Term coverage is temporary insurance that provides financial protection for your family members during your working years. Typically, the cost of insurance will be lower. Its death benefit provides financial assistance to your beneficiaries for funeral expenses and ongoing financial obligations like future mortgage payments and education.
A simplified issue could be a good fit for you if that's what you're after:
Some term policies can also be converted to a permanent life insurance policy without t a medical exam, like whole or universal life insurance, once the term is up. However, once converted, those permanent life policies are more expensive.
Convenience: Simplified insurance is a good bet if you don't want to deal with a medical exam. A recent study found that 47% of Americans prefer to buy life insurance through a simplified process.
One reminder: It is vital to disclose any medical conditions in order to be eligible for a policy. Your policy can be canceled if your insurer discovers that you failed to inform the company about something after you've died. If this happens your beneficiaries won't get the death benefit they had planned to receive.
Term insurance is easy to understand. It's also simple to find and compare quotes for life insurance. The policy covers you for the entire term of the policy as long you pay the premium. Three important decisions are required: how much coverage you need for life, how long you would like the range to last, and what type of insurer you wish to work with.
Coverage for final needs. People often use the guaranteed insurance as a last expense insurance. It can cover your funeral expenses, related medical bills, or pay off end of life debts. You may be able to leave a small inheritance for your children or grandchildren by securing a guaranteed issue.
Some term policies may also be converted to permanent life insurance policies without the need for a medical exam. This includes whole or universal life insurance. Permanent life policies can be more costly once converted.
Sometimes you can purchase online life insurance without needing to complete a medical exam. Term coverage doesn't have cash value. Term life is generally sufficient for most families.
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.