Term life insurance is the cheapest form of life insurance and anyone can compare and find a cheap term life insurance rate with free instant quotes online. Whether the life insurance coverage is for a short term obligation, like a business loan, or for a term of 30 years or more in the case of mortgage term life insurance, there is a life insurance policy that will fit every individual’s needs. Term life insurance is a great way to provide affordable insurance protection for growing families, but the challenge may be finding the best and cheapest term life insurance. Enter your zip code above to begin a term life insurance quote now and see what types of policies, rates, and insurance companies are available.
How A Term Life Insurance Rate Is Calculated
Life insurance companies calculate a term life insurance rate using actuarial tables that show the odds that a person of a certain age will die within the term of the policy. The younger the person is when the policy is purchased, the less likely it is that he or she will die within the term. The shorter the length of the term, the less likely an insured person will die within the term. The cheapest term life insurance rates are offered to young people or on short term insurance policies since the risk of the death benefit being paid by the insurance company is lowest.
Term Life Insurance Pros and Cons
Term Life Insurance Advantages. Term life insurance is an inexpensive and flexible alternative to permanent life insurance policies. Permanent life insurance usually has fixed premiums and fixed benefits that extend over the lifetime of the insured person, but life insurance needs change as an individual’s circumstances change. When comparing whole versus term life insurance, term life insurance quotes are usually more affordable than permanent life insurance rates since term life policies provide as much protection as is needed for a specific period of time so individuals are not paying for more life insurance protection than they need.
Term Life Insurance Disadvantages. Term life insurance expires at the end of the term and must be renewed or replaced if the policyholder still needs life insurance protection. The rates for a renewal policy can be substantially higher than the initial term life insurance rate. If an insured person has reached an advanced age or has developed a serious medical condition during the initial term, he or she may not be able to renew their term life insurance policy. The flexibility and low term life insurance rate outweigh these disadvantages for most people.
How Much Does Term Life Insurance Cost?
A term life insurance rate depends on the age of the insured person, the length of the term and the amount of the death benefit, so there is no way to determine the exact cost without submitting a life insurance application. It is possible to get an estimate of term life insurance rates from different insurance companies by requesting a free online life insurance quote. For example, just enter your zip code and TermLifeInsuranceQuotes123.com will provide you instant life insurance quotes online from multiple carriers so you can find the company with the best coverage/options and lowest rates.
Different Types of Term Life Insurance
A term life insurance rate is determined, in part, by the type of life insurance policy the person wants to buy. Some life insurance policies return the premium to the policyholder at the end of the term, but return of premium life insurance policies are more expensive than level term life policies. Level term life insurance policies have fixed premiums and a fixed death benefit over the entire term. Increasing and decreasing term life insurance policies have a premium and death benefit that increase or decrease over time to meet changing financial circumstances and needs.
Below, find a number of the most popular term life insurance policies available to you:
10 Year Term Life Insurance
20 Year Term Life Insurance
30 Year Term Life Insurance
Level Term Life Insurance
Return of Premium Life Insurance
Renewable Term Life Insurance
Decreasing Term Life Insurance
Mortgage Term Life Insurance
Convertible Term Life Insurance
Group Term Life Insurance
Joint Term Life Insurance
High Risk Term Life Insurance
No Load Term Life Insurance
Child Term Life Insurance
Short Term Life Insurance
Simplified Issue Life Insurance
Guaranteed Life Insurance
Senior Life Insurance
What Else Affects Term Life Insurance Rates?
When a potential policyholder completes an application for life insurance, he or she is asked to provide a personal and family medical history. Information contained in a medical history may affect life insurance rates since a genetic predisposition to certain medical conditions can mean that an individual will have a shorter-than-average life span. Certain chronic medical conditions, like diabetes, heart disease, or cancer, may also result in a higher term life insurance rate or make it difficult for an individual to buy life insurance.
No Medical Exam Term Life Insurance
There are some term life insurance policies with applications that ask no medical questions and the policies do not require a medical exam. The term life insurance rate for these policies is higher than the rate for a regular term life policy. Usually if the insured person dies within two years of the policy’s inception, the death benefit is reduced or the premiums are refunded and no death benefit is paid. In spite of the higher term life insurance quotes offered, these life policies are best for individuals who are elderly or have chronic medical conditions.
Best Term Life Insurance Rates
The easiest and faster way to find the best term life insurance rate is to enter your zip code with TermLifeInsuranceQUotes123.com and get free life insurance quotes online. We offer instant term life insurance quotes from multiple insurance companies so consumers can do a side by side comparison of the rates, policies, coverage options and death benefits offered by each company. Online quotes only take a few minutes to answer some questions and the free quotes are available instantly. A free life insurance rate quote helps consumers get the most affordable life insurance protection for their families.
Term Life Insurance Rate Quotes Are Estimates
It is important that consumers keep in mind that a free term life insurance rate quote is an estimate and the actual rates may be higher or lower than the quote. Real life insurance applications ask for more detailed information and the prices a company charges for a life insurance policy are based on the information in the application and the results of a medical examination. Nonetheless, a term life insurance quote will give consumers a general idea of the rates of different companies and how much coverage they can afford.
Whether as a primary policy or supplemental insurance, term life insurance is one of the best types of life insurance available. The flexibility and cheap rates make it a perfect choice for young families and others whose needs for life insurance will fluctuate in the long or short term. Different types of term life insurance policies allow consumers to customize their life insurance coverage to meet their own needs for life insurance protection.