When applying for Term life insurance, your term period is going to be one of the most important decisions to make. If you choose too short of a term period you may run out of life insurance when you need it most. If you choose a longer term period you may be paying more that you really need to be paying each year.
This is a decision you will have to make for yourself with the help from your agent or broker. Many factors come into play and you want to make sure you give these factors enough consideration to enable you to make a wise choice. Your choice should not be based on what other people are purchasing. As I always say, life insurance is not a one size fits all type of product.
Your specific budget may be the deciding factor for choosing what Term life insurance plan design you will need to be purchasing.
Term life insurance normally has a 5, 10, 15, 20, 25 and 30 year term period option. As these term periods get longer the premium will naturally cost more due to the fact the statistics will show you will have a greater chance of passing on when you get older and older. This is just common sense which most everybody understands. The main reason you are planning to purchase life insurance will help you to determine the time element.
For example, if you just purchased a home with a 30 year mortgage and you want to make sure you family is financially safe, a 30 year term policy may be your best bet for your peace of mind. Going with a shorter term period is opening up the door for a financial disaster if you pass on after your term period has expired.
If you purchase a longer term period such as 30 year Term life insurance, you can always cancel the policy down the road if you no longer need it.
Always remember that you can always choose to cancel a life insurance policy if you no longer need it for whatever reason. You are not bound by a contract to keep paying on it. Therefore it is a good idea to go with a longer term period to make sure you will be properly covered down the road. Many people choose too short of a policy and their coverage ends too soon. Even with your conversion rights to convert your term policy into Whole life or Universal life, the premium may easily be more than you can afford when comparing it to the term premium you have been used to paying.
Being able to convert your term life policy into a permanent policy is a great benefit and option to have. You just have to take into consideration the cost difference can be quite a bit higher. Planning to purchase the correct policy for your needs should be done up front in the very beginning. We work with over 40 of the most competitive and trusted life insurance companies which give you an edge when comparing rates and securing the lowest premium.
Using a modern quoting engine to compare low cost Term life insurance quotes is a fast and simple way to find the lowest rates.
The modern life insurance quoting tools are no doubt a great invention that saves a lot of time and confusion when trying to find the lowest Term life insurance rates. Keep in mind that the final premium will always be determined by your life insurance companies underwriting department. Your health history and your lifestyle which would include your occupation and any sports you are involved in.
If your occupation is dangerous such as a professional logger or an iron worker for example can have an impact on your final premium. This is the same concept for hazardous sports such as drag racing, scuba diving or sky diving for example. These types of variables are not taken in to consideration on a life insurance quoting tool. But they can be interpreted by an experienced life insurance agent.
A pre-screen for your health, occupation or sports is a quick and easy process to help determine what your final rates will be and point you to the most applicable carrier for your specific needs.
A pre-screen of your health, occupation or sports can easily be done within minutes to give you an accurate projection of what the final rates will be. Nobody likes surprises and I highly recommend a pre-screen so you can avoid any snags in the underwriting process if you decide to apply for low cost Term life insurance or Universal life which is permanent life insurance for that matter. There are many variables to consider when applying for life insurance. If a professional approach is taken with the help of your agent, you will be destined to receive the lowest life insurance quotes and rates possible.
Our Term life insurance quotes are free and without any obligations.
Feel free to contact us for no obligation assistance helping you find the best and most affordable Term life insurance. This is what we do on a daily basis. Helping you save money on your life insurance is our main concern. Thank you for reading our blog post Is 20 Year Term Life Insurance your Best Choice? Fill out our simple quoting form and start comparing instant Term life insurance quotes right now. Our quoting system is on our site for your use at any time.