FAQ

When is Term Life Insurance the Right Choice?

There are lots of reasons many families choose to take out a term life insurance policy. If you're thinking about purchasing insurance for your family, you'll need to learn more about the basic features that term life insurance offers, which insurance companies would best suit your needs, and how to select the most ideal term life insurance plan.

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Term life insurance is best when you're on a budget and want to make sure that you have coverage without spending a fortune. Lots of term life insurance companies allow you to purchase a policy for one to five years, so that usually gives families enough time to adjust their finances if necessary and purchase a whole life insurance plan in the future. Another benefit of term life insurance is that the benefits are pretty immediate; you don't have to wait until you've retired to receive premium coverage. You can expect to pay between $40-$70 per month for term life insurance, and this is usually affordable for most families.

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Your medical history and current medical expenses will also help you to determine if term life insurance is the right choice for you. In general, the rates for term life insurance are a little lower since the policy is temporary, but your rates will always increase if you're not in good health. You'll have a better chance of getting the insurance coverage you need within your budget with term life insurance regardless of your health, but trying to better your health could decrease your rates even more. Your age and family's health history will also determine the amount of coverage you need and your policy price. Most people start thinking about taking out a life insurance policy in their late thirties or forties, so rates are pretty average (about $50), for people in this age group. If your family has a history of cancer or heart disease, your policy rate will be a little higher, but it's best to get the more expensive coverage in these cases to receive full insurance benefits.

Term life insurance is also a good option if you haven't quite decided on a permanent policy yet. Most people don't take out whole life insurance policies until after retirement, and while it's best to do this a couple of year's before retirement, you may want to take out a term life insurance policy in the meantime. Term life insurance helps you to save money since your actual policy isn't that expensive, and you have the option of renewal after the term is up. So if you want to make sure that your family is provided with basic expenses in case something happens to you, term life insurance may be the best choice until you come up with a more solid plan of action, or have the funds to apply for a larger, permanent life insurance policy.

You can find information on all types of insurance policies online, and even through financial institutions. You can even receive free quotes for term life insurance plans on sites like AmericanLifeDirect.com or Matrix Direct -- the fast, easy no hassle way to buy term life insurance. When you're ready to purchase a term life insurance quote, these are great places to go to get started.

Do you have a question about term life insurance or our products and services that we haven't answered here? Please contact us - our site improves with your questions, comments, and feedback.