30 Year Term Life Insurance Quotes for Financial Planning

A thirty year old person can purchase 30 year term life insurance that costs  $158 a year for $250,000 worth of coverage, or $3 per week. The economic slowdown has certainly shifted the focus of several Americans from life coverage to putting food on the table. A survey conducted by LIMRA  has found that nearly half of Americans still understand the importance of life coverage.

Nearly seven out of 10 Americans who have children under 18 said they would be in financial jeopardy if they lose their breadwinner.  Life coverage is important for them. According to the survey,  people don’t buy life coverage because it is too expensive.

Robert Kerzner, CEO of LIMRA says that when people are confused they often do the right thing.That is to do nothing. They are not aware of the cost of coverage and live with the perception that it is expensive and they won’t be able to afford it. Here are some questions and answers on 30 year term life insurance quotes.

What is Term Life Insurance

Essentially, it is a replacement paycheck if the breadwinner dies. It is an agreement between the insured and the insurance company to pay money to the beneficiary. This is often several thousand dollars, paid if the insured person dies while the contract is current.

Term coverage is usually purchased  for 10, 20 or 30 years, if you pay the premium regularly. In universal, whole and variable life, there is investment which makes this coverage quite expensive. They are there throughout your life provided the premiums are paid.

People shy away from permanent coverage unless they have some financial plan. People who are just looking  for life coverage should search for 30 year term life insurance quotes. You can always switch to another plan in the future and cancel out the current one. You will be covered in the meantime.

Purchasing coverage also involves overcoming a psychological hurdle. You have to be prepared to pay for something which you may never get to use in the future. In the majority of cases people consider it as an expense rather than as an investment.

Who Needs to Search for 30 Year Term Life Insurance Quotes?

Let us put this question this way: “Who will miss the paycheck when you die?” Someone who is single, or has a working spouse with no children probably won’t take life coverage that seriously. Some people wish to have a small  amount of coverage to pay for their funeral expenses. They may wish to leave some inheritance or make a donation to charity.

What is a sufficient amount of coverage?

Seven to ten times your annual income. This is just a general rule and in certain cases it may be insufficient. The coverage amount varies with age and the number of years worked. You should make sure that you are covered until the time you have to pay for a mortgage, financially dependent kids, or a daughter’s wedding.

30 year term life insurance quotes offer a constant payout, but your expenses will increase over time. Some people want their family to continue the same lifestyle after their death. This costs money and the financial burden will increase.

There are several insurance calculators available on the internet that can assist you. You can also talk to one of our experienced insurance advisers to get 30 year term life insurance quotes and to assist you in your calculations. One should bear in mind that the majority of insurance agents have a financial interest in selling you more.

One should also consider the type and amount of coverage you will get from your employer. Typically, the coverage provided by employers is equivalent to an employee’s salary for one year. This is much less than your survivors will require, according to the Insurers Institute.

There is no tax applicable on the proceeds of life insurance. You can always change the amount of insurance. It is always better to have something than nothing.

What is the Cost of Coverage?

It depends on the health of the applicant and his or her age. Smokers pay significantly more than non smokers. After filling out the application form, one has to undergo a medical exam which is usually free. The outcome of the exam decides the amount of the premium to be charged to the applicant. In some cases an insurance provider can also deny coverage if they consider the applicant  a considerable risk.

Where can I get 30 year term life insurance quotes? One can shop for insurance products online or get in touch with an insurance agent. It is better to meet the adviser or agent in person. Do not hesitate to call the agent with any query, after all they are also looking for business. Get quotes from several providers as the premium can vary widely for the same product.