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Article provided by: Insureist

Term life insurance

Term life insurance

Term insurance policy is a kind of insurance policy wherein coverage is provided for a stipulated term of years. A death benefit is then paid to the policy's beneficiaries if the insured party dies within that term. 

Term life insurance is becoming an increasingly popular option because it costs much less than whole life insurance. The relative inexpensiveness is due to the fact that, unlike whole life insurance, term life insurance has no investment component and doesn't last forever. If you wish to know more about term life insurance, here are answers to some of the most frequently asked questions about the topic.

Who Needs Term Life Insurance?

Everyone who has dependents needs life insurance. It is also a good idea to get life insurance if you have debt like a student loan or mortgage that you might be passing along to someone else.

What does a Term life insurance cover?

Here are the expenses covered by life insurance:

  • Student loans and other types of co-signed debts
  • Mortgages
  • Daily expenses 
  • Burial expenses
  • College expenses for your children
  • Estate taxes
  • Medical expenses
  • Expenses on home maintenance

Types of life insurance

  • Term life policy
  • Whole life policy
  • Universal life policy.
  • Final expense insurance
  • Simplified issue and guaranteed issue insurance
  • Group life insurance

Types of Term life insurance

Level Term: With this type of term life insurance, the death benefit remains the same for the length of the policy

Decreasing Term: Here, the death benefit drops throughout the policy. It is often in yearly installments.

Term life insurance vs. Whole life insurance

Term life insurance is easily the most affordable life insurance you can buy. All you do is pay a premium, and the insurer guarantees to pay your beneficiary a lump sum of money if you die within the policy's stipulated time. It is sold for a specific amount of and once that time lapses, the policy is no longer in effect, and you stop paying the premium.

With Whole life insurance, the policy covers your lifetime, so it never "expires". It has a "cash value" component that grows at a low but steady rate over the policy's life. You also get to pay a fixed premium amount.

When is the best time to buy Term life insurance?

That depends on you and what your needs are. There is the argument that the younger you are, the better since you pay less when younger. However, it is advisable to get it only when you need it. Say, for instance, when you have a significant number of dependents.

How does the application process work for Term life insurance?

  • Submit application paperwork.
  • Set up appointments for the interview and paramedical exam.
  • Complete the phone interview.
  • Complete the paramedical exam.
  • An underwriter reviews your application.
  • The application is approved.
  • The policy goes into effect.

Do you want to know more about term life insurance or buy a plan? Insureist is easily one of the most affordable insurance companies around, and our brokers are always on hand to give you the best advice. Contact us on 888-470-1550 for the best insurance policies, and you'll receive a quote within a few minutes or less.

Insureist
(888) 470-1550
Term life insurance
500 Westover Dr #18632
Sanford NC 27330

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