pay more than they have to, but everybody wants to ensure that they have the coverage they need in case something happens to them. One way to address this concern is to consider life insurance policies with locked-in rates.

What are locked-in rates

Simply put, a locked-in rate is a rate that is guaranteed to stay the same for a certain amount of time. In the context of life insurance, this means that the premium you pay for your coverage will stay the same for the duration of your policy as long as you keep up with your required payments.

Why are locked-in rates important

Locked-in rates can provide several benefits to policyholders:

  • Predictability: When you have a locked-in rate, you know exactly how much you will be paying for your life insurance coverage each month. This can make it easier to budget and plan for other expenses.
  • Affordability: By locking in your rate, you can avoid potential future increases that might occur due to changes in your health or other factors.
  • Peace of mind: Knowing that your premium won’t change can provide a sense of stability and security, especially for those who are on fixed incomes or have limited financial resources.

How can you get locked-in rates

If you’re interested in getting a life insurance policy with locked-in rates, there are a few things to keep in mind:

  • Look for a policy that offers guaranteed level premiums.
  • Understand the length of time for which your rate is locked in. This could be anywhere from a few years to the lifetime of your policy.
  • Be aware of any restrictions or limitations that may apply. For example, some policies may require you to maintain a certain level of health in order to keep your locked-in rate.

Overall, getting a life insurance policy with locked-in rates can be an excellent way to ensure that you have the coverage you need at a price you can afford. By doing your research and understanding your options, you can find a policy that meets your needs and provides you with the peace of mind you deserve.

How to Put DIY Life Insurance on Yourself

Life is fragile, and anything can happen at any time. That’s why having life insurance is crucial. However, the process of getting life insurance can be complex, expensive, and time-consuming. That’s where DIY life insurance comes in handy. With DIY life insurance, you can customize your coverage, and decide how much you want to pay.

If you’re wondering how to put life insurance on yourself, here are some practical steps you can take:

Step 1: Assess Your Needs

The first step towards putting life insurance on yourself is determining how much coverage you need.

Some factors you need to consider include:

  • The number of dependents you have
  • Your outstanding debts
  • Future expenses, such as education expenses for your children
  • Your lifestyle

Once you’ve determined how much coverage you need, it’s time to move to the next step.

Step 2: Shop Around

The market is full of life insurance companies that offer different types of policies and rates. Shopping around will help you compare prices and policies and make an informed decision. Look for companies that are A-rated or higher by A.M. Best, which indicates that the insurer has sound financial standing and a good reputation for paying out claims.

Step 3: Choose the Right Policy

When it comes to choosing a policy, options abound. Here are the most common ones:

  • Term life insurance: If you’re looking for a simple, budget-friendly option for a specific period, term life insurance is an excellent option. It provides coverage for a set period, typically between 10 and 30 years.

  • Whole life insurance: This policy guarantees coverage until you pass away, and it comes with a cash-value component that can grow over time.

  • Universal life insurance: This policy combines the features of whole life insurance and flexible premiums.

You can also choose to bundle or customize your policy to suit your needs.

Step 4: Apply for Coverage

Once you’ve chosen the right policy from a reputable company, it’s time to apply. The company will ask you a series of medical questions, and depending on the policy and the company’s requirements, you may have to undergo a medical exam.

Step 5: Pay Your Premiums

The last step towards putting life insurance on yourself is paying your premiums. Be sure to pay your premiums on time every month, quarter, or year, depending on the policy you choose.

In conclusion, putting life insurance on yourself can seem daunting, but it’s worth the effort. Assess your needs, shop around, choose the right policy, apply, and pay your premiums. Remember, having DIY life insurance provides peace of mind for you and your loved ones.

Guaranteed Life Insurance for the Elderly

As we get older, life becomes more unpredictable, and the thought of leaving behind debts or final expenses can be daunting. While traditional life insurance policies may not be an option for seniors due to age or health concerns, guaranteed life insurance is a viable alternative.

What is Guaranteed Life Insurance

Guaranteed life insurance is a type of whole life insurance that is designed for individuals who may have difficulty obtaining coverage due to their age or health status. Unlike traditional life insurance policies, guaranteed life insurance policies do not require a medical exam or lengthy underwriting process.

Why Choose Guaranteed Life Insurance

  • Secure coverage regardless of health status or age
  • Guaranteed death benefit to protect loved ones
  • Level premiums that never increase
  • Policy cannot be canceled as long as premiums are paid

How Does Guaranteed Life Insurance Work

  • Policy coverage ranges from $5,000 to $25,000
  • Premiums are based on age, gender, and health status
  • Death benefit is paid to named beneficiary upon the insured’s passing
  • Policy accumulates cash value that can be borrowed against if needed

While guaranteed life insurance may have higher premiums compared to traditional life insurance policies, it provides a safety net for those who may have been previously denied coverage.

Key Takeaways

  • Guaranteed life insurance provides protection for seniors who may have difficulty obtaining traditional life insurance coverage.
  • Premiums are based on age, gender, and health status, and the death benefit is paid to the named beneficiary upon the insured’s passing.
  • With guaranteed life insurance, there is a level premium that does not increase, and a policy cannot be canceled as long as premiums are paid.

In conclusion, guaranteed life insurance is a viable option for seniors looking to protect their loved ones from any potential financial burdens upon their passing. It provides peace of mind knowing that their final expenses and debts will be covered, and their beneficiaries will receive a guaranteed death benefit.

Can I Create My Own Life Insurance Policy

Life insurance is an essential component of anyone’s financial plan. While there are many different types of insurance policies that you can purchase, some people wonder if they can create their own life insurance policy instead of buying one from a provider. Here are some things you should know about creating your own life insurance policy.

Understanding Your Needs

Before you create your own life insurance policy, it’s important to assess your needs and determine whether or not this is the right path for you. Here are some things to consider:

  • How much life insurance coverage do you need?
  • How much can you afford to pay in premiums?
  • Do you have any pre-existing medical conditions that could impact your ability to get coverage?
  • How long do you need the coverage for?

Once you’ve evaluated your needs and determined that you want to create your own life insurance policy, it’s time to start considering your options.

Creating Your Own Policy

While it may be possible to create your own life insurance policy, it’s important to understand that this isn’t an easy process. Here are some of the things you’ll need to do:

  • Underwrite the policy: You’ll need to determine how much coverage you need and what risks you’ll be taking on.
  • Find a reinsurer: Since you’re not an insurance company, you’ll need to partner with a reinsurer to share the risk of the coverage you’re providing.
  • Handle administrative tasks: You’ll need to manage the policy paperwork, premiums, and claims.

Alternatives to Creating Your Own Policy

Creating your own life insurance policy is a complex process that requires significant resources and expertise. Fortunately, there are many other options available to you if you decide to forego this route. Here are some alternatives to consider:

  • Purchasing a standard life insurance policy from a provider
  • Utilizing a group life insurance policy from your employer or an association you belong to
  • Creating a trust to manage your life insurance policy

Ultimately, the decision to create your own life insurance policy is a significant one that requires careful consideration and evaluation of your needs. While it may be possible to do this, it’s important to recognize the complexity of the process and the resources required to make it happen successfully.

What is the Simplest Form of Life Insurance

If you’re new to the world of life insurance, it can be overwhelming to try to understand all the different types of policies available. However, not all life insurance policies are created equal. Some are more complicated and expensive than others. So, what is the simplest form of life insurance? It’s called term life insurance.

Term Life Insurance: The Basics

Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If the policyholder dies during the term, the beneficiaries receive a death benefit payout. This payout can help cover expenses like final expenses, mortgage balances, and children’s education costs.

Term life insurance policies are usually less expensive than other types of life insurance policies. This is because they offer straightforward coverage with no extra frills or added benefits.

Key Takeaways

  • Term life insurance is the simplest form of life insurance.
  • It provides coverage for a specific period, such as 10, 20, or 30 years.
  • If the policyholder dies during the term, their beneficiaries receive a death benefit payout.
  • Term life insurance policies are usually less expensive than other types of life insurance policies.

Is Term Life Insurance Right for You

Term life insurance is an excellent option for anyone looking for affordable coverage for a set period. It’s a popular choice for parents, homeowners, and anyone with outstanding debts or financial obligations that would be difficult to cover in the event of their untimely death.

However, there are a few downsides to keep in mind. For example, term life insurance policies do not build cash value over time. Additionally, coverage ends at the end of the term, which means you may need to purchase a new policy at a higher rate if you still need coverage.

While there’s no one-size-fits-all answer to the question of “What is the simplest form of life insurance?” term life insurance is an excellent option for many people. It offers straightforward coverage at an affordable price and can provide peace of mind knowing that your loved ones will be taken care of if something happens to you. If you’re interested in purchasing life insurance but don’t know where to start, consider speaking with a licensed insurance agent who can help guide you through the process.

Can You Create Your Own Life Insurance Policy

Life insurance is an essential aspect of financial planning that everyone should consider. It provides financial security for your loved ones in case of unexpected events like death, disability or critical illness. While purchasing a life insurance policy from an insurance company is the most common way of obtaining coverage, individuals have the option to create their policies.

Here’s a brief guide on how you can write your own life insurance policy.

Determine The Coverage You Need

The first key step is to determine the coverage you need. You can use life insurance calculators available online to get an estimate of the amount of coverage you need based on your income, liabilities, and dependents.

Choose A Beneficiary

Since you’re writing your insurance policy, you’ll also need to determine who the beneficiaries are. Beneficiaries are people or entities who will receive the death benefit from your life insurance policy. You can name anyone you wish, including members of your family, a charity, or even a trust.

Decide On The Type of Policy

Another important step is to decide on the type of policy that suits your needs. Your options include term life insurance, whole life insurance, universal life insurance, and variable life insurance. Choose a policy that aligns with your financial goals.

Write Down The Terms Of The Policy

The next step is to write down the terms of the policy, which includes the coverage amount, policy length, premiums, and any exclusions or riders. You can also include any optional provisions like cash value accumulation, additional premiums, and guaranteed renewable policies.

Include A Suicide Clause

Most insurance policies have a clause that excludes the payout in case of suicide. It’s crucial to include this clause in your written policy to ensure compliance with the law.

Review And Sign The Policy

Once you’ve written down the terms, review and sign the policy, and witness the signatures in the presence of a notary public. It’s important to store the original document in a secure location and share a copy with your beneficiaries.

In conclusion, writing your life insurance policy is a viable option for individuals who want more control over their coverage and terms. It’s essential to consider your financial goals and work with a legal professional to ensure the policy complies with the law.

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