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Term life insurance is the most popular form of life insurance purchased by consumers because it offers great benefits and a straightforward approach. We can help get you a term life quote.
The industry standard for decades, term life insurance is considered the most basic and straightforward type of life insurance. Chances are, a member of your extended family also has a term life policy. There are a number of benefits associated with term life, but it's up to you to determine exactly which type of life insurance will offer you and your family the best benefit. This guide can assist you as you consider your options.
Term life insurance basics
- Term life insurance gets its name because policies are purchased for a term, or a period of years. Generally speaking, your term policy will be for one year, five years, 10 years or even 20 years. Most policies are for five or 10 years.
- The younger you are, the cheaper term life insurance will be. That's why many experts suggest that young people buy term life insurance policies for the longest term possible. The costs of the premiums tend to go up as you age, and it can be difficult to anticipate the long-term costs of life insurance. This is why many experts recommend getting at least 10 years on a term policy.
- Some insurance companies will allow you to renew or extend your term policy once the initial term ends. But you'll probably need to re-apply and will likely be facing an entirely new premium structure because you will have aged. Ask whether a renewal is possible before you purchase a policy; you need to prepare for the future.
- Term life is considered one of the most straightforward types of life insurance because the benefit (or death benefit, or payout) is set when you purchase the policy. That means the benefit exists if you die one year into the policy, or 10 years into it. The higher the death benefit, the more your premiums will cost.
- Term life only pays a benefit if you die. Other forms of life insurance have a "cash out" provision that allows you to remove the funds that have been accrued, even if you are still living. But term life is simple: You pay a premium, and your beneficiaries receive a benefit in the event of your death.
- Payments are fixed for your term, which means it'll be easy to budget as the years go on.
- Unlike other forms of life insurance, there is no investment component. None of your funds will be invested in the stock market, which means your beneficiaries' benefits will always remain the same for the life of the policy.
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