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?
Why “Term Life Insurance” is called so?
Competition in insurance industry may not be welcomed by individual companies but it is surely beneficial for the end consumer. Every company strives to be ahead in the race; they make improvements in their current policies or come up with new innovative products to please potential customers. There have been several constructive changes made to it over the years.
As every change has its side effect, competition between insurance companies however beneficial to people has one drawback. With so many companies in the race and with endless number of products it is often confusing which one to choose. People also have to deal with new terms that come with new products.
People looking to enroll in term life insurance at 59 are often confused with term life and permanent coverage. A simple way to remember is that they are for a specified period of time. Permanent coverage is for whole life as the name suggests. The amount is paid only in case of death of the insured person.
Term Insurance is Affordable
People who out live the term does not get anything in the end. This makes it one of the affordable insurance products in the market. The amount of coverage that a person can get for the given amount of premium paid is better in comparison to other policies.
Industry experts have also invented another term “Pure insurance” for it. The insured person only gains in the event of his or her death. In case the person survives the term, then he or she is actually at a loss.
The actual cost can be less than two dollars a day. This peace of mind comes at the cost of buying an espresso or cappuccino coffee. It is a pure gamble between the insured person and the insurance company. In case the person survives it is the company that wins but the insured person wins only after his death.
Another USP of term life insurance at 59 is that it is pretty easy to enroll in them and most of the companies do not ask for pre-medical examination. In majority of the cases the entire enrollment process can be done online. With so many attractive features, it will not be a good idea to ignore the responsibility that you have towards your family.