What are the Top Term Life Insurance Policies?
When it comes to term life insurance, the most popular type of plan by far is Level Term Life Insurance, which accounts for about 97% of all term life insurance plans.
Term insurance comes in two basic types – Level and Decreasing:
Level Term Life Insurance:
Level term policies pay out the same benefit amount, no matter when the insured perishes during the term of the life insurance policy. You have the same amount of life insurance throughout the entire term of your policy.
Your life insurance rates are guaranteed to remain the same each year for the entire length of your term (10, 15, 20 or 30 years).
Almost everyone buys level term life coverage these days. Level term offers the lowest rates available for life insurance coverage. Request your level term life insurance rate quotes.
Decreasing Term Life Insurance:
Decreasing term pays varied amounts, depending on the point in the policy when death occurs.
Your premium remains the same each year, so you pay the same amount for your coverage, but he amount of life insurance you have decreases each year until your policy ends.
No Exam Term Life Insurance
Level term life plans may be available without a health exam being required of the applicant.
If you are healthy and age 65 or under, you may qualify to buy up to $400,000 of level term life insurance online without any exam.
If approved, you may start your life insurance coverage today.
Return of Premium Term Life Insurance
These plans have a much higher rate for coverage, which means you pay a lot more up front for your life insurance.
However, if you outlive the term of your policy, you get back most of the premiums you paid for your life insurance.
So, if you had a 10 year term life policy, and you are alive after the ten years, you get back most of the premiums you paid for your life insurance.
How is my rate for term life insurance determined?
Insurers base premiums for life insurance on your age and health at the time the life insurance plan begins.
These risk factors represent the best indicators of death risk to the life insurance company.
In addition, other personal risk factors are considered, such as, your gender, occupation, hobbies, lifestyle, family health history, if you smoke or not, your height-to-weight ratio, driving record, etc.
Once set, term life insurance rates usually change only if and when the policy is renewed, but stay the same during the term of your policy, which usually lasts for 10, 15, 20 or 30 years.
The “Term” is the period of time the life insurance provides guaranteed level rates for your coverage.
Can I convert my term life policy into permanent life insurance?
Some term life plans may be converted into permanent life insurance policies with no further evidence of insurability. This means you can convert your term life insurance into a permanent life insurance policy with lifetime coverage without having to take a physical examination to qualify for the conversion.
These types of term life insurance policies are known as "convertible," and cost more than the average term life insurance policy because of this added benefit.
What are the top term life insurance companies?
Among the leading life insurance companies in America offering term life insurance are Metlife, Nationwide, Allstate, New York Life, Liberty Mutual and Prudential.
However, some of the life insurers offering the most competitive rates for term life insurance are Banner Life, ING and Transamerica.
How can I compare term life insurance rates?
You can visit a life insurance quote provider with access to a large network of life insurance carriers. Then, you just fill out a short quote request form where you answer some basic questions about the life insurance you need, and you instantly receive the lowest quotes for term life insurance.
If you like your term life quotes you can select an insurer and request an application for life insurance.
If you have any questions the quote provider has a toll-free number where a licensed representative will assist you in understanding your options for life insurance and answer any questions you have.
Or, if you would rather you can email the quote provider with your questions and they will assist you via email.
Term Life Insurance Quotes
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