How to Get the Best Term Life Insurance Policy

2008-10-22 17:36:55

( Insurance )



The Benefits of a Life Insurance Policy

Insurance is a useful form of investment as it protects you and your loved ones from unexpected mishaps by providing financial payment in case of your death or disability.

The most common types are the whole life or permanent insurance which protects you throughout your lifespan, and the term life type which protects you only for a limited period.

Reasons to Buy Term Life Insurance

There are several good reasons why you should get term life insurance rather than whole life or permanent insurance.

The main reason is the lower price. Term life coverage is cheaper because it is good only for the specific number of years you have bought and does not carry any cash values that you can claim if you choose to terminate the plan prematurely.

If you are still be quite young and may not yet be able to afford the costlier whole life policy, the term life policy is your best bet. Then as you grow older and get into a higher income bracket, you can convert the term life insurance policy into a whole life policy.

Another logical reason for buying term life insurance policies is the purpose. You can use a term life policy as security for a loan, as some lenders require. You could also earmark it to cover your business obligations, especially if you have a sole proprietorship or partnership type of business.

Or if you are already well-off, you can buy shorter term life insurance to act as extra cover during your travels, as you can never tell what will happen.

Best Term Life Insurance Quotes

You can get the best term life insurance quotes from your insurance agent or from internet sources. Sites also have built-in calculators where you can get instant term life insurance quotes by filling in your age,the length of the term, and the amount of coverage. Instantly, you will get a premium quotation. You can play around with the figures until you get the one amount that is right for you.

Another way to assure yourself of the best term life insurance quotes is to maintain an active, healthy and worry free lifestyle. Insurers normally charge lower premiums to very healthy clients.

You should also compare between insurance companies' figures to have a clearer basis of choosing the best term life insurance quotes. But apart from choosing on the basis of premium costs alone, you should also consider the general reputation of the insurance company. You should look at the company's financial health as well.


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