Affordable Term Life Insurance for Dummies
Have you been searching for affordable term life insurance? This is a great product to have. It covers you just the same as regular life insurance would. Plus it’s much cheaper. You can purchase large amounts of insurance on a term life policy for a small amount of money. This makes it very attractive to anyone on a budget who needs life insurance.
Many times people purchase term life insurance in addition to their regular life insurance policy. There can be many reasons for this and since it is very economical, it’s a good idea to at least check into it.
What’s the Difference?
Maybe you’ve always wondered what the differences are between whole life insurance and term life insurance. Here a few of the major differences for you to compare:
Term Life Insurance:
• Inexpensive
• Easy to purchase
• No medical exam needed in most cases
• No cash value
• Only good for term limits
Whole Life Insurance:
• Medical exam required
• Higher premiums
• Builds equity and cash value
• Designed as a long term solution/stays in affect for the rest of your life as long as premiums are paid
If after studying the list above and giving some thought to your insurance needs, you may decide that term life insurance is perfect for you. It’s so affordable and it is an easy solution if you’re not at that point in your life where you’re ready to make a long term commitment.
Challenges Ahead!
Your most difficult challenge will be in finding a company that’s a good fit for you. Obviously there are many life insurance companies that could provide term life coverage for you and/or your spouse. So how will you decide which one to go with?
Study the products and prices, along with the coverage offered. Once you have narrowed your search down to two or three insurance companies, then its time to talk to an agent. Call each one and make some notes about:
• How long did you stay on hold before someone answered your call?
• Did the agent you spoke with seem knowledgeable and friendly?
• Does the term life plan you are looking at allow you to convert it to whole life insurance when you’re ready to do so?
Ask About Discounts
Before you sign any papers, be sure to ask about discounts. Everyone loves to get 20 per cent off on their favorite jeans. But did you know that you can often qualify for some type of discount on your term life insurance? This makes it all the more affordable.
If you are over the age of 50, ask about a senior discount. If you belong to some travel club such as Triple A, then you may well be able to receive a discount as a travel club member.
Another great idea is to ask if they offer discounts for multiple types of insurance. Almost all insurance companies will give you a great discount if you have more than one type of policy with them. Maybe you could save a lot of money simply by buying your homeowner’s insurance at the same company where you purchase your term life plan. Be sure to ask about this.
You don’t have to be a rocket scientist to find affordable term life insurance but it certainly can’t hurt anything!
