If you have health issues, work with an experienced life insurance agent who can identify insurers most likely to give you the best rates. It’s important to compare life insurance quotes from multiple companies so you’ll be able to identify the true best value. Your age and health play a substantial role in your term life insurance quotes and the coverage available to you. Compare Quotes From Multiple Life Insurance Companies Here are some tips for how to find the best term life insurance coverage. While price is an important factor, it is not the only one. When you’re shopping for term life insurance, it may be tempting to look only at the prices offered. And even if you decide to shop for a new policy, your age and health at that time will no doubt result in higher life insurance quotes than what you’ll be offered now. If you outlive your term life insurance policy and decide you need to continue coverage, renewing the term policy will result in much higher rates. Rates for a longer term are more expensive than for a shorter term, but locking in your rates now for a longer term may end up saving you big in the long run. The average target retirement age of American workers has increased from 60 to 66 over the past 28 years.Ĭhoosing the right term length for your needs is important for multiple reasons. The average age of retirement among retirees is 61, up from 57 in 1991, according to a recent Gallup poll. Then the first step is to estimate when you plan to retire, and keep in mind that the age of retirement in the U.S. Perhaps you want coverage until you retire, so a payout could be used by your family as income replacement. If you’ve got 25 years left on your mortgage, but also want to make sure your new baby is covered through college, you may want to consider a longer term of 30 years. If you need coverage to pay off your mortgage and you’ve got 20 years left, you’ll want no less than a 20-year term policy. The main factor in choosing a term length is that it should be long enough to cover your financial obligations. This is because you will be older and may have new health conditions.Īfter you’ve determined how much life insurance you need, it’s time to decide on a term length. If you decide to buy a new life insurance policy when your level term period ends, you’ll also pay more.If renewal is an option with your policy, the high cost of renewing term life insurance after the level term period ends will come with a serious price tag.This lack of cash value is one of the reasons term life insurance is much cheaper than other forms of life insurance. ![]() There is no cash value in term life insurance so you can’t take money out of the policy through a loan or withdrawal like you can with cash value life insurance.Your rates can’t change even if your health changes. Your premiums will stay the same for the duration of the level term, so there are no surprises to your budget.You can choose a level term period that best matches the amount of time for which you need life insurance.Term life is much less expensive than other forms of life insurance, such as whole life insurance.Here are some potential benefits or drawbacks of term life insurance. ![]() Compare quotes from participating carriers via
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