Do you not know how much life and health insurance you will need? You can crunch the numbers using our free, simple-to-use calculator for life insurance.
Term coverage is temporary insurance that provides financial protection for your family members during your working years. Typically, the cost of insurance will be lower. Its death benefit provides financial assistance to your beneficiaries for funeral expenses and ongoing financial obligations like future mortgage payments and education.
You should ensure that the policy you are looking for is either "level term" or "guaranteed high premiums". These terms mean that the term insurance quotes you receive for life insurance reflect the cost you will pay for the policy.
A life insurance contract is a contract between you, the insured company. In return for regular payments (called premiums), the insurer pays money when you die. This payment is made to the beneficiaries you have chosen, usually your children, spouse, and other family members. This can act as a safety net for anyone who is financially dependent on you. Beneficiaries can use the money for repayments, to replace your income, and to fund future expenses, such as college tuition.
Shopping for simplified-issue term life insurance should include the words "level term" and "guaranteed levels premiums" in your search. These phrases indicate that the term life insurance quotes received will reflect the total cost of the policy.
If you are looking for the following:
Here are some examples of 20-year policies for a 35 year-old male, non-smoker, with a Preferred rating. That is, someone with good health or very minor health issues.
Quick approval: With no medical exam, you can get covered immediately, rather than waiting weeks for processing and results. This may work well if you need coverage fast, like for an upcoming trip.
There is a product called "no medical exam term insurance" where the quotes are determined based on your age (usually five years such as 50-54). These products have a one-year term and the premiums go up each year you are in a new age group. This makes them more expensive over 15 to 20 years.
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
The holder will not have their money returned once a term life insurance policy expires, if they outlive the policy. Meanwhile, whole life insurance premiums may cost as much as 10 times more by comparison. This is because the risk to the insurer is much lower with term life policies.
We've found that the average cost of life insurance is about $147 per month for a term life insurance policy lasting 20 years and providing a death benefit of $500,000.