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?
Purchasing Term Life Insurance at 63
Term insurance refers to temporary coverage against death for a specified period of time. It means that the coverage will end once the term of life insurance policy expires. Therefore, if a person is not able to make any claim during the fixed period, then there will be no benefits at all. Thus it is advisable to go for a term life insurance that has the minimum cost and provides the maximum coverage.
Finding such a policy is not an easy task and so a person must follow certain basic pointers to guide him through the whole process. The first thing that a person needs to learn is to be patient as he or she will have to face a lot of information.
From where do we start?
To start with, one thing should be clear in mind that term life insurance at 63 is much more economical in comparison to whole life insurance. Remember that in the latter they are providing two facilities one is an insurance coverage and the other is savings options. And so the company charges for the both.
One must be clear about other obligations too. Do not buy excess amount of coverage for which you have to pay considerable premium and you are left with little money to fulfill other obligations. Although many people would prefer to have high coverage amount but caution should be exercised so that you are not over paying for them.
For example if the person is quite sure of his or her health then it is no use to go for no exam policies. Such policies cost a little bit more than regular term life insurance at 63. And it makes no sense to pay extra just to save you from premedical examination. The health standards play a pivotal role in the whole process. There is every possibility that you may risk losing the opportunity to buy coverage in case your health is not up to the mark.
Selecting the coverage duration
Many people choose the duration of the insurance policy based on what their instinct says. But this aspect deserves more attention then what it gets. Before picking on the coverage duration one must take a look at other investments that he or she has made. They should also consider where they are planning to invest their money in future.
Many people have retirement account, so they should pick the duration of the coverage with great consideration. Get insurance quotes from as many companies as possible. This way you will have a lot of options to choose from. Comparing insurance quotes from different companies is a time-consuming process but it is really worth considering what one will be paying for the next twenty or thirty years.
The task of comparing quotes and providing you the best offer can be done by our experienced agents. Just submit some basic information in the form given above and one of our qualified agents will contact you as soon as possible.