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Term Life Insurance

Cheap Term Life Insurance

Once you start searching, you’ll notice a plethora of short-term life insurance ads. Online and offline, life insurance is big business and it’s also very competitive. If you’re looking for short-term life insurance, consider the following.

The term of life provides protection during a specific period, or the “term”. You can purchase a term life policy for terms of 10, 15, 20, 25, or 30 years. It is a simple and low cost coverage. Minus the bells and whistles.

Short-term life insurance may not be the good deal you think it is if the agency is not available to pay your benefits once you die. Of course, this will not be your business. However, if your goal in purchasing insurance was to ease the financial burden on your family in your absence, they will be the ones to suffer.

Cheap Term Life Insurance

Cheap_Term_Life_Insurance
Cheap Term Life Insurance

Term life insurance is …

  • Cheap. You pay for what you need and nothing else. This means that you get the most amount of life insurance protection for the lowest cost compared to other types of life insurance.
  • Simple. It is pure life insurance protection. Nothing more and nothing less. You can even buy it without a medical exam.
  • Temporary. It will expire one day, either 10, 15, 20, 25 or 30 years from the date of purchase. You decide how long you will need it and that is what you pay for. However, don’t worry. There are options to extend it if necessary.
  • Flexible. Use it to protect your family, pay estate taxes, get a bank loan, and more. Do you have a business? You can use it to protect key employees, finance buy-sell deals, or help your business grow.

Research your insurance options

When you’re looking for short term life insurance over 50, do yourself a favor and take the time to shop around. Evaluate not only the price of the policy, but also the insurance company itself. Try to find out the history of the insurance agency to pay the benefits.

  • Is the company financially sound and capable of paying benefits?
  • Do you pay benefits in a timely manner?

Check with the various rating services in your area to see what information each file on the insurance companies you are considering has. Do this before you sign on the dotted line and you will have done what you can to protect your loved ones from many annoyances later.

The information you get from rating services can help you calm down. It will also help you in your efforts to find the best insurance policy that will help your beneficiaries once they can no longer do so.

Another important consideration is that, even if it is cheap, if it is not enough, it is changing its beneficiaries. The lower your policy coverage, the cheaper your insurance will be, assuming you are in good health and have what insurance companies consider a “safe” job.

Buy the most you can afford

If you are healthy and are buying life insurance early in life, it is important to realize that the rate you will pay will only increase minimally if you choose to select a larger death benefit. A good rule of thumb is to buy as much policy as you can afford right now.

The next time you get prices for cheap term life insurance, ask your agent for the next highest amount of coverage. If the difference equals one night less to eat out a month, look for the additional coverage. You will be glad you did.

One way to keep your insurance cheap is to pay your premium annually instead of monthly. Usually there will be considerable savings in paying this way. Insurance companies prefer to be paid once a year instead of once a month, so they are willing to offer incentives in the form of lower premiums.

Term life insurance is not …

  • Permanent. Let’s be clear about this. If you need life insurance beyond the next 30 years, it is best to have a whole or universal life policy. Although you can extend a lifetime policy beyond its term, it is often more costly in the long term.
  • A savings plan. Term life is not a savings plan like a bank account, a CD, a money market fund, etc. But you can take the money you save by buying a term life and deposit it in a real savings account!
  • It is a simple and low cost coverage. Minus the bells and whistles. Start comparing term life insurance quotes now with our free tool below!

FAQ Before You Buying

Buying term life insurance online can be a stressful experience. With so many websites making wild claims and endless promises, how do you know who you can trust? We do not envy you; It is a difficult place to be. But we sympathize. So, we’ve put together some of the most common questions they ask us about buying term life insurance and the best answers we have for them. And for even more, check out our full life insurance FAQ page.

Hopefully this will make your job of buying a policy a little less daunting.

Q: I don’t think you need life insurance coverage. Why should you buy a policy?

A: You may not realize it, but you probably need some coverage, even if it’s just a small policy. Life insurance can be used to pay for funeral costs, medical expenses, mortgages, loss of income for your family, early childhood education or daycare, business security, student loan repayment, and more.

I’m not sure yet? Perhaps this life insurance planning tool can help you decide.

Q: What are the benefits of applying with a life insurance broker instead of finding a policy on my own?

A: A life insurance broker works with various life insurance companies and can shop for you. A good broker knows all types of life insurance coverage and can find the best company and policy for your unique set of circumstances. This will ensure that you get the best life insurance policy for your needs with the lowest possible premium.

Q: Does it cost me more to use the services of a broker?

A: No. Most life insurance companies require you to use a broker or agent. The difference is that a broker works for you and an agent generally works for a company (think Farmer’s, State Farm, etc.). Brokers and agents are paid for by the life insurance company. Rates are set by companies and regulated by states. Therefore, you pay the same rate if you live in California or Michigan; and pay the same fee if you use QuickQuote or another online broker.

Q: How much term life insurance coverage do I need?

A: Taking a number out of a hat or guessing is a risky affair. Your specific needs will determine the best amount of coverage for you. A good place to start is our Term Life Insurance Needs Calculator. We also have licensed insurance professionals who can find out how much you need.

Q: What payment options do I have available?

A: You can choose to pay your life insurance for seniors premiums on a monthly, quarterly, semi-annual or annual basis. And you can easily change this later if you decide which other payment method works best for you. Depending on the insurance company, you may be able to pay by bank draft, personal check, credit card, or money order.

Q: Am I responsible for paying for my paramedical exam?

A: No. The life insurance company pays for your paramedical exam. We will order the exam when we complete your request. The examiner will come to you to complete the exam and can schedule appointments in the early morning, late afternoon, and even over the weekend.

Q: Am I guaranteed the term of the life insurance rate that I have been given?

A: No. All quotes are subject to subscription review. That means we won’t know the final premium until the insurance company has reviewed and approved your term life insurance application. However, we will do our best to provide you with the most accurate quote possible in advance.

Please let us know if you have any medical conditions, family history, moving violations, or any other concerns that may affect your premium, and we can purchase the rates from you before you apply.

If you can change it, pay the cheap term life insurance premium in full as a lump sum. You will save even more! Term life insurance for seniors over 70 to 80 is the most basic and least expensive form of life insurance you can buy. There are no investment accounts, cash values, or term life policy loan features. Which is good, because those things only cost you money (psst … compare term policy quotes now!).

Cheap Term Life Insurance For Seniors Compare Quotes.