Term life insurance is the simplest and least expensive policy option due to its pure death benefit. In the event of death while covered by the “term” of the policy, the predetermined monetary benefit will be paid to the named beneficiary if you have paid the insurance premium. Most often, term life insurance is the best value for your money, as it retains the entire premium amount. The entire life insurance premium is used to pay the life insurance expense. In short, you pay the premiums in a term policy and there is no financial benefit other than the pure death benefit to those you leave behind. By the way, the death benefit paid to your beneficiaries is tax free.Term life insurance plans are effective for specific, designated periods of time (or “terms”), typically anywhere from 5 to 30 years. Because of this, term life insurance premiums tend to be far more affordable than that of permanent life insurance policies or other forms of permanent life insurance.
Term Life Premiums may be based on monthly, annual or quarterly renewable arrangements including:
- 5 year term level
- 10 year term level
- 15 year term level
- 20 year term level
- 25 year term level
- 30 year term level
For longer periods of time, the following term life plans are often the best option:
- 15 year term level premium
- 20 year term level premium
- 25 year term level premium
- 30 year term level premium
Renewable term life insurance offers a considerable amount of flexibility. Many consumers choose term life insurance because it is relatively affordable and provides an efficient and effective way to provide for their families in the unfortunate event of their death. Term life insurance, in this case, is not used as a long term investment vehicle.
Consumers with long-term needs should be aware that if they keep a level term life insurance policy longer than the initial level premium guaranteed period, their premiums will increase substantially or may not be renewable.
Term Life Insurance Note: In some states, level premium term may be limited in the number of years of coverage, or it may not be available above a certain age. If the type of term life plan you request is not available in your state, LifeQuote will provide you with a comparable quote to meet your needs. To get an idea of how much term life insurance you need, use our life insurance calculator to estimate your specific needs and determine the coverage amount.
LifeQuote offers a quick and easy process that allows you to find the most affordable term life insurance policy on the market, from only top-rated insurance companies that you can trust. Many of the nation’s largest insurance carriers often offer the lowest rates because they have the resources necessary to compete for your dollars. At LifeQuote, we are more than insurance experts – we take the time to learn about you, your family and your preferences before recommending a life insurance policy.
We offer several features to help make the process of finding the right life insurance as simple and painless as possible. From live chat to an easy-to-use calculator that helps you to better identify your insurance needs, we have a user-friendly tool to help you every step of the way.
To compare quotes, simply click get a quote and you will be taken to a page that asks you to complete a form. If you’re unsure of how much coverage you need, or how long the term should be, click start a chat to connect with one of our knowledgeable representatives immediately. You can also send us an email or call our licensed agents at 1-800-521-7873.
Find out more about the differences between term insurance and permanent life insurance and the advantages below: