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Term Life Insurance
When you’re in the market for life insurance coverage, you’ll find a multitude of options available. Before making a decision that affects your family’s future, it’s imperative that you arm yourself with an understanding of the coverage options to ensure their financial needs are met even if the unexpected happens. Along with permanent life insurance, term life insurance is one of the primary coverage types available. Often referred to as temporary life insurance, term life insurance quotes offer coverage for a fixed period of time—typically 5, 10, or 20 years. Consider the possibility of online term life quotes when you’re in search of coverage.
Term life insurance is one of the two basic types of insurance policies (the other is permanent life insurance) offered all over the world. Although it may be marketed under different names across the global insurance industry, it is also commonly referred to as temporary life insurance.
As its name implies, term life insurance provides protection over a fixed period, expiring after a set term of, typically, 5, 10, or 20 years. However, many companies offer a fixed term of anywhere between 1 and 30 years, with 20-year policies being the most popular.
Term Life Insurance Premiums
Premiums for this type of insurance are understandably much lower than permanent life insurance (which remains in effect throughout the policyholder’s lifetime). This lower cost is one of the main attractions of a term life insurance policy. The reason this type of insurance is relatively inexpensive is because the only thing you are paying for, basically, is a death benefit - which is the lump sum the insurance company will pay your beneficiaries if you die within the term of the policy.
Who Should Consider Term Life Insurance?
Term life insurance may be the choice for you if you are starting a family or have young children. This time period is usually when finances are a bit tight. But since you have a family to take care of, this is a crucial time for you to have a safety net prepared for any eventuality. Term life insurance allows you to get great coverage for a relatively low price during a time when you need coverage the most.
What are the Disadvantages?
If you decide that you still need coverage after your term life insurance expires, many policies contain an option to renew coverage. However, there are some disadvantages:
- You may be charged higher premiums. One of the critical factors that determine insurance premiums is age, and your underwriter’s evaluation may change after 10 or 20 years.
- You may have to present some evidence that you are a good risk. This simply means that you will have to take a new medical exam. You will also, again, be asked about your health, lifestyle, family history, etc.
- Most people find term life insurance impractical in the face of deteriorating health and would rather opt for permanent insurance. But if you lead a healthy lifestyle and are confident that you are not saddled by a family history of diseases then this type of insurance is the way to go.
Term Life Insurance – Three Basic Things to Consider
Do not decide on a term life insurance policy solely on the basis of low premiums. Instead, consider three basic things before you purchase a policy:
- How long will you need life insurance?
- What terms of renewal does your insurance company offer?
- What are the terms of conversion to permanent life insurance?
Term Life Insurance Rates
When compared with permanent life insurance coverage, term life insurance rates may be much lower than the long-term alternative. Term life insurance quotes reflect the risk associated with this type of coverage. Because the policy is only in place for a specified period of time, the death benefit will only pay out if death occurs in that specific time frame. That can cause the rates to be much lower than permanent policies, which remain in place throughout the lifetime of the policy holder. This inexpensive option can be appealing for those that wish to provide coverage for loved ones at a lower rate.
Term life insurance quotes may be an ideal solution for many different situations. Often, young families will opt for this type of coverage to provide added coverage while the family is on a tighter budget. This type of coverage provides an added level of security for a low rate, which makes it a good choice in a variety of scenarios.
Term Life Insurance—No Medical Questions?
When you’re on the market for coverage, it may be difficult to find online term life quotes that don’t ask for a medical history or exam. When you go with USInsuranceOnline.com, you can find options that meet your specific needs. If you’re in search of a provider that doesn’t require specific medical questions, we are here to help you find an option that works for you. Our list of free term life quotes will include an array of options that require various criteria be met in order to secure the policy.
The many advantages of term life insurance make this a great choice in many situations. Like all life insurance, there are a few disadvantages of term life. Because there is a fixed period of coverage, you will lose the premiums paid if the policy term expires before you die. In many cases, you may be able to secure a new policy, which would require several factors be met beforehand. Often, the risk that comes with term life insurance is worth the potential payout for loved ones, making this one of the most popular types of life insurance on the market today.
When you’re ready to secure the best possible life insurance coverage, USInsuranceOnline.com is here to give you free life insurance quotes from the leading providers. Let us simplify the process of choosing the best life insurance coverage for your loved ones.
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