Term Life Insurance Quotes
When it comes to life insurance coverage, term life insurance is the most popular and most purchased type of life insurance coverage available. There are three main forms of life insurance coverage which include whole life insurance, universal life insurance, and term life insurance. Out of all three types of life insurance coverage, term life insurance is the most affordable which makes it the best choice for just about anyone.
Term life insurance is extremely simple to understand. The majority of term life insurance policies come in fixed premium lengths of 10, 15, 20, 25 & 30-year contract lengths. Depending on the term length you choose, your premium will be guaranteed not to change for the entire length of the contract.
EXAMPLE: Let’s say you purchase a 30-year term life insurance policy and your monthly premium is $20.00 a month. That will be the monthly premium for the next 30 years. The premium is fixed and cannot increase during the first 30 years of the term life insurance contract.
IMPORTANT: After the fixed term period, most policies will offer continued coverage, usually at a substantially higher premium rate. At this point, you will want to reassess your coverage needs and possibly seek a new term policy if coverage is still needed. If you can medically re-qualify, renewing a new term life insurance policy will be much cheaper than keeping the current policy that has passed its fixed premium term length.
The Best Price for Term Life Insurance Quotes Begins Online
If you’re considering purchasing a term life insurance policy, the internet is one of the best places to start. There are many online life insurance websites such as Top Quote Life Insurance that will allow you to instantly get term life insurance quotes and from several of the top life insurance carriers available.
The great part about shopping online for the best term life insurance quotes, is that life insurance websites that offer instant online life insurance quotes such as Top Quote Life Insurance, SelectQuote, AIG Direct, Matrix Direct, IntelliQuote, Zander Insurance, etc, all offer the same rates for term life insurance no matter who you decide to get your term life insurance quotes from.
Life insurance rates are ultimately determined on what health classification you will qualify for, with the life insurance company you’re applying with. Your health classification is determined based on several factors, but most importantly, your health. If you have health issues such as high blood pressure or cholesterol, heart issues, prior cancer history, or diabetes to name a few, this is where a licensed Top Quote Life Insurance agent can help.
As we mentioned earlier, all online term life insurance quotes are the same however, life insurance companies underwrite health issues differently. Top Quote Life Insurance works with over 30 of the top life insurance companies so we are very experienced in knowing which company will offer you the best life insurance rate, based on your health issues.
Online term life insurance quotes will allow you to instantly narrow down your results to the absolute best price. There is no longer a need to travel to an insurance office or call several insurance agents to get the best price for coverage. It’s all available here online in the comfort and privacy of your home or office. Best of all, if you have questions or need help, we are always available to assist you by telephone, email or instant live chat.
Choosing the Best Term Life Insurance Company
Choosing the right life insurance carrier with Top Quote Life Insurance has never been easier. The term life insurance quotes provided by our online instant life insurance quote form will only show results from A.M. Best graded (A) or better life insurance companies such as AIG, Banner Life, Cincinnati Life, Genworth, Protective, Prudential, Transamerica and Voya to name a few. We do not see the reason to provide results of any company lower than a A.M. Best graded (A) life insurance company.
The Top Quote Life Insurance instant quote form will provide you with several term life insurance companies to choose from. Once you have inputted your quote criteria, the term life insurance rates will instantly display starting from the lowest price to highest price. Need help choosing a great life insurance company?
Be sure to check out our review of the TOP 25 BEST LIFE INSURANCE COMPANIES.
Picking the Right Term Life Insurance Length
When choosing a term life insurance length, think about your current life situation. Consider life factors such as, how long you have until retirement or how long you might have to pay on a home mortgage. If you have young children think about how long they have until they are adults and on their own. These are just a very few life factors to consider when deciding on a term life insurance length.
IMPORTANT: We discussed earlier in this article that a large factor on how much you will pay for your coverage will determine your health classification. Another determining factor is the term length you decide to purchase. A 10-year term life insurance policy will be cheaper than a 30-year term life insurance policy. It is very important not to cut yourself short on a term length due to price. We understand that everyone wants the cheapest price for life insurance coverage, but cutting yourself short to save a couple extra dollars could possibly hurt you in the long run.
Not everyone will qualify for a 15, 20, 25 or 30-year term life insurance policy. Term life insurance lengths have limits depending on your current age. Most term life insurance carriers have a maximum issue ages of 80.
EXAMPLE: Age 58 is currently the maximum age to obtain a 30-year policy. Sure a 60, 70 or 80-year-old can qualify for a lower term length such as 15, 20 or 25-year policy.
How to Choose a Term Life Insurance Death Benefit Amount
Another important factor of a term life insurance policy, and probably the most important, is the death benefit amount. The main purpose of the death benefit of a term life insurance policy is to provide the beneficiary with income. The death benefit of a life insurance policy can be used to replace a spouse lost income or pay off debt but most importantly it ensures that your family’s financial goals are met and they continue living their lifestyle without any hardships.
If you find yourself having a hard time figuring out how much death benefit you might need, ask yourself some of the following questions…
- How much of the family income do I provide to my family?
- If I were to die, how would my spouse and children get by?
- Other than your spouse and children, do you have others that depend on you financially such as parents, siblings or grandparents?
- Do I have young children that need may need funds to further their education such as college?
- What about final expenses and debt repayment?
- Is there a special charity or church you would like to leave money to?
- Will you have estate taxes that will need to be paid after your death?
- How will the continuing rise in cost of living affect your families future needs?
Most life insurance experts suggest that you purchase up to 10-12 times your current annual income. Although this is a great starting point, it is good to go through the above questions to figure a more accurate death benefit amount.
No Medical Exam Term Life Insurance Policies
In addition to your traditional term life insurance is the no medical exam option. No medical exam term life insurance has become a very popular form of term life insurance coverage within the last couple of years.
No exam term life insurance is your basic traditional term life insurance coverage, but without having to go through the medical exam. What this means, is no meeting with an examiner and no blood or urine sample.
No exam term life insurance is generally a little more expensive than applying for traditional term life insurance and going through the exam process. If you need coverage fast, look into a no medical policy with any one of these no medical exam term life insurance companies.
IMPORTANT: No medical exam term life insurance still requires you to answer details about your health. It is not automatic approval of life insurance coverage.
Return of Premium Term Life Insurance
Return of premium term life insurance is traditional term life insurance coverage that refunds every single premium paid into the life insurance contract. In order to receive 100% of all your premiums, you must complete the contract length.
Return of premium term life insurance generally comes in contract lengths of 20 & 30 years. It is also important to mention that a return of premium term life insurance policy will almost always cost double, if not more, than a traditional term life insurance policy.
Traditional term life insurance does not accumulate any cash values, so if you like the idea of getting all your money back at the end of your contract, consider looking into a return of premium term life insurance policy.
Additional Helpful Facts About Term Life Insurance
Term life insurance does not build any cash. Once the term contract is completed there will be no cash unless you have purchased a return of premium type policy.
A term life insurance death benefit is only paid if you pass away during the term of the policy coverage. If you pass away and the policy has lapsed, no death benefit will be paid to your beneficiary.
When a term life insurance contract is over, most life insurance companies will allow you to continue paying at an increased rate. The increased rate is generally very expensive and will continue to go up each policy anniversary year. It is very important to reevaluate coverage needs and renew coverage at a significantly lower price than keeping the expired policy. Re-qualifying for new term life insurance policies require that you furnish evidence of insurability at renewal to qualify for cheaper rates.
Should you become sick and not be able to re-qualify medically for a new term policy, majority of term life insurance policies carry a guaranteed conversion privilege that will allow you to convert your term life insurance coverage to a permanent universal life insurance policy without a medical examination. It is important to check the conversion privileges of the term life insurance policy before you make your purchase.
Death benefit proceeds from a term life insurance policy are in most cases tax free.
Instant Online Term Life Insurance Quotes Made Simple
Term life insurance can be a very inexpensive and extremely valuable way to make sure your loved ones are financially taken care of. Top Quote Life Insurance makes it super easy to start comparing the best rates for traditional term life insurance, no medical term life insurance, return of premium term life insurance as well as permanent life insurance.
For instant term life insurance quotes, simply fill out the quote form located at the top of this page and rates will display instantly. If you need help with obtaining term life insurance quotes or have questions about particular health conditions, please call us toll-free 888-777-7574 or send us a message below and a licensed Top Quote Life Insurance agent will help assist you.
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