Compare Rates for Term Life Insurance

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Term insurance protects for a specific period of time. If the death of the insured occurs during the term period, the benefit is paid to the named beneficiary. The premiums paid for the term policy are also contractually guaranteed and are part of the actual contract. When purchasing a level term life insurance policy, be sure you are aware of the guaranteed premium period and that the time period fits your goals. Once the policy is in force, the premium paid, you are then protected. The insurance company is obligated to keep the policy in effect as long as you pay the premiums. However, you are not obligated to pay any premiums if you chose to discontinue the policy. The policy will lapse after a grace period. Some term insurance policies are renewable for an additional period of time, and many can be converted to a form of permanent insurance.

Advantages and Disadvantages of Term Life

Advantages

Initially, premiums are lower than those for permanent insurance, allowing you to buy higher levels of face value insurance protection.
It’s useful for covering specific needs that will disappear in time, such as mortgages or car loans.
Many term policies protect for different periods of time, many as long as 30 years. Policies can be customized to fit almost any need or situation.

Disadvantages

How long can I keep this policy? If you want the option to renew the policy for a specific number of years or until a certain age, what are the terms of renewal of the contract?
Can I convert to a permanent policy? Some policies allow you to convert the policy to permanent insurance without a medical exam, regardless of your physical condition at the time of the conversion. These policies are known as “convertible term.”

Purchasing Tips

Here are a few tips to keep in mind when purchasing a life insurance policy:

Take your time. On the other hand, don’t put off an important decision that would protect your family. Make sure you fully understand any policy you are considering and that you are comfortable with the company and product.

After you have purchased an insurance policy, keep in mind that you may have a “free-look” period usually 20 days after you receive the policy during which you can change your mind. During that period, read your policy carefully. If you decide not to keep the policy, the company will cancel the policy and give you an appropriate refund. Review the copy of your application contained in your policy. Promptly notify the agent or the company of any errors or missing information.

Review your policy periodically or when your situation changes to be sure your coverage is adequate.