Why Term Life Insurance?
During the years when your family is young and growing, they depend upon you for food, shelter, and education. You do not expect to pass away, but it only makes sense to cover your family in case of tragedy. However since you figure that you will survive this period of time, you probably do not want to spend a lot of money providing this important coverage.
Term is the most affordable type of . You can usually select a large face value, the amount you believe your family would need if you passed away, at the lowest rate. You can also select a period of years to be covered, generally twenty or thirty years. The logic here is that after that time your children will not depend upon you any longer, and that you will have savings to pay for a lower amount of obligation. Also, if you are paying off a mortgage now, consider how many years it will take until your home is paid for.
Many financial experts urge their clients to buy term because it is cheaper, and it is purely insurance. If you want a savings or investment account, then you can probably get better returns on your money with other financial products than insurance.
No Medical Exam Term Life Insurance
Many people delay a policy because they just do not want the hassle. In the old days, many insurance companies required a medical exam before they would accept an application. Also, applying mean you had to meet with an insurance agent and fill out a complex application. Some people were concerned about meeting with an agent because they felt as if they would have sold a policy that cost more then they intended to spend. They did not want to go to the trouble of filling out a long application because they were concerned about privacy or minor to moderate health conditions!
The New No Physical Life Insurance
However, with the popularity of the internet, many companies are letting people quote and apply online. Applications are shorter, and you can find hundreds of thousands of dollars worth of term from companies that do not require a medical exam. Even if you have a minor to moderate health condition, you can still qualify for many large term policies. If you do have a more serious health condition, you will probably want to consult with an insurance agent though.
Shop For Term Life Insurance
I compared term policies in my area for one forty-five year old man. He wanted $ 100,000 worth of term life coverage. I found a $ 300 a year premium difference between top, highly rated companies. You will still want to do a little shopping for the lowest price from a top rated company. If you have to fill out a long application, and especially if you have to go through an insurance physical, this could take a long time. However, when you can fill out a quote form online, and then get back multiple offers, your shopping will not take long at all!