Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Get assured benefits of guaranteed Term Life Insurance
What we want from our insurance provider is “guarantee”. Providentially for the life insurance shopper the phrase "guaranteed Term Life Insurance" is for authentic. When a life insurance company says that, certain values are guaranteed.
Guaranteed Term Life Insurance is a form of life insurance that has a guaranteed fixed premium for the length of the term. The term length can be anywhere between 5 years to 20 years. You can also get a yearly term insurance policy that you renew each year.
While in view of what kind of guaranteed Term Life Insurance policy to purchase, two of the major decisions you have to make are what should be the length of the term and how much coverage should the policy provide?
People purchase guaranteed Term Life Insurance just long enough to cover any major expenses they will acquire in the short term. On the other hand, if you're a little older and your kids will be out in 5 years, then a 5 year term is probably fine unless of course you want to provide them with a bonus even after they're independent, or want to take care of your spouse after you're gone.
Now the other question arises. Taking into account the taxes you pay, your family will most likely not need the full amount calculated above. There are also calculators out there that can help you determine what's right for you.Various provisions included in guaranteed Term Life Insurance policy are as follows:
- Depending upon the kind of policy chosen it gives guaranteed level or decreasing death benefit.
- Guaranteed payment upon death, free of income taxes. This is one of the more attractive benefits of the so called "guaranteed Term Life Insurance policies".
- Guaranteed premium for a specific period of time. Some premiums increase after a certain number of years but even the increase is guaranteed.
- Guaranteed Term Life Insurance policies also cannot be taken away from you as long as you pay the premiums. The insurance company cannot terminate it.
- Guaranteed Term Life Insurance policy assures you that if you should die by suicide within a certain number of years, usually two, the proceeds of the policy will be limited to the premiums paid plus interest.
- If you should elect that your family receive an income instead of a lump sum your life insurance policy can also guarantee this income for life or for a specific period of time.
- If a partner of a business dies your life insurance policy can be used to provide sufficient cash to buy out the stock, or shares, from the survivors of the deceased. The business will go on and everyone will be aptly compensated .
The best thing about guaranteed Term Life Insurance is that the rate is fixed for the entire term. You'll be paying the same thing in 20 years as you pay right now if you get a 20 year term. But the negative about guaranteed term life is that the premium is only guaranteed for the length of the term. Your premium is likely raise as you are now older once the term is over. Choosing a guaranteed Term Life Insurance policy is not a cakewalk. But if you do your research and think about what your family you can certainly strike a deal.