A term life insurance policy is one of the most affordable types of life insurance. Bought for a stated length of time, this insurance can offer low-cost, high dollar value protection for an individual desiring to protect loved ones during child rearing years, the life of a mortgage, or other significant debt. With ConsumerCoverage you can receive a Term Life insurance quote and potentially even potentially purchase online.
How Much is Enough?
A term life insurance policy will cover you for years to come so it is wise to think into the future and provide protection for what you can anticipate your life will throw at you. Life changes and so will your needs but it is still possible to project ahead get the coverage you need.
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A straightforward product that covers an insured for a specific amount and a specific contestability period of time at a level premium that never varies.
Easy to understand and easy to claim, term life coverage is one of the most popular types of life insurance, and many people opt to buy term life insurance online to simplify the process even further.
Term life insurance guarantees the payment of an agreed-upon death benefit to the policy holder’s beneficiaries in the event the policyholder dies within a prespecified timeframe (e.g. 30 years).
Like we said, simple, right?
It is, but that doesn’t mean term life insurance is for everyone. There are definite benefits, but there are also drawbacks of this type of policy. Deciding if it’s right for you is what we aim to help you do here.
Technically, term life insurance can be used for anyone, but it is most popular for younger people—especially younger people with debt and/or families who would benefit from a large lump-sum payment to their loved ones should anything happen to them. However, anyone of any age who wishes to leave money to their loved ones could buy term life insurance.
For someone with no family in need of financial assistance and/or with no debt, permanent policies are likely a better option.
Additionally, it’s important to remember that term life only pays out if you pass within the term (and some plans may not cover the first year of that term), so if you’re looking for life insurance that will pay out indiscriminately when you pass, then a permanent life policy may be preferable.
There are three different types of term life insurance to consider, and we’re going to briefly discuss them here so you can get a handle on which one may (or may not) be right for you.
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As mentioned, simplicity is one of the perks of buying term life insurance online: you get a straightforward plan with the added convenience of getting the best term life insurance quotes online.
But the benefits of term life insurance don’t end there. Here are three more:
When you buy term life insurance, you only have to make three big decisions: How much coverage do you want, how long do you want your term, and do you have a preferred company? That’s it.
And, if you’re looking for term life insurance quotes online, you may not know that third question right away. The quote will likely reveal the most affordable term life insurance from the best company.
You can get term life quotes online here, with us. We’ve curated a list of the best term life insurance companies with the most competitive rates, so you can rest assured you’ll be covered.
There aren’t many cons of buying term life insurance, but the main one is that it has no investment opportunity: When your term is up, it’s up, and if you’re still alive (which is what we’re hoping), you have nothing to show for it.
However, this drawback is offset by the fact that term life insurance is less expensive than whole life insurance, which pays out no matter when you pass.
What’s more, even when your term is up, many providers will allow you to convert term to whole life insurance that will pay out whenever you die. Yes, the premiums will be more, but you won’t have to go through the process of being approved again.
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You can start here. Our term life quotes online account for all the variables and then pair you with the best of the best term life insurance providers who also boast affordable, competitive rates.
If you’re in the market for ease and peace of mind from your life insurance policy, it doesn’t get much better than this.
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Affordable term life insurance lacks the accumulated cash value benefits and lifelong coverage of a whole life policy but for a specific time period it is available for a higher benefit amount at a considerably lower premium. So, the difference is primarily one of insurance for investment and income protection versus insurance for income protection alone.
Anyone who is not interested in investing money and would like to leave money behind for their loved ones, usually because they want to replace the income they would have provided to these beneficiaries.
Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.
