What is Term Life?

Term life insurance is the most popular life insurance policy type, because it is the most affordable and flexible. Life insurance provides financial stability to your dependents and loved ones at a very vulnerable time. With term life, you pay premiums and have coverage for a specific period of time. Typical life insurance term lengths are 10, 15, 20, 25, and 30 years.

Tips for Applying for Term Life Insurance

There are a few things you can prepare in advance to simplify and accelerate the term life insurance application process. Your age and health will be factored into your life insurance premiums and overall cost. It’s important to stay on top of your health and take any possible measures to reduce your cholesterol and blood pressure ahead of your life insurance medical exam.

You can also accelerate the life insurance application process by knowing what you want your coverage amount to be. Some expenses you might want to cover include a mortgage, end-of-life expenses, education expenses, funds to support your dependents, and any other financial protection you want to provide to your loved ones when you pass.

Insurance Best Prices makes it faster and easier to compare life insurance rates. You can request a quote online from InsuranceBestPrices.com and compare prices to find the best life insurance plan for your needs. It’s fast and simple. We work with trusted life insurance companies across the country. Request your quote today.

Which term length should I choose?

Term life insurance is sold in terms or lengths. You can choose between 10, 15, 20, 25, or 30 years. It can be stressful choosing a term length, so none of know exactly when we will pass. However, you can consider the following questions to help you decide which term length is right for you:

1. How much life insurance can you afford?

2. How many people depend on your support financially?

Benefits of Term Life Insurance

Term life insurance is popular with young people who have children. Parents can get large amounts of coverage for an affordable cost. Should a parent pass away, the significant benefit amount could replace that parent’s lost income. This type of policy is also beneficial for people who need a specific amount of life insurance for a temporary period of time. You may need to provide a significant amount of coverage when your children are younger and/or you have more people depending on you, but don’t need the same coverage once your children or dependents are fully grown and financially independent.

• Flexible payment options
• Okay for people with pre-existing conditions
• Premiums are fixed
• Death benefit is tax-free

How much life insurance do I need?

There’s no magic number for every person. The amount of life insurance a person needs depends on what their goals are and how much they can afford. However, many people shoot for ten to twelve times their income. You should think about the people who depend on you financially, your current bills, your debts, end-of-life expenses, and any other costs you currently cover.

Term Life Insurance FAQs

What happens if my term life insurance policy expires?

When you sign a term life insurance policy you are essentially locking in a rate. With a fixed premium, you’ll always know how much you owe. When your term life insurance policy expires, your premium will go up. The older you are, the more risk there is for the insurance company to insure you. Therefore, the insurance company will want to increase your premium in 10 – 30 years when you term life insurance policy expires. If your term life insurance policy is coming to an end, Insurance Best Prices can help you shop around and compare quotes to secure the best policy and price.

What is a death benefit?

The death benefit is the payout your beneficiaries receive if you pass away while your life insurance policy is still active. The death benefit is a payment that can be paid out all at once or over the course of their lifetime. It is tax-free if delivered at once, but taxes may apply if distributed over a long period of time.

What does term life insurance cover?

Your death benefit can be used to cover a wide range of expenses. Your beneficiaries can use the funds to pay off debts, make bill payments like the mortgage, cover the cost of tuition and other education costs, pay for housing, and even everyday expenses. The death benefit is also often used to cover end-of-life expenses like medical bills and funeral costs.

Why should I invest in life insurance?

There are many reasons to buy life insurance. It provides your family with financial security if you pass away. It provides you with the peace of mind that you won’t leave your loved ones behind with debt or bills and that they will be protected financially.