Affordable Term Life Insurance
When you're searching for the best life insurance policy, cost may be one of the main factors on your mind. Affordable Term Life Insurance is a popular option among consumers since it provides coverage for a specific length of time at a fixed rate. Overall, Term Life Insurance is more affordable and flexible than most other types of life insurance since the customer has the ability to customize their policy by coverage amount and term length. Read on to learn why Term Life Insurance could be the right policy option for you.
What Makes Term Life Insurance an Affordable Option?
Although price shouldn’t be the only factor you focus on when choosing life insurance coverage, Term Life Insurance is a great option if you want to secure your family’s financial future at budget-friendly prices. It can also be a good choice if you know that your needs will lessen over time, such as when your children finish college, or when you pay off your mortgage. The cost of Term Life Insurance covers individuals for a specified period of time and have a firm end date.
Affordable Rates with Term Life Insurance
Term Life Insurance is a popular product option amongst younger consumers and new families since it can be used to cover the most financially vulnerable years in people’s lives. Plus, since life insurance quotes tend to increase as you age and your health declines, consumers recognize that it’s smart to buy life insurance sooner rather than later.
Additionally, those who purchase a life insurance policy earlier in their lives can lock in a cheaper term life insurance rate compared to if they wait until they get older , for example $250,000 Coverage for a 10-year term at a Preferred Plus Rate for a Female aged 35 is $13 per month, while $250,000 Coverage for a 10-year term at a Preferred Plus Rate for a Female aged 50 is $25 per month.
When we compare Term Life Insurance vs. Whole Life Insurance, Term Life Insurance products provide coverage at lower rates than the same coverage a Whole Life Insurance product will provide. Since Term Life policies have a specific end date, they are generally less expensive than permanent policies such as Universal Life Insurance and Whole Life Insurance, which provide coverage throughout your lifetime.
Term Life Insurance Policies at Fixed Rates
Since Term Life policies have a specific end date, they are generally less expensive than permanent policies such as Universal Life Insurance and Whole Life Insurance, which provide coverage throughout your lifetime.
If you choose a Term Life Insurance policy, you are insured for a specific amount of time, referred to as the "Term". Term lengths usually range from 10 to 30 years.
The fixed rates that Term Life Insurance policies offer make it easier for families to budget since the payment amounts will not fluctuate from month to month. You simply choose a term length and coverage amount that matches your needs, and your rates will be generated based on your choices and medical underwriting. For example, some people choose to take out Term Life Insurance policies that will last until their children are adults and can take care of themselves financially.
Choosing the right term length is important as it will help you save money in the long term. When the policy expires, you have the option to purchase more coverage with a new policy or to maintain your protection through reapplying or renewal. Renewable Life Insurance is a feature available upon expiration of your existing term policy, where the policyholder has the option to cancel the policy, reapply, or renew their coverage on an annual basis at an increased rate (based on the insured current age at the time of renewal).*
What is the Average Cost of Term Life Insurance?
Term life insurance premiums, or, how much you pay each month for your policy, vary by individual. In order to calculate your life insurance rate for your term life policy, the insurer will ask you questions about your background, habits, and medical history, and you’ll also need to undergo a medical examination. The insurer will then review all of this information in a process known as underwriting in order to determine your rates. To view sample rates and learn more about how rates are calculated, click here.
Tailored Term Life Insurance Quotes to Fit Your Needs
Determining which term length you need can be made easier with our Term life insurance calculator tool that evaluates your age, income, and family situation to give you a personalized estimation for a Term Life Insurance quote. In general, we recommend that you choose a policy that covers any funeral expenses, education costs, mortgages, and any outstanding debt.
You can also easily convert Term Life Insurance into a permanent life insurance policy should your circumstances or preferences change. Since Term Life products don't accrue cash value, over time, some people choose to switch to a policy that does down the line.
Finding the Right Term Life Insurance Policy for You
Term Life Insurance allows you to access a policy that’s tailor-made for your needs. Get started today by applying and purchasing Term Life Insurance using our Do-It-Yourself Application System or speak to one of our appointed agents at 800-294-4544 to get a free, personalized quote.
*Please see your policy for details