Affordable Life Insurance Protection for Your Family
How to Buy Short Term Life Insurance
If you’re considering the purchase of an affordable life insurance plan to provide protection for your family, you may be considering short term insurance.
What is Short-Term Life Insurance?
It’s temporary life insurance coverage that lasts for a specific period of time.
The "Term" is how long coverage lasts, for instance, a 10-year term life policy lasts for 10 years.
If you die during the 10 year term your policy pays out a death benefit to your family (beneficiary you choose). If you outlive the term, your life insurance coverage ends.
Usually, short term policies may offer "Term" (duration) options including 5, 10, 15, 20, 25 or 30 years to choose from for your insurance coverage.
With short term coverage, the longer your Policy Term, the higher your annual cost of insurance, since your risk of dying increases, as you get older.
Types of Short Term Insurance Policies
Annual Renewable Term
With Annual Renewable life insurance, you purchase coverage for one year, and have the option to renew your policy for an additional year when the first year of coverage ends. Each year you renew coverage, your insurance premium increases – so you end up paying more every year for this type of life insurance plan.
The most popular type of short term policy would be Level Term life insurance because it offers competitive rates and is easy-to-understand.
Level Term life offers coverage with premiums that never increase during the life of your policy, and the amount of life insurance provided by your plan remains the same each year until your coverage ends.
Level term life may offer "Term" options of 10, 15, 20, 25 or 30 years of life insurance, but you may choose a ten-year policy and cancel it after a certain number of years, if your need for life insurance is for less than ten years.
No Exam Term Insurance
In addition, there are Level Term life insurance policies that offer coverage without you having to take a physical examination to qualify for coverage.
In fact, some insurers offer Same Day coverage, allowing you to apply online for your short-term policy and start your life insurance coverage that day, if you qualify.
Many people who are health and between the ages of 20 to 60 years old may qualify to buy Instant Issue Term Life Insurance plans online.
Do You Want to Buy a Short-Term Life Insurance Policy?
If so, it may be easier than you thought. Actually, if you qualify, you may be able to start your term life insurance policy today.
How Can I Compare Pricing for Short Term Life Policies?
You can visit JRC Insurance Group to compare the lowest rates from 40 of the leading life insurance companies. You just fill out the quote request form and instantly receive the lowest prices for term life insurance.
How Long Do Short Term Insurance Policies Last?
Term life insurance policies offer coverage for a period of 1 to 30 years. 1 Year term life plans are called annual renewable, and the rates increase each year.
Level term life insurance offers coverage for 5, 10, 15, 20, 25 or 30 years. The premiums are the same each year, and the amount of life insurance stays level throughout the term of your policy.
Can I Buy Short Term Life Insurance with No Medical Exam?
Yes, there are life insurance plans that offer short term coverage without any medical exam needed. Some plans offer up to $2,000,000 with no exams, for people ages 65 and under. You can get a free life insurance no exam quote and apply online in minutes.
What are the Best Short-Term Life Insurance Companies?
There are many life insurance carriers that offer competitive rates on short term insurance. Here is a list of the best life insurance companies and their financial ratings.
Short 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
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.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.