Term Life Insurance Quotes Online

Life insurance is a key part of financial planning. We work hard to support and protect our family. No one wants to leave them with a difficult financial situation when we are gone.

Shopping for life insurance can be emotional and time consuming, however it is one of the most important steps you can take to care for your family.

Be sure to use the FREE search tool above to comparison shop today!

Why is life insurance important?

Life insurance provides a pre-selected amount of money to you family upon your death. The money can be used by your beneficiaries to pay for the cost of your funeral; pay outstanding debt; replace some of the income that you would have provided; fund college expenses for your children; and pay off your mortgage.

The loss of your future income can be devastating to your family. Life insurance allows you to continue to support your family long into the future.

What types of life insurance are available?

Insurers offer three basic types of life insurance – Universal, Variable and Term. Different policies include minor variations and some insurers offer additional benefits with some coverage. However, each of these general coverage types are designed with different goals in mind.

• Universal – Universal Life provides both an insurance policy and an opportunity to earn additional funds via an investment option. The premiums are based on the age at which you purchase your policy and the amount of coverage you select. Your premiums will not change and your policy will not be cancelled unless you stop paying premiums. The length of coverage under this policy is your lifetime.
• Variable – Variable Life is very similar to Universal, but allows you to adjust the amount of insurance benefit and/or monthly premiums based on life needs. For example, you purchase a policy when your children are living at home, but want to decrease the benefit amount after your children are grown and independent.
• Term – Term Life is an insurance policy for a set benefit amount and a set amount of time that the policy remains in effect. Term is a straight insurance policy and typically has the lowest premiums which are based on the age of the insured at the time of policy purchase.

Why is term life insurance a good choice?

With a Term Life policy, you can base your coverage and premiums on your current needs rather than estimating what your future financial situation will be. The least expensive of the life insurance types, Term Life insurance policies are annually renewable for the duration of the term without any kind of additional proof of insurability health reviews.

Insurance policies provided by employers are Term policies and provide you coverage for the period of time you are with your employer.

How do I determine the level of insurance I need?

In order to select the correct amount of life insurance for you, you’ll need to make a list of what you’ll want taken care of financially. You will want to consider:

• Funeral expenses
• Outstanding debt – including medical care
• Your income would be for 5 to 7 years
• The outstanding amount of your mortgage
• The cost of your children’s college education and/or wedding expenses

No amount of money can ever replace you in your family’s life, but providing them with financial stability will benefit them for the long-term.

What is a beneficiary?

When you purchase a life insurance policy, you will need to select at least one beneficiary to receive the value of the policy. Most often people select their spouse and/or children as their beneficiaries. Policies allow you to select the percentage of the benefit for each beneficiary.

How will I be able to pay premiums?

The cost of your policy is broken into premiums that can be paid monthly, quarterly or annually (or other variations). Many insurers offer several options for you to pay including premiums automatically paid via your bank account; online payments via their website; or via a check in the mail.

How can I purchase a term life insurance policy?

Term Life Insurance policies can be purchased online from a wide variety of companies for a wide variety of rates. While your employer may offer you a Term Life insurance policy, it often has a maximum amount of coverage based on your salary.

An additional, individual policy is often suggested to provide coverage up to the amount you may need to provide for your family.

How do I select the right insurance company?

With all of the coverage options available to you, it is important to base your decisions not only on amount of coverage, length of policy and premium amount, but to select a reputable insurer.

Research into the reputation and financial status of insurance companies is important to ensure that your policy can and will be paid to your beneficiaries.

Several companies provide review and ratings for insurers including The A.M. Best Company and Standard & Poor’s.

By visiting their websites you can learn details about your potential insurer to determine whether they will be there for you and your family when you need them.

What else should I consider when selecting a life insurance policy?

The requirements for any insurance policy vary by insurer and type of policy, but you should keep the following in mind in order to select the right coverage for you:

Be truthful. Insurance policies typically require some sort of health screening. Insurers may refuse to pay a death benefit if they learn that a particular condition or health issue was not disclosed.

Check the exclusions. Insurers have the right to include some exclusions in their policy (such as not paying if the insured commits suicide). Make sure that your policy does not have any exclusions that would prevent your beneficiaries from collecting the benefit.

Budget. Before you commit to a particular amount of coverage and premium amount, make sure the payments will fit into your budget.

Read policies carefully so that you understand renewal policies, any late fees and how payments will be made.

Do not impulse buy insurance. Do your research so that you have the correct policy for your needs.

Keep your family informed about your decision so that they know about your policy and where details can be found.

Although purchasing a life insurance policy can be a difficult and complicated decision, your family's financial stability is important. The key to ensuring your family’s future is to make sure you research and compare policies in order to get the best coverage for your needs and the premium cost.

They will appreciate the time and effort you put into securing the future.

Be sure to use the FREE comparison tool below to begin your search for insurance.