Term life insurance is the best option for the people who are looking for a simple and cheap life insurance policy. These policies are not only cost-efficient and simple but they also provide financial stability to one’s family even after one’s death, ensuring peace of mind. While going for a term life insurance policy you can choose the duration of the cover period that could vary from 5 years to 30 years. The best part of having a term life insurance policy is that at the end of the tenure you don’t mount up the cash value and this is one major difference between the other life insurance policies and a term life insurance policy.
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What are the Basics of Term Life Insurance
Make sure that when you ask for the term life insurance quotes there are some considerations that should be taken care of and the most important one is the annual salary. As it has been stated by the right thumb rule any individual should be insured for around ten times his annual salary like your earning is around $60,000 per annum then your policy amount should be $600,000. Once you finalize upon the policy amount look for a good term life insurance company that gives you good and reasonable life insurance quotes.
The level term life insurance policy is the most popular among all. In these policies throughout the selected tenure, the premium amount remains stagnant. These days it’s not difficult to get the term life insurance quotes because you don’t need to stand in long queues for it. Most of the insurance companies offer online facilities and that makes it very easy to get the life insurance quotes, it’s just a click away.
Other term life insurances are renewable term life insurances, convertible term life insurance, and decreasing term life insurances. In renewable term life insurances, you can renew the term at the due date of the term. Moreover, this renewal is a hassle-free process and happens in very little time. Inconvertible term life insurances, you have the freedom to convert your term life insurance policy to a permanent life insurance policy. In decreasing term life insurances the death benefits reduce over its term.
In the past, you had to undergo a medical examination and many medical tests to get a term life insurance policy. These days, most insurance companies are offering term life insurance policies without medical tests. However, you may just need to answer a few questions related to your health and family history. The term life insurance processes are so fast these days that if you apply for the term life insurance policy in the morning, you get the term life insurance policy by the end of the same day.
Astonishing but true, most processes are computerized these days, and hence the processing is faster. Life insurance companies have realised that customers want to save time and don’t want to wait for longer durations for a term life insurance policy. If a medical examination is involved in the procurement of a term life insurance policy, then you don’t need to go anywhere. The licensed medical professional will come to your house at your convenient time and do the medical examination at your house itself.
listed below are some of the medical examination included for term life insurance policies :
- A urine sample
- A blood test
- Weight and height
- Family history
- Blood pressure
Due to various reasons like economic slowdown and increased competition, the term life insurance rates have dropped down significantly in recent years. You can also seek the help of an insurance agent who would give you a good deal with the term life insurance rates. It is always good to go for an independent insurance agent for all the requirements of your term life insurance. Independent insurance agents give you the option to choose from various insurance companies the one that offers you the cheapest and best term life insurance rates and premiums.
Do not neglect the trust factor when it comes to selecting a term life insurance agent. One point that should be noted is the experience of the agent. The agent must have a good deal of experience in this profession and must be able to offer you a wide range of life insurance policies. Make sure that you consult your agent for all the requirements related to your life insurance policy.