Term life insurance is easy to understand, which makes it simple to shop for and compare life insurance quotes. As long as you pay the premium, you're covered for the duration of the policy. You need to make only three significant decisions: how much life insurance coverage you need, how long you want the range to last and which insurer you want to do business.
A 30-year term policy on life insurance can be a great option for a couple who is financially secure and is able to pay the premium difference between 20-year and 30-year terms.
Convenience. If you don't want to undergo a medical examination, simplifying insurance is a good option. A recent study revealed that 47% Americans prefer to have their life insurance purchased through a simplified process.
Considerations about health insurance: Do you have concerns about your health and need coverage? Life insurance approvals can be difficult if you have a GI or controlled diabetes. This simplified issue is for people who may not be eligible for traditional policies. It helps them get the coverage they need to protect themselves and their families.
According to The National Association of Insurance Commissioners (NAIC), term policies may include return of premium options. The return of premium features means that if you don't receive a death benefit by the end the term, you will get all or part of your premiums back. This is an expensive option.
No medical exam insurance is not required. You'll be asked a series of questions about your medical history, health, and general health. Your answers will help determine if your application is eligible for coverage. The list changes depending on which insurer you choose. You might not get coverage from one company, but be rejected by another.
If you are less than 80 years of age or reasonably well, you might be eligible for term or guaranteed universe life insurance policies which offer lower rates for the elderly. You may not be eligible for guaranteed whole life insurance if your pre-existing health conditions are present.
If you are under 80, or reasonably healthy you may be able qualify for term or guaranteed universal insurance policies that offer low rates to the elderly. If you have any pre-existing medical conditions or are unable to get coverage through term insurance, guaranteed whole-life insurance might be the best choice.
Quick approval: There is no need for a medical exam and you can get coverage immediately. This could be useful if you have an urgent need for coverage, such a trip.
If you don't know what you want, a simplified issue might be the right fit.
Many term life insurance policies offer a conversion option, putting you in control. This allows you to switch to a permanent life insurance policy before the term expires, usually without requiring a medical exam.