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To get a life insurance quote, fill out some general information on our life insurance quote search engine and we will send you life insurance quotes from many of the top rated life insurance companies in your state.
Get as many quotes as you like. Change the amount; change the coverage. If you already have life insurance coverage, compare your cost to the newest rates. See our video below the quote engine for instructions.
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Why Have Term Life Insurance Coverage?
When you think about term life insurance you are really thinking about managing the risk of losing the income of a households bread winner or that of a valuable employee in your business. Whether you are trying to protect your family or your business, term life insurance requires the least amount of cash outlay to obtain coverage that can create valuable cash benefits if something undesirable happens.
The most tragic of risks facing any of us is a premature death. What will happen to your children? Can your spouse comfortably survive without your income? Will he, or she, need to marry again hastily? Will your business survive for your families benefit? Will you be able to replace the value a key employee created in order to keep your business successful?
People buy life insurance for all of these reasons and more. Term life insurance is purchased more than any other kind of life insurance because it requires the least amount of money to obtain. Term life insurance is bought strictly to manage the risk of premature death. Life insurance quotes online are readily available on our site.
The death benefit paid to beneficiaries comes to them tax-free, and can be used for anything from final expenses of a funeral, paying off the mortgage, replacing the deceased income, paying off other debt or anything else. Of course, in order to provide these benefits one must buy life insurance.
What Is Term Life Insurance Coverage
Term life insurance is issued based on the period of time that the insured person wants of needs the contract to be in force. This is the “term of the contract.”
Term life insurance is a contract between a life insurance company and the owner of the policy. Basically, the life insurance company is actuarially determining how long the insured person should live, or more specifically, how many people in a certain risk class will live or die in a particular year. Term life insurance quotes reflect this determination.
Through the process of “underwriting” insurance companies review a prospective insured’s age, gender, health (medications), lifestyle habits (smoking, extreme sports, helicopter pilot, etc) and with that information makes an offer of insurance. Or not, if the company does not want to take the risk.
What Kinds of Term Life Insurance Coverage Are There?
As stated earlier, term life insurance is a life insurance policy that has a certain “term” time period associated with it.
The most common term life insurance policies you can buy are contracts of 10, 15, 20 and even 30 years. During the term period, prices are typically guaranteed to stay the same. After the term is up, coverage is either terminated or the life insurance contract renews at a much higher premium.
Often people feel like they may be wasting their money when they buy term life insurance. They are young and healthy, but unfortunately there is always a risk when we get up in the morning. Nobody is promised tomorrow. To help people to obtain coverage without the worry of potentially wasting their money when they life longer than the term coverage has, the insurance industry came up with what is known as return of premium (ROP) term life insurance.
Basically, if the term expires and no death benefit has been paid, 100% of the premiums paid into the contract are returned to the owner. ROP life insurance quotes are also available through our online quotes engines.
Simplified Issue and guaranteed issue are insurance contracts that have either no underwriting requirements, or limited ones that can make it easier to obtain coverage. Of course there are always trade-offs. Premiums for simplified and guaranteed issue policies are higher and in some cases, if the insured person does not live long enough the death benefit could be the return of premium paid into the policy at the time of death and not the full face-value of the policy. Our agents can explain how a guaranteed contract will work if this is your only choice to obtaining term life insurance coverage.
Finally, you can also obtain term life insurance coverage “for life” by purchasing a “to age 121” life insurance policy. These types of term life insurance to age 100 are a form of universal life contract known as guaranteed universal life (GUL.)
Other considerations when looking at term life insurance quotes before buying term life insurance
You may have heard the Term “Insurance Riders.” Riders to a term insurance policy are additional “living benefits’ in addition to the basic death benefit. For example, one rider will instruct the insurance company to pay your policy premiums in the event you become disabled. Others will allow the insured to pay certain long-term care, or critical illness expenses out of the death benefit face amount. If you buy life insurance with these kinds of riders then you manage additional risks.
Term life insurance can also have small child life insurance riders added to the policy. For a small additional premium, a policy owner can ad several thousand dollars of life insurance coverage on a child under 18 years of age.