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 the Best Out of Rhode Island Term Life Insurance
People love to visit Rhode Island for its landscape and pleasant climate. The beauty of the state is enhanced by Narragansett Bay and its offshore islands. People visit the place to enjoy different types of water sports here. Boating and fishing are just some of the activities you can indulge in. The state also has the longest official name: the State of Rhode Island and Providence Plantations.
Different insurance products for different people
Everyone has a different life, different lifestyle and, hence, different insurance needs. So, why should term life coverage be the same for everyone?
People who are in their 30s and 40s will benefit more by securing a 20-year term length plan, while those nearing 60 should ideally buy a 10-year insurance plan.
Similarly, a person addicted to smoking and trying to quit should opt for a shorter term initially. Later on when he qualifies for non-tobacco prices, he can replace the short term policy with a long term one.
Purchase the right Term life insurance
What is the right amount of insurance? Though it’s difficult to give figures, a basic rule of thumb is to buy coverage which is somewhat equal to 6-10 times your annual gross income.
Don’t be misled by agents who may ask you to buy more than you require, don’t fall into their trap. It is to make up for the financial loss suffered, so look at term life coverage as a source of income replacement for your family.
Review your policy once every 3 years
Don’t forget after you buy a plan, keep reviewing it - at least once every three years. The market and your insurance needs change with time and rates also fluctuate, so keep evaluating if your life insurance is in sync with your requirements or not.
Term life insurance costs much less than a whole life policy. The old axiom holds true in this case, buy term and invest the difference.
Look for discounted plans
Those who pay premiums annually, or pay monthly by means of electronic funds transfer (EFT) are offered discounts on their term insurance plans. You can also opt for one of these deals and reap the benefits.