Term Life Insurance

Affordable Protection, Flexible Options

What is Term Life Coverage?

Term life coverage is insurance that lasts a specific amount of time, or “term”.

It is generally designed as a low-cost solution to temporary needs. Very often, it is sought out during an individual’s peak earning years when death can cause the greatest financial hardship.

Term coverage is usually the most affordable when initially purchased but only pays out a death benefit if the insured dies during the specified term. Still, the variety of term lengths available make it the ideal choice for a variety of situations.

Advantages
  • Flexibility – Terms Lengths of 1-30 Years
  • Affordability – Least Expensive Insurance
  • Simplicity – Straightforward Coverage
  • Utility – Useful for a Variety of Applications
  • Malleability – Options to “Convert” Policy
Great for
  • Replacing Your Income
  • Protecting Spouse From Mortgage Costs
  • Ensuring Your Kids of Higher Education
  • Paying Off Loans and Liens
  • Helping Family with Final Expenses

Variations, Types, and Options

INCREASING TERM

Rarely used type of term coverage where the death benefit rises over the life of the policy. Premiums may or may not increase depending upon configuration.

Guaranteed Level Term

The most common type of term insurance. Also the simplest, with premiums that remain the same through the life of the policy. May or may not be renewable.

Decreasing Term

Term coverage with decreasing death benefit over time. Generally used to insure people whose financial responsibilities will decrease over time.

MODIFIED TERM

Another uncommon type of term insurance that utilizes an alternative payment structure in which your benefits remain consistent but the premiums do not.

ANNUAL TERM

Often referred to as Annual Renewable Term (ART) because these policies are designed to renew at the the end of every year, though premiums usually increase.

Renewable Term

Allows the insured to renew their policy with an identical one when the term has expired. Only change in premium based on age. Come in 1 and 5 year varieties.

SIMPLIFIED ISSUES

Big draw: no insurance medical exam required and only a few questions to answer. Still comes with a variety of terms, prices, and options. Premiums may or may not increase depending upon configuration.

Return of Premium Policy

Provides the option to have your premiums returned at the end of your policy if you are still alive. Different configurations, but generally higher premiums.

Convertible to Cash Value

Allows policy owner to convert policy to some form of cash value coverage. New premiums based on age at time of conversion. Various stipulations.

Choosing a Term Life Insurance Policy

When shopping for term life coverage, it’s essential that you keep the context in mind.

Unlike permanent life insurance plans, term policies have an expiration date. This actually gives you several additional factors to take into account.

First, most people should have a specific reason to choose term coverage. The length of certain situations often dictates the term length. If you need coverage indefinitely, this is probably not the market for you.

Second, renewing term policies can be more expensive—or even impossible. That is to say, you may no longer qualify at all. This potential makes proper planning even more essential.

Third, there are so many different kinds of term life coverage policies that you will likely need an expert in order to tell which one makes the most sense for you. The sheer number of options can make it really confusing to the average consumer.

Balancing all the different variables while trying to find a great value can be very tough. That’s why finding a life coverage agent you trust can be one of the best decisions you make in your entire life.

Getting A Great Online Life Insurance Quote

Almost everyone could benefit from an affordable life insurance policy. While nobody wants to think about the possibility of succumbing to an untimely death, there will come a time when you need to face your own mortality. While looking at your loved ones and your finances, your passing can have a major impact on the overall quality of life for those you leave behind. This is why it makes such great sense to look for an online life insurance quote.

When you go online for a life insurance policy quote, it will make sense for these reasons:

Multiple Agencies – Immediate Quotes

The ability to get immediate quotes from numerous agencies is something that would be impossible without the convenience of online technology. Before, you would need to call each individual insurance company and give them all of your information separately. After that, you would need to set up appointments with an agent to go over all of the policies to help determine the benefits for each one and then narrow down the list of options to the policy that suits your needs best. This was obviously time consuming, and in many cases it would take several days to completion. When you go with online forms, you can easily send your information off to multiple companies with one entry form. This means you will have the life insurance quotes that you are looking for in mere seconds.

No Need For Medical Examinations

It can be rather frustrating to look for life insurance to find that you have to get a medical examination done before you are able to get an accurate quote. You never want an invasive procedure standing between you and the information you have to have to make an insurance coverage decision. When you get an online quote, you have the ability to enter in all of the relevant information on the online entry form to get a quote without having to wait for an exam. This will save you money and time. While you may have to go through a medical examination after you find the policy you want to buy, you can delay the expense and the time until you can be sure of what you want.

An online life insurance quote will only take you a few seconds. You can view all of your possibilities with Pacific Insurance Group by clicking the button below.

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