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?
Be Financially Secure Till Death Take You Away
One of the main differences between human beings and animals is that, we assign a monetary value to every object that is there in and around us. And we need money to acquire anything. Therefore, it is no surprise that a person spends almost forty years of his or her life earning that money. On an average a person spends more time at work than at any other place.
The requirement for sufficient amount of money does not end even after the death of the person. Thanks to the rising cost of funeral and burial expenditure. This is the reason we need to have term life insurance at 65. An insurance coverage for twenty or thirty years will cover us for a sufficient period and fund for the expenditure that might be left out after our death.
Features of Term Life Insurance
There are certain features which make it the a preferred option over other policies. Term insurance or temporary insurance are for a fixed period of time and since they do not accumulate any cash value, the cost of these policies is much less in comparison to whole life coverage. Most of the plans can be extended beyond the original period.
But in case you need to extend the policy the new insurance premium will be much more in comparison to the original one. The best way is to lock your policy for as long as possible. Since the premium remains stagnant in majority of the cases so it will prove to be quite economical in the long run.
In case you are not satisfied with your current insurance coverage. You can drop the coverage at any time. In majority of the cases there is no penalty in dropping the policy mid way. So instead of extending the policy it will be better to drop the policy and take another policy that meets your requirements.
Conversion of Policies
Many insurance companies provide an option to convert your term life insurance at 65 to whole life policies. The rate at which the new policy will be available depends on the number of years you have run your term life insurance. Whether, a policy can be converted to the policy of your choice rest at the discretion of the underwriting department.
The health rating for whole life policy is guaranteed to remain the same as for the time the plan has been bought. But there are certain benefits which might not be available in whole life insurance such as accidental death double indemnity and premium payment in case of disability etc. Some new term life insurance also allows using death benefit cash in the event of serious illness or disability.