— Insurance Information Blog

Is Term Life the Best Choice For You?

Why Do People Choose Term Life?

When I spoke to dozens, if not hundreds, of people who were seeking a life insurance policy, most of them were interested in term. Why? Well, many financial experts do advise this form of coverage for several reasons.

Premiums are lower. Since the coverage is temporary, and insurer does not take a risk for a whole life. Even if the period seems like, like 10, 20, or 30 years, the contract will still expire. Since that same insurer will underwrite each policy, this means they expect the insured person to survive that term. This minimizes the risk, and that is why they can offer lower premiums.

So this is just insurance, and does not have a savings or investment feature. You may know that permanent policies, like whole or term, do have that feature and that is part of the reason why they cost more. There are other ways to save money though.

Cheaper rates allow a family to purchase more coverage to. Consider a family who is concerned about a home loan, kid’s future education plan, and a spouse’s ability to pay bills. They may realize they need to buy quite a bit of life insurance. Term is affordable way to accomplish this.

You can also find cheaper premiums today. We get to enjoy longer and healthier lives than ever before. Because of that, it may be time to evaluate the life insurance you bought in the past, and compare it to what you can buy today!

Consider your present needs vs. what your needs where when you purchase a policy a decade or more ago. Your house could be closer to being paid off, and you may need less coverage. Or you may have a more expensive mortgage now, and you need to add to your coverage.

Older people can still find coverage too. It is not impossible for reasonably healthy people in middle age, or even retirement years, to find a policy either. You can still buy life insurance at 50, 60, or even 70 from some top companies.

It is also easier to apply now. You can even find online quote forms, online applications, and no physical policies. This means that the process of buying a policy is simpler and quicker than ever before. Fully underwritten policies, that require physicals, can take weeks or months to complete.

Every family is different, and there is not one right choice for everybody. But term policies have a lot of advantages.

It only takes about 4 minutes to fill out the new online quote forms. So if you have put of the purchase of life insurance because you thought it would be too complicated, it may be time to get started.

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