When to get life insurance. What Influences Term Life Insurance Quotes?

Once you have decided to get term life insurance quotes, it’s important to start learning what options may affect your policy. By making an informed decision, you’ll be better equipped to secure your family’s financial future. So before diving into the details about quotes and rates, let’s set a basic understanding of term life insurance. Term life insurance quotes.

With term life insurance, you and your insurance provider agree that you will pay a fixed monthly rate for coverage over a specified period of time. Insurance companies can offer terms of coverage typically ranging from five to 30 years. If you pass away during this period of time, your listed beneficiaries will receive a predetermined amount of money. The amount you pay for your term life insurance rates can vary based on many factors.

What Determines Term Life Insurance Quotes?

Insurance companies may use different sets of guidelines to determine the likelihood a person might pass away before the policy’s term is over. However, providers all consider the same basic factors when determining your premium:

Your family’s medical history

Weight and Body Mass Index (BMI)

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Lifestyle choices (smoking, risky hobbies such as skydiving, travel)

In addition to factors determining rates, consumers should consider how long life insurance coverage is needed. If a family has young children, coverage may look different when compared to a family with older children who are nearing adulthood.

Understanding how the rates and term lengths of available policies vary will help you choose the right amount of coverage for your family’s needs without getting too much or too little. If you currently have a life insurance policy, revisiting your current needs can also help you choose the right plan to address future financial security.

If you’re just beginning the search for term life insurance quotes, let a licensed agent from HealthMarkets Insurance Agency help. Our licensed agents can help you compare term life insurance quotes to help you choose the right plan for your family’s financial security. Find a local agent today.

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http://www.bankrate.com/finance/insurance/how-much-life-insurance-should-you-buy.aspx

http://www.healthmarkets.com/blog/need-life-insurance/

https://www.healthmarkets.com/local-health-insurance-agent/

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