Affordable Life Insurance Protection for Your Family

Is Term Life Insurance Expensive?

If you are shopping for life insurance you may be wondering if a term life insurance policy would be expensive, or if you can actually afford there coverage.

No, term life insurance is not expensive, if it is the right type of life insurance policy that meets your specific needs.

If you are in the market for a life insurance policy and considering term life insurance, you may be wondering about the cost.

When it comes to buying life insurance, your budget, and that the monthly payment will be is one of the most important things to consider.

You want to make sure you can actually afford your life insurance plan.

And, if you’re on a budget, like most of us, the cost of life insurance will be very important to you. And, figuring out how to save money on your policy, as well.

That’s where term life insurance comes in handy. Term life is the most affordable type of life insurance coverage for those needing protection for a duration of thirty years, or less.

Term life is temporary coverage providing you with the option of getting protection that lasts for a period of 10, 15, 20, 25, 30, 35 or 40 years – to meet your specific need for life insurance.

By using term life you only pay for coverage for the length of time you actually need it.

Whereas, permanent life insurance provides lifetime protection, a death benefit, and builds up some cash value inside the policy.

Term life is Pure Protection, meaning you only have the Death Benefit. Also, term insurance pays out a death benefit if the insured person dies during the term of the life insurance plan. So, if you are alive when the policy expires, the coverage ends and there is no pay out of any benefits.

That’s why permanent life insurance can cost up to 5 to 10 times more than the same amount of term life insurance.

How Does Level Term Life Insurance Work?

With level term policies you select an Amount of life insurance coverage you need and a Policy Term.

The Policy Term is the period of time you will have life insurance protection.

You pay your premiums monthly (or quarterly, semi-annual, or annual) to the insurance company. In return, they provide you with the life insurance coverage.

Should you (the insured person) die during the policy term, while your insurance coverage is In Force, the death benefit is paid out to your beneficiary, which you choose when you apply for your policy. The death benefits are usually paid out free from federal income tax.

If you outlive the duration of your level term policy, your life insurance coverage expires, your policy ends, with no payout of any benefits.

How Long Does Level Term Last?

Level term insurance policies offer you the option of choosing a Policy Term that will provide you with coverage lasting up to 40 years. However, your approval for a policy will depend on your age and health, among other risk factors.

Usually, you can choose a duration (term) of 10, 15, 20, 25, or 30 years. Some insurers offer level term policies for a period of 35 or 40 years.

How to Save Money on Term Life Insurance Policies?

Buy Now – Rates on life insurance are based in part on longevity. Usually, the younger you are, the longer your life expectancy, and the lower your rate for life insurance.
Select a Shorter Term – Rates for life insurance are higher for a longer term (duration) of coverage, since your risk of dying increases the longer you are insured. That means, if you select a shorter policy term, your rate for coverage will be lower.
Quit Smoking – Smokers may pay up to 3-5 times more for the same amount of life insurance as non-smokers.
Lose Weight – People who are overweight or obese usually have a shorter life expectancy. If you are obese or over-weight you may pay a higher premium for coverage.
Pay Premiums Annually – Insurers usually add a service fee to multiple premium payments per year. That means, you may save some money by choosing to pay your life insurance premium Annually (once per year).

How to Compare Prices for Term Insurance Coverage?

It’s quick and easy for you to compare prices on life insurance plans.

You just click on the link below, fill out a short Quote Request Form, click on the button at the bottom of the form, and instantly you will see on your screen the lowest prices available for life insurance from several of the leading insurance companies.

Comparing pricing from several insurers may help you save some money on your level term life insurance policy.

Summary

Term life insurance offers the most affordable life insurance coverage lasting for a period of 30 years or less, because it does not provide lifetime protection, it does not build any cash value, and you may outlive the duration of your insurance policy.

That’s why term life insurance is NOT expensive.

Term Life Insurance Quotes

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