AFFORDABLE TERM LIFE INSURANCE QUOTES

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Understanding Affordable Term Life Insurance


There are many commercials that pop up on television and radio promoting the value of getting an affordable term life insurance quotes. Now, most people have a clear understanding of what a term life insurance quote entails. However, they may be unaware what the concept of term life insurance centers on. For those that may have a number of questions regarding this form of coverage, the following is a brief overview of what it entails.


As with other forms of life insurance, term life insurance centers on offering a “death benefit.” That is, when the insured dies the beneficiaries will be paid a settlement amount based on the amount of coverage that the insured purchased. Again, this is standard with all life insurance policies. However, term life insurance is different in one respect. Specifically, term life insurance only provides coverage for a certain designated period of time. This timeframe is, of course, the term mentioned in the title of the coverage.


In short, the coverage is purchased for a specified term. When the term expires, the insured has the option of purchasing a new policy. In some instances, it may be the exact same policy at the same price. In other instances, it could be a new policy at an increased price or different terms. And, of course, the insured could also downgrade the policy for a lower premium. Really, this is the major benefit of purchasing a term life insurance policy. A person can save a lot of money on the purchase of a policy since the policies are being purchased in fixed terms.


This makes term life insurance perfect for those that may be on a proverbial budget. Anyone looking to make sure their family is properly covered in the advent of an emergency can take out a short term policy at a reasonable cost. That alone is a huge endorsement for term life insurance.

Getting to the Bottom of Term Life Insurance Rates

Everyone wants the best life insurance rate. That goes without saying. As a licensed term life insurance agent, I'm going to go the extra distance. I actually need some more life insurance and of course, term makes the most sense on many levels so I will walk though my actual decision process in order to get the best life insurance rates. This is not a drill. Here we go.

First, why am I so confident that term life will work better than whole or variable. Well...because I'm in the business. I have two sons (age 6 and 8) and my wife. We have a house about 7 years into a mortgage (out of 30 years). We also have two obnoxious dogs but that irrelevant. I really don't want life insurance for when I hopefully turn 85 (I'm 39 now in 2009). I also don't want to pay so much each month that I a) regret the coverage or worst yet b) decide to cancel later on when the government decides to offer universal term life insurance and I no longer have a profession :). Whole life is going to be very expensive and we explain in detail why in our term versus whole life article. I know better. I want to cover probably 20-30 years depending on the rate difference spread. This should get my children to the point of college after which, they better be able to be self-sufficient...if I did my job correctly. That should also cover most of the mortgage which is probably 25% of our monthly income. That's really the big unchanging expense that can't be reduced in the event of a catastrophic financial situation (like my passing). Okay...so it's term life and I'm completely serious about this...this would be the choice for my family.

Secondly, I feel confident that with a wide breadth of carriers and plans offered by our term life insurance quoting engine, I have a comprehensive view of the market that's available. Most of the biggest names and strongest life carriers are right there next to each other. That's a good start. I can run the quote knowing that I'm not missing some key offering on the market. That's a big deal...the "what if" that usually occurs when we're looking at purchasing any item. "What if I can find this cheaper or better?" I know there may be some strange little plan somewhere out there that's a few dollars cheaper but term life is such a commodity these days that the spread of rates is pretty narrow. I feel confident in getting the best term life insurance rate. Let's run the quote.

I first put in my vital information...age, gender, State, etc. I come down to how much term? This is a big question (in fact, one of two "big" questions). I can click on the Term Life Planner to get some guidance but I know this business so I have a sense of how much is needed. I go with $1M to start. I can always adjust it. $1M at 20 years. In a few seconds, 6 plans pop up with a range of monthly life insurance rates from $47 to $55; average around $50. That's not bad. I feel confident about the amount but maybe a longer term might be good. I'll adjust it up top to 25 years. It jumps from $80 to $112 with an average around $95. So to add 5 years of coverage, it will almost double the monthly premium. Hmmm. 20 years will take my youngest son to 25 so I think that's more important to me than the extra 5 years. $50/monthly also feels like it meets the "gut feel" meter that says I can pay that monthly and not feel too bad about it. I wish I would have bought more at 35 when it would have been cheaper but that's life (insurance).

Back to the 20 years (just hit the backspace button browser takes me right back). I know Banner life has been easy to deal with...especially on the application side and their rating is AA- (4th best rating) with S&P. I feel comfortable with that. I could save a few bucks with Ohio National but I've dealt with Banner and haven't had any problems. That's probably worth a few bucks. I decide to proceed. I click on the button to request the application kit. In all, it took about 2-3 minutes (and longer to write about it). I found a solid carrier with an affordable term life rate. Success!

Dennis Jarvis
Dennis Jarvis is a licensed insurance agent concentrating on term life insurance. Shop, compare, and instantly quote multiple carriers with professional guidance and resources.
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About the Author:
Dennis Jarvis is a licensed insurance agent concentrating on term life insurance. Shop, compare, and instantly quote multiple carriers with professional guidance and resources.

Author: Dennis Jarvis
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