Term Life Insurance is the most popular type of life insurance available today, but what is Term Life Insurance, really? As the name implies, term insurance it is designed for a specific term (length of time). You purchase term life to provide coverage for a guaranteed number of years: 10, 15, 20, 25 or 30 years. Some term life insurance companies offer a return of premium option. This allows you to receive 100% of the premiums you’ve paid into the plan.
Also available in most states as well as California is instant no medical exam life insurance. This type of cheap, affordable life insurance is becoming very popular especially in California. No exam term life insurance is when a medical exam is not required to receive coverage. You are still able to choose the term of your insurance. This type of term insurance can save you a lot of time.
Term Life Insurance, how long do I need the protection for?
- The number of years left on your home mortgage, if you wish to have it paid off at the time of your death.
- The number of years left on a personal or business loan that you need to insure as a condition of the loan.
- The age of your youngest child may help determine the length of protection if you wish to provide enough money to cover the cost of raising and educating that child until a specific age.
Quite a few people choose a term insurance policy that provides coverage long enough to get their children through college. The most popular lengths of term are 20 or 30 years. That’s because it gives you a long guaranteed protection period. During that 20 or 30 years, most people have raised their children and paid down on their home mortgage.
The face amount (death benefit) is also guaranteed to remain level for the number of years you select. It will not decrease each year, but will remain level for the number of years you select. Term insurance provides you with a GUARANTEED contract: GUARANTEED level face amount; GUARANTEED length of time (10, 15, 20, 25 or 30 years); GUARANTEED level premium (one that can never be increased during your specified length of time).
Level term insurance premium is guaranteed to remain the same for the number of years you select that you want your policy to remain in force. Term insurance premiums are usually lower than other types of life insurance and its premium can never be increased because of health change or as you grow older. Apply for an instant term insurance quote online and compare the different life insurance companies and their rates.
Don’t know what to expect? Read our Life Insurance Application Process, and get step by step explanation of what it takes to buy life insurance.
How long will it take for my policy to get approved? Our Life Insurance Application Timeline section will explain the timeline and the different options available to you.
Why do I need a Medical Exam? Most carriers require you to have a medical exam, read our Life Insurance Medical Exam section to know what to expect.
Is there anything I can do to get the lowest rate possible on my policy? Read the Recommendations for Life Insurance Medical Exam section to find out what you should avoid before your medical exam. In our day and age life insurance is something that a lot of us can’t do without, but with so many companies on the market today how do you know which one is the best for you?