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Term insurance is a form of life insurance that provides temporary coverage for a specific period of time, usually for a period up to thirty years.
With term life, you select a term of coverage from 10, 15, 20 or 30 years.
If you pass away during the term, your beneficiary receives a payout of the death benefit.
If you outlive the term of your policy, there is no payout, and the coverage ends.
Term insurance is the lowest priced type of life insurance coverage.
What type of life insurance has the lowest rates?
The type of life insurance offering the lowest rates is term insurance which is temporary life insurance for a specific period of time.
Term insurance offers coverage for a period of 1-30 years.
Many term life insurance plans offer level rates for 10, 15, 20 or 30 years, and the coverage may stay-in-force until you reach age 65 or 70, usually.
The cheapest term life policy may be for one year and it is usually called annual renewable term life insurance.
However, as you get older, each year your annual renewable term life policy will increase in price.
That's why you may want to consider how long you need life insurance and lock-in a rate that stays the same for a longer period of time, such as, a 10 or 20 year level term life insurance policy.
Here's how you can learn about term life insurance coverage and compare pricing for terms of 10, 15, 20 or 30 years.
Do I need life insurance after getting married?
You may need life insurance, it depends on your personal situation. Does your spouse work? You have have monthly expenses for which you rely on both incomes? How much debt do you have? Do you have a child?
It depends on your total debt, assets, savings, monthly expenses, lifestyle, financial responsibilities, etc.
However, many people buy life insurance after getting married because they want to make sure their spouse is financially secure if they were to pass away unexpectedly.
Learn more about buying life insurance after getting married.
Life insurance underwriting is the process used by insurance companies to analyze the risk presented by an applicant for coverage and determine if the person should be accepted for coverage, how much coverage to insure the person for, and at what price.
There are several things that are considered when underwriting a person for life insurance, including the person's age, gender, health, occupation, hobbies, lifestyle, tobacco use, driving record, etc.
These risk factors assist the insurance company in determining the overall risk presented by the applicant and life expectancy of the applicant.
How can I get quotes for life insurance coverage?
There are several ways to compare pricing, including requesting free quotes online, contacting a local life insurance agent or broker, or calling life insurance companies direct one-by-one to get quotes on life insurance.
The process of requesting quotes online is simple, you just visit a life insurance website, fill out a short quote request form, and instantly receive your free price comparisons.
Since rates vary by insurer, you may save some money by comparing pricing from several different life insurance companies.
A term is the length of time life insurance coverage is offered by a term life policy.
Term life insurance offers coverage for a set period of time (term), this commonly ranges from 5 years up to 30 years.
Some insurance companies offer term life coverage for terms of 5, 10, 15, 20, 25 or 30 years.
If you outlive the duration of your policy term, your coverage ends and there is no payout on the policy.
Here's how to learn more about how a term insurance policy works.
Can I get life insurance on my child?
Yes, a parent may purchase life insurance coverage for his or her children.
Parents have an insurable interest on their kids so they may buy life insurance on them.
Many parents purchase child life insurance plans for their children for the following benefits:
1. Builds cash value over time from which a loan may be taken in the future.
2. Rates for coverage are locked-in and remain the same for the life of the policy.
3. Guarantees future insurability of your child regardless of your child's future health or occupation.
4. Your child may have the option of adding coverage to the plan as an adult without having to take an exam or price insurability.
5. Plans are very affordable starting at just a couple of dollars per month.
If you're in need of cheap life insurance protection you'll want to consider the following tips when choosing your policy:
1. How long do you need protection? If it's for 30 years or less, term life insurance can offer you the lowest prices available.
2. Use a needs calculator to help you accurately determine how much life insurance you really need so you aren't paying for more coverage than you need.
3. Compare pricing among several of the top life insurers because rates do vary by carrier and it may help you save hundreds of dollars per year on your life insurance policy.
What are the drawbacks of a term life insurance policy?
If you're considering the purchase of term insurance, there are a few things you should know before buying a policy.
Some of the key disadvantages of term life insurance include:
1. Coverage is limited to the duration if your term - up to 30 years.
2. Term life does not build any cash value inside the policy.
3. If you outlive the duration of your term policy and still need coverage, you will find it costs a lot more than your original policy.
The best life insurance plans depend on your individual needs and goals for what you want your life insurance to accomplish.
The two main types of life insurance are term life insurance and permanent life insurance.
Term life insurance is temporary life insurance protection for a period of up to 30 years, or until you reach a certain age (eg. 70).
Permanent life insurance provides lifetime coverage as long as you pay the premiums on time.
Term insurance usually costs a lot less than permanent life insurance, because it is temporary, and it does not build any cash value inside the policy. You get pure life insurance protection with term life.
If you are on a budget, and need life insurance for 30 years or less, term life insurance may offer the most affordable option for your life insurance needs.