10 Essential Tips to Buying Term Life Insurance

Massachusetts TV personality and CLU Robert Skolnik's quickfire policy buying advice for the uninitiated...

With such a wealth of information available these days, buying term life insurance should be easy - but what type of policy do you want and just how much cover is necessary? Are agents to be trusted? What are the benefits of term-life over whole-life and vice versa? Here is some helpful advice to help you along the way…

1) You have two categories when it comes to life insurance:

Term life insurance, or life insurance for an agreed term, i.e. 15 years; and whole life whereby your policy becomes an investment product which accrues cash value over time.

2) You don’t find insurance; it finds you.

86% of life insurance plans are sold to the policyholder by agents whose interests lie in making big commission sales. It is worth doing your research to get a good overview of rates and plans before you buy.

3) Whole-life insurance costs more.

Due to the fact that they contain an investment product, whole life carries more costly premiums. If money is an issue, whole life may not be for you. Don’t leave yourself underinsured by opting for a less adequate face value.

4) Whole-life insurance is all guesswork.

Returns are based on assumption; the reality may be quite different when it comes to the crunch. Bear in mind that often providers’ quoted returns are higher in order to attract more customers.

5) Don’t mix investments and insurances.

There are far more lucrative investment opportunities available to you without the high costs of whole-life.

6) Make sure you are well covered.

With term life premiums at an all-time low, there is no need to leave yourself without adequate cover.

7) Your policy should match your requirements.

Give yourself enough term-life insurance space to ensure your kids have left -for good- and your retirement funds are in the bank before the policy expires.

8) Purchase your policy in good health.

Don’t wait until you are old and frail to buy a life insurance policy. Buy in good health earlier in life before any ailments set in - and wait until you have dependents to buy. Smokers, even if it's just the occasional cigar at Christmas, will always face higher premiums than non smokers.

9) Honesty is the best ‘policy’.

Flexibility with the truth may get you a preferred rate in the short-term, but can land you in hot water later on. If a large claim is overturned after the obligatory investigation, all those payments were a waste of time.

10) The internet has revolutionized insurance buying.

Use the internet to do your research, source quotes and plans at your leisure and arm yourself with knowledge before you speak to an agent. You can even apply online, sidestepping the hard-selling salespersons.

Why Buy a Term Life Insurance Policy?

Cutting costs and lowering your monthly bills is a practical way to save money. However, you should think twice before considering a term life insurance policy as one of those luxury items to cut...

You may be surprised to learn that the many benefits of term life insurance policies outweigh the pennies you may save by not including a Term Life Insurance policy as part of your regular financial planning. At Beyond quotes, we offer insurance options that can fit your budget through a user-friendly website. 

With Beyond quotes it takes just minutes to compare term life insurance policy rates online. In order to help you understand why it is important to buy a term life insurance policy, we have compiled a list of frequently asked questions below.

Do I really need to buy term life insurance policy?

Have you asked yourself this question and then decided to hold off until you have extra income? Purchasing a term life insurance policy is the best way to protect your family now and in the future. 

If you pass away, or become disabled, your Term Life Insurance policy will provide financial support for your loved ones. This is why a term life insurance plan is particularly important for families living on limited incomes. Ask yourself how your family would survive without your financial support.  If you are unable to answer this question, now is the time to invest in a term life insurance policy.

How do I find the right company?

Insurance provides many short and long-term benefits, to you and your dependents, and is an essential part of financial planning. Because a Term Life Insurance policy is not something that you shop for on a regular basis, you may find the entire process to be a bit intimidating.  This is why it is a good idea to take advantage of sites like Beyond Quotes.

At Beyond quotes, we provide side-by-side comparisons of the most competitive policies available, from the top insurance providers. Our customers are able to shop for the best rates from the comfort of their home and determine which insurance company and policy is best suited to their needs.

How can I afford a term life insurance policy plan?

Term life insurance policy plans can fit into any budget.  Regardless of your income, level of health, marital status or age, a term life insurance policy can protect those you love the most. For example, if you are the head of a household, you should consider how your dependants will pay your outstanding debts, afford college and handle your financial obligations if you pass away.

The amount you will pay for your insurance policy is nominal compared to the pain and confusion your family would endure without your financial support. At Beyond Quotes, we provide term life insurance rates with no obligation to buy. Request a quote today and learn just how affordable term life insurance can be.

What type of insurance do I need?

There are plenty of options when it comes to term life insurance coverage. For those looking for affordable coverage, a term life insurance policy is a great option.  Term policies can be purchased for as little as 1 year and up to 30 years. 

These plans pay a death benefit should the insurance holder passes away during the term of the policy.  Your heirs are able to use your death benefit to settle debts, cover final expenses, and more.

Whole life coverage, key man insurance and mortgage life insurance also offer great protection.  If you are not sure which type of insurance to purchase, please contact us directly.  Our staff of licensed agents is prepared to answer your questions and help you determine your needs.

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