Term Life Insurance
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Term life insurance is life insurance that covers you for a specific period of time, a term.
The main types of term life insurance are "level term life insurance" and "guaranteed level term life insurance".
You want "guaranteed level term life insurance"
Level Term Life Insurance:
Is a term life insurance policy where the premium is guaranteed for only part of the term. A typical example of this type of term life insurance policy would be a 20/10 term insurance policy.
This is a policy where the term life insurance rates are projected to be level for 20 years, BUT only guaranteed for 10 years. What do you think will happen to this policy after the initial 10 years?
Do you think you'll save money with this type of policy? Guess again.
The competitive life insurance companies are moving away from this type of product. The reason being is that it is possible to get a "guaranteed level term life insurance policy" for less money than a partial guarantee.
Guaranteed Level Term Life Insurance:
This is what you want. With this type of term life insurance policy, the price you pay is locked in for the entire term of the policy. If you buy a 20 year term life insurance policy, the life insurance rate is guaranteed for 20 years.
The most competitive life insurance companies are offering "guaranteed level term life insurance". You know what you are getting from Day 1.
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Free Term Life Insurance Tips:
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Shop around for term life insurance prices.
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Make sure the term life insurance quotes you get have factored in your medical history, family history, hobbies, etc..
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If you only need a short term life insurance policy, look at longer terms too. Many times, you can buy a 10 year term life insurance policy for less money than a 5 or 1 year term. You can simply cancel the term policy at any time if you no longer need it.
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Coverage Amounts - Get term life insurance quotes for multiple face amounts. The cost per thousand dollars of coverage decreases as the face amount increases. Many times, a $100,000 life insurance policy will be close in price to a $50,000 policy. If you are looking at less than $250,000 of coverage, take a look at $250,000 as the price may be very close.
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Underwriting - Each life insurance company uses its own set of underwriting guidelines for term life insurance. You may only qualify for the standard life insurance rate with one life insurance company, while you would qualify for the preferred life insurance rate with another life insurance company.
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Paramed Exam Tips - Make sure you follow our paramed exam tips as missing the underwriting cutoffs may cost you 20% more for your term life insurance!
Return of Premium Term Life Insurance
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This is a term life insurance policy that refunds your premiums to you at the end of the term. It is much more expensive than a guaranteed level term life insurance policy so be careful if you are considering this option.
You want to compare the cost of the return of premium life insurance to the cost of guaranteed level term life insurance and see what that rate of return amounts to.
For the majority of people, a guaranteed level term life insurance policy will take care of your needs at the least expensive price. Tell us why you need coverage and we will show you the options available to you.
There is never any pressure or obligation with our term life insurance comparisons. We'll give you the information you need to make an informed decision about your life insurance.
or Call us today at Toll Free
(800) 909-2040
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