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?
Avoid 10 common mistakes when buying term life insurance
Some of us get apprehensive when it comes to buying Term Life Insurance for our loved ones. If chosen carefully, it's not hard to get a term life policy according to your requirements. Below are the 10 likely errors that you should avoid while buying Term Life Insurance:
1. Unnecessary Delay in Getting Coverage
If you are procrastinating in buying an insurance coverage for your family members, you are only making them vulnerable to problems. There is a high possibility that they might land up in a financial crisis after you are gone. Moreover, the best insurance coverage becomes costlier with age, so the delay will only make things expensive for you and your family.
2. Relying Completely on Online Quotes
A lot of people use the Web when buying Term Life Insurance. You can get a budget-friendly quote by filling in some basic information. On the basis of the details provided, you will be given a quote in a matter of few minutes. But you should be careful before settling for a quote online. The reason being that to determine an accurate rate, additional information like your age, health condition, and budget are required. Moreover, you get an accurate rate only through an insurance company that is licensed by the state.
3. Not Including All Expenses in Term Insurance Coverage
You should work out your current as well as future expenses before buying Term Life Insurance. Most of the people realize at a later stage that their coverage did not cover all the expenditures. So, do your homework before purchasing Term Life Insurance. You should also know for how long you should be buying an insurance coverage for. You can seek the help of an insurance agent or Web for this purpose.
4. Buying Term Life Insurance without Medical Exam
Lot of companies ask the applicant to undergo a medical exam before processing his application. Some of us might not like it but this is the right thing to do. The companies get to know if you are healthy or run a higher mortality risk and will charge you accordingly. On the other hand, you will also come to know about your present health condition and can negotiate for a better quote.
5. Not Reviewing Your Policy at Regular Intervals
Reassessing your life insurance policy is always a smart thing to do. The reasons why you bought a particular policy might not exist anymore. By reviewing your policy, you will be able to find out if you should continue with this policy or buy another one or maybe convert a Term Life Insurance into a permanent one.
6. Depending Exclusively on Coverage Provided by Company
Insurance coverage provided by your employer will not stay with you forever. Neither will it offer sufficient protection. So, you should not rely only on it. Buying Term Life Insurance would provide you and your family with adequate insurance coverage.
7. Neglecting Some of the Expenses
You might become oblivious of certain expenses when buying Term Life Insurance. Some of the expenses that you might fail to notice are:
Are there enough funds to take care of additional child care expenses?
Money for refurbishment of the house
Funds for kids' college education
Mortgage or home loans
8. Presuming that Smokers or People with Health Conditions Do Not Get Insurance Coverage
There are insurance policies for everyone, even smokers and people who have health problems. It's just that you have to provide accurate details to the insurance company about your health. On the basis of this information, they will guide you about the Term Life Insurance policy that would suit you. The insurance premium for such people is usually higher than others. In case you give up smoking or there's drastic improvement in your health, you can talk to your agent or insurance company for a reduced rate.
9. Insurance for Only Main Bread Earner
A lot of people feel that if the primary bread earner is insured, it's enough. But that's not true. Insuring all your family members is equally important. What if your spouse (who is not working) dies in an accident? All of a sudden you are faced with the problem of taking care of your household. You might also have to appoint a nanny for your kids if they are still very young. These unexpected costs might bother you, so it is better to insure all your family members.
10. Thinking Only Family Members Need to be Insured
Generally, Term Life Insurance is used as an insurance protection for family. But it can also act as a useful tool for other purposes as well. Have a look:
Taking care of elders and siblings
Mortgages, debts and loans
Funeral or burial expenses
Term Life Insurance is the cheapest and the best way to secure your family's future. Call our life insurance representative to obtain a low-priced policy with sufficient coverage.