Buying Term Life Insurance Policies
Are you interested in buying term life insurance policies? If so, there are several things you may want to consider.
First, term life insurance is temporary protection for a specific number of years, usually 10, 15, 20 or 30 years. Permanent (Whole) life insurance provides lifetime protection, that’s why it usually costs 2-3 times more than term life insurance.
When choosing a term life insurance plan you should consider the following:
- What type of term life insurance do you need?
- How much term life insurance do you need?
- What can you afford to pay for your life insurance?
- How long (number of years) do you need term life insurance?
Term life insurance is purchased to meet a specific goal. Why are you buying life insurance? To pay off your mortgage, provide funds to pay for your child’s college, provide money for your spouse’s living expenses, or retirement?
Whatever your reasons may be, having a goal in mind is a good starting point. That will help you decide how long you need life insurance, and how much life insurance you need.
For instance, if you want insurance to pay off your 30 year mortgage, you may want 30 year term life insurance. If you want to provide money to put your 3 year-old son through college, you may want 20 year term life insurance.
Next, how much coverage is right for you? It’s actually easier than it sounds to figure this out. You can use the life insurance calculator to find out how much life insurance you need.
Then, choose the type of term life insurance that’s right for your situation. There are a few plans to choose from, including Level Term Decreasing Term, and No Exam Term Life Insurance.
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Types of Term Life Insurance
When buying a term life insurance policy make sure you consider your options, since there are a few different types of plans available to meet your specific needs.
Tips for Buying Term Life Insurance Policies
- Compare Multiple Quotes – Rates may vary by up to 50% or more between companies. Some insurers may charge you hundreds of dollars less per year for your life insurance.
- Payment Options – Compare quotes for payment options of monthly, quarterly, and annually. Paying once per year may save you money.
- Term Options – Choose the term you need life insurance coverage for 5, 10, 15, or 20 years.
- Financial Rating – Choose an Insurer rated "A" Excellent, or better by A.M. Best Company for financial strength.
- Free Look Period - Many life insurance companies provide a 10-30 day money-back guarantee. If you are not satisfied with your life insurance policy you may return it within this time period for a full refund of premiums paid. Make sure to check this out before buying your life insurance policy.
Term Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Highly Recommended – Haven Life
- Get up to $1,000,000 of affordable term life insurance today
- Apply online in under 20 minutes, start coverage today
- Backed by MassMutual, rated A++ by AM Best
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Highly Recommended – Globe Life Insurance
$1* Buys $100,000 Globe Life Insurance
- Coverage for Adults or Children
- No Medical Exam. Just a Few Yes/No Health Questions
- Free Information. No Phone Required. No Waiting
Buy Direct. Monthly Rates as low as $3.49 for Adults/$2.17 for Children.
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