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?
Change in Insurance Choice with Change in Age
Do you need to prepare for when you get a salary hike? I am sure many people will answer in negative. But do you need to prepare in case you lose your job? Well, some of us must have panicked even at the thought of it. We are not required to be prepared for anything good that occurs in our life. But certainly we need to prepare for bad things that happen in our life.
To keep the future of our family secure we need to consider all the unexpected things that may happen in our life. If we put price aside, every person will agree that term life insurance is something they would surely like to have.
Although the amount of coverage that a person needs when he or she is still young is much more as they are required to take care of their family or have to pay various types of dues. When a person grows old he or she is not required to look in all these matters. Since, we have different needs at different age. So do you think a single type of coverage will be effective for every stage of life?
Buy insurance from major companies
When you purchase term life insurance at any age, it is essential that you purchase the policy from a reputed company. Many of these companies provide for quality conversion options. A conversion option is a feature which allows an insured person to convert a permanent life insurance policy into term life coverage at 61.
This exchange process does not require separate underwriting and can be completed by just filling a few forms. The price for the policy depends on the age of the insured person at the time the conversion is asked. And in majority of the cases it remains stagnant throughout the life.
Changing health conditions with time
When a person purchase a policy, when he or she is still young it is difficult to foretell how the circumstances will actually be 30 years from now. Therefore if you have the option of converting permanent insurance to term life insurance at 61 or vice versa, then this tool may prove beneficial in later stages of life.
Many people who purchase a 30 year life insurance policy at the age of 30 think that it will be sufficient to provide maximum protection. But the fact is that people suddenly find themselves in the open without any shield when the coverage ends.
Many people will find term life insurance at 61 more beneficial in comparison to permanent insurance as the premium is much less in nature. Since there are fewer risk associated with a person at 61 in comparison to a person at 30, so insurance companies give both the age groups an equal weight-age.