Term Life Insurance Select

There are several types of term life insurance policies from which to choose. It's important to understand the differences before purchasing a policy.

Types of Term Life Insurance

• Level Term - Provides a level premium and a level death benefit during the length of the coverage from the time the policy is put into force until the policy expires.

  Example: You purchase a 10-year level term policy with a face amount of $100,000, your premium payment remains the same for the entire 10 years. If you die during that 10-year period, your beneficiary receives the $100,000 death benefit.
  
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  Note: Not all level term life insurance policies are Guaranteed level for the life of the policy. Also, your premiums will increase at the end of the initial level premium term if you renew. If you renew, you may need to prove eligibility for coverage by re-qualifying for the life insurance. If your health has deteriorated you may not be insurable, meaning you may not qualify for insurance.

• Non-Guaranteed Level Term - Provides coverage for a shorter period of time. Generally this coverage is chosen by younger adults or people who have current financial obligations that will not remain after a period of time, such as a home mortgage, a car loan or some other short-term personal financial obligation.

• Guaranteed Level Term - Provides a level premium and a level death benefit throughout the life of the policy. The policy may be converted to permanent life insurance without proof of insurability. However, once the policy expires, for example after the end of the 10 years on the policy the coverage expires.
  
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• Convertible Term - Provides term life coverage similar to annual renewable term coverage, but it offers conversion to permanent life insurance regardless of an insured's physical condition and without a medical examination, up until an age (usually 70) specified in the insurance contract.

• Annual Renewable Term - Provides coverage for the least cost. You get term life coverage that renews each year but the premium will increase each year until you surrender the policy.

• Renewable Term - Once the policy term is completed, the policy may be renewed without providing evidence of good health. The renewable option is usually available until an age specified in the insurance contract. A 5 year renewable term policy would be renewed for additional terms of 5 years.

  Note: this form of term life insurance will increase over time and can become very expensive. Make certain your renewable term policy is "Guaranteed" renewable, so you are certain of renewal even if you experience a health problem.

• Decreasing Term - Provides term life coverage with a level premium but a decreasing death benfit. The amount of term life insurance coverage decreases each year. This form of term life insurance is appropriate for mortgage protection. The premium remains the same for the life of the policy but the amount of coverage will dramatically decrease over the life of a 20 year decreasing term policy.

  Note, decreasing term policies are usually convertible (to another form of life insurance such as whole life), but usually are not renewable.

• Increasing Term - Provides an increasing amount of life insurance over the duration of the policy. The death benefit increases gradually and the premium payments increase over the period of the policy.

Financial Ratings
• Review the financial rating of the insurer you select. We provide links to A.M. Best and other rating services from our Financial Rating page where you can quickly access the current financial rating of your insurer. You may want to select an insurer with an "A" rating or better to provide you with more security and confidence in your term life insurance policy.

  Compare Quotes

• Get several quotes and compare premiums for the same type of term life policy. Make sure you are comparing the same coverages. Premiums may vary dramatically by insurance compay. It makes sense to compare and save as much as you can while getting the coverage you want with a financially sound insurer.

  Review the Exclusions

• Make certain you review and understand any/all exclusions to the term life policy you select before you agree to the coverage.

  Policy Period

• How long do you want the coverage in force? Review your needs and consider all areas of your life for which you want to provide financial security and protection. Among these factors are providing financial means for Childrens' Education, to maintain your family's standard of living, provide for your children's weddings, spouse's retirement, pay the mortgage and monthly expenses. So you need to consider how long it is before you will have outlived these financial responsibilities.

  Limits of Term Life Insurance Coverage

• There are several factors to consider in determining the appropriate amount of term life coverage you need. Among these factors are your mortgage, childrens' college education expenses, auto payments, all other monthly expenses and cost of living adjustment. Please use the term life insurance needs calculator when comparing your life insurance quotes.
  
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Recommended - Net Coverage
If you are healthy you may Qualify online for up to $500,000 of term life insurance with no medical exam, just some health questions. "A" rated life insurance company. 30 day money-back guarantee. If you qualify, you may start your life insurance today. Get a free quote.