Term Life Insurance: How to Compare Quotes

Do you need life insurance? If so, have you considered term life insurance to protect your family?

Term life insurance quotes offer you protection for 10, 15, 20 or 30 years.

How does term life insurance work? It provides temporary life insurance for a period of 1-30 years.

It builds no cash value, you get life insurance, that's it.

Term life insurance may meet your temporary needs, such as, if you have a mortgage, young children, or outstanding debts which may be paid off within 30 years or less.

If you outlive your term of your policy the coverage ends. Renewable term policies allow you to renew your coverage without having to take a medical exam to qualify.

Term coverage offers a lower cost life insurance option when compared to permanent life insurance, which may cost you 2-3 times more, depending on your age and health.

The reason permanent life Insurance usually costs more is because it gives you lifetime coverage, and it builds cash value within the policy.

According to a study performed on behalf of the Insurance Information Institute Level term life insurance is the most popular type of term life coverage. In 2003, 97% of term policies purchased were level term.

Facts about Term Life rates:

1. Term life rates have declined for over a decade.
2. Term life insurance prices are now starting to rise due to change in the investment results for insurers and the need to raise capital.
3. Rates increase with age.

How can you compare quotes?

1. Contact life insurance companies direct for quotes.
2. Request free quotes online from a quote service.
3. Contact a local insurance agent to request quotes.

In addition, each insurer is analyzed by AM Best Company to determine their financial strength. Carriers with higher financial ratings may be better able to meet their financial obligations.

Life insurance quotes will show you the financial ratings for the companies, as well as, the prices, type of coverage and number of years of term life offered.