Where To Get Term Life Insurance
If your company offers group life insurance as part of your employee benefits package, that can be a great place to start. Because the company is buying for a large group of people, the premiums are typically lower than for an individual policy. Your employer may also subsidize a portion of the premiums or even provide coverage equal to your annual salary at little or no cost. On the other hand, the total amount of coverage you can get may be limited, for example to three times your salary. And if you leave the company you could lose your coverage.
Even if you have some coverage thorough work, it may not be enough for your needs. The good news is, term life insurance is generally easy to shop for: Many companies, including Guardian, will give you an instant online quote.
Compare insurance rates from a couple of sources, and before you make a choice consider the company youre buying from. Youre looking to have a long-term relationship with that company, so look for the following qualities.
Another way to compare insurance companies is by looking at online customer reviews. While these arent likely to tell you much about a companys financial stability, it can tell you how easy they are to work with, and whether claims servicing is a problem.
How Much Life Insurance Should You Buy
Unless you have millions of dollars saved in a bank account somewhere, more than likely you wont have the money your family needs if you were to kick the bucket. Deciding your life insurance needs is one of the most important decisions youll make.
Dont worry, this wont be advanced algebra.
Lets add up your unpaid expenses and bills that your family would encounter when fulfilling your final wishes. If you still have major expenses like a mortgage, student loans, and anything else, your family would find themselves with a mountain of debt, but thats where your life insurance coverage comes in.
Next, put your paycheck in the equation. If your kids or spouse need your paycheck, you need to have enough insurance to replace it. Make sure your plan is big enough to cover your paycheck for at least 5 years.
Year Term Life Insurance Rates
First things first; life insurance rates differ by person. They are determined by a wide variety of factors like age, gender , current health condition, health history, etc. Each insurance applicant is then placed into categories, called health ratings.
The cheapest health rating is Nonsmokers Preferred Plus, and if you are in great health, you are eligible.
To help paint a picture of what you can expect though in terms of rates, lets look at an example for people of different ages and with different coverage amounts. Keep in mind that these rates are all for 10-year terms.
- $250,000 for 40-year-old Male: $12.09 with Preferred Plus, $21.57 with Standard, $61.69 with Smokers Rates
- $500,000 for 40-year-old Male: $18.99 with Preferred Plus, $37.85 with Standard, $117.50 with Smokers Rates
- $250,000 for 50-year-old Male: $24.59 with Preferred Plus, $48.94 with Standard, $143.28 with Smokers Rates
- $500,000 50-year-old Male: $43.50 with Preferred Plus Rates, $92.66 with Standard Rates, $280.88 with Smokers Rates
- $250,000 60-year-old Male: $62.09 with Preferred Plus Rates, $116.80 at Standard Rates, $301.88 with Smokers Rates
- $500,000 60-year-old male: $117.68 with Preferred Plus Rates, $215.52 with Standard Rates, $589.60 with Smokers Rates
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How To Buy Term Life Insurance
Through your workplace
A good place to start is your workplace, as your employer may offer life insurance at lower group rates. If offered, think about enrolling. It’s generally affordable and easy to buy. Your employer has done the work of finding a policy, and enrolling typically requires little more than signing a form. You may be able to obtain this coverage without taking a medical exam or providing medical records. However, the coverage amount offered may be limited, and you might want more protection to help provide financial confidence to your loved ones. Fortunately, other options are available.
If you don’t have workplace coverage or supplement it it’s easy to shop for term life coverage online. Many companies, including Guardian, make it simple to get a life insurance quote online, compare rates, and apply for coverage.
Working with a financial professional
If you’re not sure what kind of protection is best for you term or permanent insurance coverage ;;consider working with a financial professional. He or she can provide ;insurance information about the options that fit your immediate needs and long-term goals. If you have a financial professional you trust, ask them how much life insurance and what type of policy you should have. Otherwise, Guardian can connect with a;financial representative;who will listen to your needs, tell you about the best ways to meet those needs within your budget, then help you decide.;
Benefits Of Convertible Term Life Insurance
Policy details differ, but for most term conversions:
- You can decide when the time is right. Term policies with a conversion option usually let you choose when to trade them in for permanent coverage. There might be restrictions, though, so be sure to check the details.
- You can convert without needing another medical exam. In most cases, you wont have to answer health questionslet alone have a full-fledged exam. If you develop health issues by the time you convert, that works to your advantage: Your premiums for the new policy will be based on your age when you convert but on your health when you bought the term policy. This can save you money.
- You could get a premium credit. Some policies offer a credit toward your permanent policys first-year payment when you convert. This can ease the financial sting of moving from term to permanent. But think ahead: If youre eligible for a conversion credit, be sure to ask what the new policy premium will be in the second year and thereafter.
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Factors That Affect The Cost Of A Policy
As you can see, the average woman pays less for coverage than the average man. That’s because women tend to live longer, and life expectancy has an understandable impact on the cost of coverage. In addition to gender, here are some other factors that affect the price of term life premiums and why:
How Much Term Life Insurance Do You Need
A good term life insurance amount is generally one that matches the debts or obligations you want to cover. The insurance is intended to pay a familys expenses that would have been paid by the persons salary. If income replacement is your goal, youll want to know the approximate amount your family would need to maintain their standard of living for the time period you want to cover.
Heres a calculator to help you determine how much life insurance you need.
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You May Be Able To Extend Your Current Policy Or Buy A New One
If you die during that period, your beneficiary will receive a payout; if you die after the policy has expired, they will receive nothing. So what should you do if your term expires and you still need life insurance?
Year Term Life Insurance May Be Appealing When Youre Older
I sell a lot of 10 year term life insurance policies to people who are close to retirement.
For example, I have one client who is putting her daughter and son through graduate school.
Her daughter was lucky enough to be admitted to an ivy league university, and her son is attending culinary school in California.
She and her husband are responsible for their educational loans.
Theyre concerned about something unforeseen happening so they purchased a 10 year term and made their son and daughter beneficiaries to cover any outstanding obligations that would be left behind. JUST IN CASE.
This is a true gift! If you have a short term obligation that needs coverage, 10 year term life insurance is the way to go.
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Know The Term Length You Need
Before you start shopping for term life insurance, decide what term length you want. Locking in a longer term costs more of course. That doesnt mean that you should skimp on coverage to save money. The key is to have a term that is long enough to cover your main financial concerns, such as the years until you retire or the years of a mortgage.
That often means choosing a term that is equal to the length of a debt or situation you want to cover. For example, if you have a house with a 30-year mortgage, you might want to get a 30-year term life policy to cover mortgage payments if something happened to you. If you have young children, you might want a term that will be in force until they graduate from college.
What Is The Difference Between Term Life And Whole Life Insurance
Term life insurance occurs over a predetermined period of time, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated according to the holders age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. Here, the holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.
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Find Cheap Life Insurance Quotes In Your Area
Life insurance companies mostly base their rates on your age and health status, but they also factor in your job, your weight, whether you smoke and even your family health history. Unlike other kinds of insurance, life insurance quotes aren’t affected by your location. At ValuePenguin, we’ve compiled rates for a variety of policy types and customer profiles to calculate the average cost of life insurance.
Who Should Buy A 10 Year Term Life Insurance Policy
There are many reasons you might consider purchasing 10 year term life insurance.
To be honest, thats the best part of term life insurance.;Its flexible, and it bends to suit your personal needs.
Ive sold 10 year term life insurance to clients in their 20s, 30s, 40s and 50s!
Remember, you dont always need long-term coverage.
Periods of time may crop up where a decade provides more than enough security to suit your situation.
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A Return Of Premium Policy Could Work Better
You might be better off looking at return of premium term life insurance quotes because they return all of the premium you paid into the policy at the end of the term.
This means if you outlive your policy you will be given a lump sum check that you can use for whatever your hearts content.
Think of it as a savings account with a free life insurance policy attached.;
THE SIMPLY INSURANCE WAY
Types Of Term Life Insurance
Level term is the most common form of term life insurance. Its the type that offers premiums that dont change during the years of the policy length that you choose. Other types are:
Annual renewable term: With this type your premiums goes up every year, although you choose a period of insurability that guarantees you wont have to reapply. It may be good for people who want to close a short gap in life insurance, but a short level-term policy is likely a better choice.
;Here your premiums stay the same over the length of the policy but the death benefit decreases steadily over time. Mortgage life insurance is a form of decreasing term life. The payout is tied to the declining balance of the mortgage, and the beneficiary is the mortgage lender, not your family. Regular term life insurance is a better bet because your family receives the payout and can use it for any expense they choose.
Return of premium term life insurance:;This policy type promises to refund the premiums you paid in if you outlive the policy. As you can imagine, the refund feature makes the policy more expensive. Return of premium term life;is available from companies such as AAA;Life Insurance, State Farm;Life and Vantis Life.
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Get A 10 Year Term Life Insurance Policy
Now that you know what a 10-year term policy is, and how it works, and why it might make sense for you, take advantage of our instant quote form for a free and confidential quote with no obligation to buy. If you need more information, call LifeInsure.com at during normal business hours or contact us through our website.
With Term Life You Can Balance Immediate Needs With Ongoing Goals
Lets begin by looking at a few factors to consider while building your custom Term Life policy.
With Term Life, you can choose exactly how long you will be covered. Some of our clients find it helpful to match their coverage length with various milestones, like paying off a mortgage or their kids finishing school. Whatever your needs are, you can build a custom policyand you can convert to a permanent policy later on.
You can select a product that best suits your wallet and goals. For example, you can lock in premiums that are guaranteed to stay the same for a selected period. Or you can start with smaller premiums that increase every year. That could be a good choice if you plan to convert to a permanent solution. Our flexible options allow you to construct the strategy to fit your familys needsand your budget.
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Average Term Life Insurance Rates By Age
We started our evaluation by showing the change in average life insurance rates for different age groups. Life insurance companies will use age as a determinant for life insurance premiums. Rates will continue to increase as you age due to a decrease in your total life expectancy.
The term life insurance quotes below are for a 20-year term life insurance policy with a death benefit of $500,000.
Through our findings, you can see that the increase in monthly premiums as you age is much smaller if you are young, compared to when you are older. For example, the average life insurance quote only increases by 4% between ages 25 and 30, but it jumps much higher between ages 60 and 65 an average increase of 86%, or $275.
|Age||Monthly life insurance cost||Monthly life insurance cost|
As you can see, differences in premiums are even greater if you smoke. Smokers, on average, pay premiums that are 218% higher for life insurance policies when compared to applicants who are nonsmokers.
Yes You Are One Of A Kind
Term life insurance pricing is based on the smoking status, gender, lifestyle, health, and the age of the individual applying for coverage.; If there is a history of medical issues, high risk occupation, or even a conviction for reckless or drunk driving, prices for life insurance can be rated for the increased risk.
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How To Get A 10 Year Term Life Insurance Policy Today
Now that you know how affordable a 10 year term life insurance no exam policy is you shouldnt wait another minute procrastinating. The longer you wait, the more expensive insurance becomes, and it also becomes harder to obtain.You can get quick quotes and buy your policy fast by clicking the button above, and you can also check out the review we discussed above.Its great that you know you need life insurance, now its time to get to it.
IN THIS ARTICLE
Who Needs A 10
A 10-year term life insurance policy can be perfect for those who just need to bridge the gap. Here are factors you should consider when making a decision about which term length is right for you.
When youre just getting married or having a child, the decision to purchase term life insurance is easy. You know you need financial protection, and you know you need it for a long time. But as you get closer to your financial goals, the question gets a little more nuanced. Do you still need life insurance coverage? And, if so, how much is enough?
10-year term life insurance policies can be a good fit for those who just need to bridge the gap. These individuals know they need life insurance coverage to protect their loved ones today, but know they wont need it far into the future. And, choosing the right length for you; instead of just opting for a more extended, potentially unnecessary policy can save you money in the long run.
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Getting Lower Term Insurance Rates
10-year term insurance policies are going to be affordable. Short plans have lower premiums, but there are a couple of techniques you can use to get even cheaper coverage.
Lets get started by helping you quit your worst habit, your smoking. Quitting smoking for at least a year before you apply for life insurance is one of the smartest moves you can make. If you apply for life insurance as a smoker, go ahead and toss a couple of hundred dollars out the window.
Smokers rates are DRASTICALLY higher compared to non-smokers rates.
After youve gotten rid of those cigarettes, keep the momentum going by making more changes, like finally using your treadmill. Youve probably been using it as a clothes rack or have boxes on top of it, but its time to start using it for what it was made for.
Exercising has dozens and dozens of benefits, and one of those is to help you secure cheaper life insurance.
We always suggest our clients get several quotes before they buy a plan. Just like with cars, you dont buy the first one you see. If you were to purchase the first life insurance plan you saw, you would end up spending way more than you needed to.
If you want to save time with your comparison shopping, let us do the shopping for you. Fill out the quote form on the side.