Affordable Life Insurance Protection for Your Family

Which Term Policy Is Best?

Are You Looking For The Best Term Life Insurance Policy?

If so, you’ll want to first understand how term life works, what types of term policies are available, and which type of term policy may be right for you and your family to provide the financial security needed to meet your goals.

How Term Policies Works

Term life insurance is also known as temporary life insurance because it provides coverage lasting for a specific number of years.

With term coverage you select a Policy Term, which is the period of time you are insured.

Policy terms may range from 10 to 30 years; however, depending on your age and health, you may be able to get term coverage for a duration of 10, 15, 20, 25, 30, 35 or 40 years.

If the insured person outlives the duration of the policy, there is no pay out of any benefits, and the life insurance ends.

If the insured person dies during the policy term, while the policy is In Force, the death benefit is paid out to the beneficiaries of the life insurance policy, subject to the terms, conditions and exclusions in the insurance contract (life insurance policy).

If you decide you need your life insurance coverage to last longer than your original policy term, you may be able to Renew your policy for another term, by contacting the insurance company and asking to renew your coverage.

Make sure to find out how much it will cost, as renewal premiums are usually more than the existing term life policy premiums.

If you decide to renew your policy, you will not have to take a medical exam to prove insurability.

Types of Term Policies

Level Term: This is a type of temporary life insurance policy where the premiums never increase, and the coverage amount never decreases during your policy term. Level term is a popular type of term coverage.

Annual Renewable: Temporary life insurance providing one year of coverage, which may be renewed each year at a higher premium.

Decreasing Term: Type of temporary life insurance where the premiums remain level each year, while the amount of life insurance provided by the policy decreases annually. Some people choose this type of policy to provide protection for the mortgage on their home.

No Exam Term Life: Type of term policy that does not require you to take a health examination to qualify for coverage. Although it’s quicker and easy to get insured with this type of policy, it usually costs more than term life that does require a physical exam.

Advantages of Term Life

Easy to Understand – Term provides coverage for a specific length of time and if you die during that time, the death benefit is paid to your beneficiary.

Flexible – It’s flexible, offering coverage for 10, 15, 20, 25, 30, 35 or 40 years, to meet your specific need for life insurance protection.

Affordable – Since it is temporary protection term life is the most affordable life insurance for 30 years or less. Whereas permanent life insurance usually costs up to 5-10 times more than the same amount of term insurance.

Disadvantages of Term Life

May Outlive Coverage – If you outlive your policy term, there is no payout of any benefits, and you are left with no life insurance. So, if you still need life insurance you would have to apply for a new policy or renew your existing policy before it expires.

Rates Increase After Term Ends – It will cost more to get life insurance after your policy ends, because rates are based in part on your age and your health.

Most Popular Type of Term Life Insurance

Level Term Life Insurance is the most popular type of term insurance policy because it‘s affordable, easy to understand, premiums never increase, and the coverage amount never decreases throughout the duration of your life insurance policy.

How to Get Affordable Term Insurance

Choose Term LifeTerm life is much more affordable than permanent coverage.

Compare Prices – Rate vary by insurance company which is why you need to compare pricing among several insurers to find the most affordable policy.

Get Healthy – Improve your cholesterol and blood pressure, eat healthy and exercise to improve your chance of getting a better rate on your life insurance.

Lose Weight – People who are overweight or obese pay a higher rate because they have a greater chance of developing health issues and dying at a younger age.

Quit SmokingSmokers usually pay up to 2-5 times more for the same life insurance compared to non-smokers.

Annual Payment Option – Choosing to pay premiums monthly will increase your coverall cost of life insurance because the insurer adds a processing fee.

Buy Now – Rates increase with age, which means you can lock-in a lower rate if you buy life insurance while you are young and healthy.

Use a Needs Calculator – Use a life insurance calculator to help you determine how much life insurance to buy, so you aren’t paying for more than you need.

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.

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Which Term Policy is Best?

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