Tuesday, November 11, 2008

How to Find the Best Term Life Insurance

Choosing the right kind of life insurance can be difficult. It is especially difficult if you don’t understand the difference between term life insurance and whole life insurance is, and why there are different term life insurance rates for different policies.

What is Term Life Insurance?
Term life insurance is a type of life insurance policy, but there is only a certain period of time in which the owner has coverage. When that time period ends, then the coverage also ends. This doesn’t really mean you should worry because many term life insurance policies offer coverage to people well into their 70´s and 80´s, but the yearly policy price also increases, and you need to be aware of that. There are also policies that can convert into whole life insurance policies. You should ask about this when you get a term life insurance quote from an agent.

Finding the Best Term Life Insurance Policy
When you are looking for the best term life insurance policy for your money there are several key elements you want to focus on.

Look at the Length of Time the Policy Covers
Some term life insurance contracts only cover you for a period of 5 to ten years, while other policies cover you for as long as 30 years. Keep in mind that the longer a term is, the more expensive the product will be. This doesn’t necessarily mean “bad.” Obviously, you don’t want to get a cheap policy that will only be expensive in the long run, and you don’t want an expensive one, that won't cover you for a longer period.

Look at the Type of Term Life Insurance Program
There are about five types of term insurance that can’t be renewed, or converted to any other type of life insurance. The policy contract ends when the coverage period terminates, and that is that!
But, there are other types of term life insurance, which can either be renewed or can convert to whole life insurance when the policy owner wants to change the type of coverage.

There are also policies that are renewable. This means it can be renewed at the end of the coverage period without a medical exam. These are called “re-entry” policies. These are among the cheapest type of term life insurance, but you have to meet the “re-entry” conditions, whether those be based on age or on medical conditions.

There are actually many types of term life insurance, and you should consider several options before making a decision. You should also read the fine print of the contract to know what the policy covers and what it doesn’t. To make sure you get the best type of term life insurance.


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March 20, 2010 7:56 PM  

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