Term Life insurance is a Life insurance for a specified period of time (term = time), that will pay to the beneficiary in case the insured will die during the term of the policy.
The main purpose of Term Life insurance is to provide for your kids, spouse or any other people that depend on you financially, and whose lifestyle would be jeopardized shall you die prematurely.
Term Life insurance is fairly inexpensive, but often one of the most important insurance policies people should consider purchasing. The best time to purchase Life insurance is when you are healthy. Unfortunately, too often healthy people don’t think about Life insurance. As you age and your health starts to deteriorate, it is harder (and sometimes impossible) and more expensive to quality for a Life insurance.
When buying Term Life insurance, you will need to choose the term (10,15,20,30 years), death benefit limit ($100K, $250K, $1Mil, etc.) and your beneficiary or multiple beneficiaries (your spouse, your kids, parents, etc.). Most Term Life policies offer additional riders that are optional. Your agent will help you with application process where all the questions must be answered. After that you will be scheduled for a lab exam, where a nurse or lab technician will schedule an appointment with you at your home, work or at their location. During the test, typically the following will be taken: blood test, urine test, blood pressure, height and weight measurements. The results of the test will be sent to Life insurance company’s underwriter, who will go over the results of all the tests and may increase or decrease premium, may add some restrictions or limitations, and may even decline to provide insurance.
In addition, Life insurance companies typically provide a 30 days “free look”, which means that if you decide not to move forward with insurance policy, you can cancel it during the free look period and get all your money back.
It is advisable to use services of an experienced Life insurance agent, who will facilitate the whole process and will help you to determine which insurance company is right for you; what kind of limits you may need; if you should add any specific riders based on your situation and if the outcome of your final insurance offer is altered.
Our agency works with multiple Life insurance companies and will help you through entire the process.
Contact us for a free quote or a consultation today!