This is the most common type of term life insurance. Level term life insurance keeps the face amount and the premium the same for the entire term period. Once the term period ends, the premiums will increase very quickly. Rather than keep this policy, you would want to buy a new one or covert this one to permanent coverage before the conversion option expires.
This is the most popular type of term coverage. You get the "biggest bang for your buck" here. That said, term insurance has to be able to meet your goals for it to be a sensible purchase.
Many riders are available with term coverage. Some are child coverage, waiver of premium if you are disabled, critical care and chronic care riders, accelerated death benefit, and more.
Term life insurance is available with and without a medical exam and blood and urine testing. Prices with an exam will be lower than those without one.
Annual renewable term insurance has premiums that increase on an annual basis. The early premiums will be lower than those for a 10 year term policy.
There are a few situations where this type of policy makes sense. This type of policy is only available from a few insurance companies.
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Decreasing term insurance is often called mortgage insurance. You pay a fixed premium and the death benefit decreases as your mortgage decreases. The main downside of mortgage insurance is that it pays off your mortgage. While that is a good thing, if your family needs money to live on, this policy won't help.
Additionally, mortgage insurance is usually more expensive than regular term life insurance. For the same or often less premium you can buy a level term product which is a better value. It also allows your beneficiary to use the money as they need it.
Your goals for life insurance are what will determine the type of insurance you should get. Affordable term life insurance can protect your family from one year up to 30 years (depending on your age).
The older you are, the shorter term you can purchase.
Generally term insurance is the least expensive type of policy you can purchase. At LifeNet Insurance Solutions, we often recommend level term life insurance products for most situations. Term insurance is easy to understand and will provide you with the coverage you need at the best prices available.
It’s easy to get an affordable term life insurance quote, just click on the link below and you can find out how inexpensive term insurance is. There are many reasons to use an independent life insurance agent to get a more accurate quote.
When you get an affordable life insurance quote, the premium is based on your health rating. The ratings are from best on down as follows:
To really get the best affordable life insurance quote you should talk to an independent life insurance agent. Not only do they have more companies available to them than you do, they can factor in some other information to make your quote more accurate.
Underwriting affordable life insurance takes many things into account including:
There isn’t a quote engine in the world that can amass and assess all of the information that an underwriter will use to determine your health rating.
An agent is the best quote engine around! Every insurance company underwrites slightly differently from the others. Part of your agent's job is finding the right company for your situation.
There are many riders and options available with an affordable term life insurance policy. Your goals will determine which are right for you. Some come free with your policy and others can be added for a fee. Talk to your agent to see what makes sense for you.
There is no cost for using an independent life insurance agent. In many cases, you must use an agent, because the insurance company will not deal with the public directly.
When you get a fully underwritten policy the insurance underwriter may request your doctor records. Having an agent who is efficient can help get your records in a timely manner. They can also help get other requirements to the insurance company so your application doesn't get delayed.
Many internet quote engines where you can go to get an idea of the cost have a limited number of companies available to quote you. Your agent will have the ability to give you quotes with many more companies.
Your agent should be familiar with the underwriting differences between carriers so they can direct you to the company or companies that will look most favorably on your personal situation. Agents can send a cover letter with your application if there is something that might raise a red flag.
An independent life insurance agent can smooth the way to make getting life insurance painless.
Get a free quote for term life insurance here. Then give us a call and we will let you know if we can find you a better value.
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