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Types of Term Life Insurance Policies

Consider a term life insurance policy if you need life insurance for a specific time.  If you are looking for affordable life insurance, term life insurance is the right choice.

You should consider a term life insurance policy if:

  • You need life insurance for a specific period of time. A term life insurance policy enables you to match the length of the term life policy to the length of the need. For example, if you have young children and want to ensure that there will be funds to pay for their college education, you might buy 20-year term life insurance policy. Or if you want the insurance to repay a debt that will be paid off in a specified time period, buy a term policy for that period.
  • You need a large amount of life insurance, but have a limited budget. In general, this type of insurance pays only if you die during the term of the policy, so the rate per thousand of death benefit is lower than any permanent forms of life insurance. If you are still alive at the end of the term, coverage stops unless the term life insurance policy is renewed. Unlike permanent life insurance, you will not build equity in the form of cash savings.
  • If you think your financial needs may change.  You may also want to look into “convertible” term policies. These allow you to convert to permanent insurance without a medical examination in exchange for higher premiums. Keep in mind that premiums are lowest when you are young and increase upon renewal as you age. Some term insurance policies can be renewed when the policy ends, but the premium will generally increase. Some policies require a medical examination at renewal to qualify for the lowest rates.
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  • You should consider permanent life insurance if: You need life insurance for as long as you live. A permanent policy pays a death benefit whether you die tomorrow or live to be 100.

iQuote.com life insurance advisors will help compare term life insurance policies to match your needs and your budget.  They can also provide an insurance review to see if the current life insurance you have is adequate or if you should consider an additional life insurance policy or term life insurance policy to cover new obligations.

Click on the Request a free iQuote button to request your term life insurance quote today or call 800-352-9742.

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