When it comes to life insurance coverage, term life insurance is the most popular and most purchased type of life insurance coverage available. There are three main forms of life insurance coverage which include whole life insurance, universal life insurance and term life insurance. Out of all three types of life insurance coverage, term life insurance is the most affordable which makes it the best choice for just about anyone. Life insurance quotes online.
Term life insurance is extremely simple to understand. The majority of term life insurance policies come in fixed premium lengths of 10, 15, 20, 25 & 30 year contract lengths. Depending on the term length you choose, your premium will be guaranteed not to change for the entire length of the contract.
EXAMPLE: Let’s say you purchase a 30 year term life insurance policy and your monthly premium is $20.00 a month. That will be the monthly premium for the next 30 years. The premium is fixed and cannot increase during the first 30 years of the term life insurance contract.
IMPORTANT: After the fixed term period, most policies will offer continued coverage, usually at a substantially higher premium rate. At this point you will want to reassess your coverage needs and possibly seek a new term policy if coverage is still needed. If you can medically re-qualify, renewing a new term life insurance policy will be much cheaper than keeping the current policy that has passed its fixed premium term length.
If you’re considering purchasing a term life insurance policy, the internet is one of the best places to start. There are many online life insurance website such as Top Quote Life Insurance that will allow you to instantly get term life insurance quotes and from several of the top life insurance carriers available.
The great part about shopping online for the best term life insurance quotes, is that life insurance websites that offer instant online life insurance quotes such as Top Quote Life Insurance, SelectQuote, AIG Direct, Matrix Direct, IntelliQuote, Zander Insurance etc, all offer the same rates for term life insurance no matter who you decide to get your term life insurance quotes from.
Life insurance rates are ultimately determined on what health classification you will qualify for, with the life insurance company you’re applying with. Your health classification is determined based on several factors, but most importantly, your health. If you have health issues such as high blood pressure or cholesterol, heart issues, prior cancer history, or diabetes to name a few, this is where a licensed Top Quote Life Insurance agent can help.
Life insurance qoute
As we mentioned earlier, all online term life insurance quotes are the same however, life insurance companies underwrite health issues differently. Top Quote Life Insurance works with over 30 of the top life insurance companies so we are very experienced in knowing which company will offer you the best life insurance rate, based on your health issues.
Online term life insurance quotes will allow you to instantly narrow down your results to the absolute best price. There is no longer a need to travel to an insurance office or call several insurance agents to get the best price for coverage. It’s all available here online in the comfort and privacy of your home or office. Best of all, if you have questions or need help, we are always available to assist you by telephone, email or instant live chat.
When choosing a term life insurance length, think about your current life situation. Consider life factors such as, how long you have until retirement or how long you might have to pay on a home mortgage. If you have young children think about how long they have until they are adults and on their own. These are just a very few life factors to consider when deciding on a term life insurance length.
IMPORTANT: We discussed earlier in this article that a large factor on how much you will pay for your coverage will determine on you health classification. Another determining factor is the term length you decide to purchase. A 10 year term life insurance policy will be cheaper than a 30 year term life insurance policy. It is very important not to cut yourself short on a term length due to price. We understand that everyone wants the cheapest price for life insurance coverage, but cutting yourself short to save a couple extra dollars could possibly hurt you in the long run.
Not everyone will qualify for a 15, 20, 25 or 30 year term life insurance policy. Term life insurance lengths have limits depending on your current age. Most term life insurance carriers have maximum issue ages of 80.
EXAMPLE: Age 58 is currently the maximum age to obtain a 30 year policy. Sure a 60, 70 or 80 year old can qualify for a lower term length such as 15, 20 or 25 year policy.
In addition to your traditional term life insurance is the no medical exam option. No medical exam term life insurance has become a very popular form of term life insurance coverage within the last couple years.
No exam term life insurance is your basic traditional term life insurance coverage, but without having to go through the medical exam. What this means, is no meeting with an examiner and no blood or urine sample.
No exam term life insurance is generally a little more expensive than applying for traditional term life insurance and going through the exam process. If you need coverage fast, look into a no medical policy with any one of these no medical exam term life insurance companies.
IMPORTANT: No medical exam term life insurance still requires you to answer details about your health. It is not automatic approval life insurance coverage.
Term life insurance does not build any cash. Once the term contract is completed there will be no cash unless you have purchased a return of premium type policy.
A term life insurance death benefit is only paid if you pass away during the term of the policy coverage. If you pass away and the policy has lapsed, no death benefit will be paid to your beneficiary.
Full life insurance
When a term life insurance contract is over, most life insurance companies will allow you to continue paying at an increased rate. The increased rate is generally very expensive and will continue to go up each policy anniversary year. It is very important to reevaluate coverage needs and renew coverage at a significantly lower price than keeping the expired policy. Re-qualifying for new term life insurance policies require that you furnish evidence of insurability at renewal to qualify for cheaper rates.
Should you become sick and not be able to re-qualify medically for a new term policy, majority of term life insurance policies carry a guaranteed conversion privilege that will allow you to convert your term life insurance coverage to a permanent universal life insurance policy without a medical examination. It is important to check the conversion privileges of the term life insurance policy before you make your purchase.
Death benefit proceeds from a term life insurance policy are in most cases tax free.