There are three important things to consider when purchasing term life insurance
Price – How does the term life insurance policy stack up against other companies in regards to price? Most people would agree a Lamborghini would be awesome to drive around if you had an extra $500,000 hanging around, but it is unrealistic for most people. There are some very expensive term life insurance policies with highly rated insurance companies who do a great job advertising on television, but are you paying way much for them because you have “heard of them”, or “seen” them on tv?
Convertibility – What if you change your mind down the road and would like to extend your coverage for a longer period of time? Well… if your health has changed, a new policy will be very expensive, or not possible. Having convertibility privileges within your term life insurance policy becomes extremely important if your health changes in the future. We get calls everyday to our Bellevue Washington office from people who first and foremost are looking for Pacific Life (not us), and people who are uninsurable and would like to buy life insurance. Making sure the policy you purchase has options down the road to make it last longer is often disregarded. Do not make the same mistake if you can help it.
Accelerated Living Benefits – Some term life insurance policies offer accelerated living benefits in the event of a terminal, chronic, or critical illness, these benefits can be utilized before a death occurs. Meaning, people can access the life insurance death benefit while they are still alive. How would you like the option to cash in the event of a heart attack, stroke, cancer, major organ transplant, and kidney failure? Term life insurance with accelerated living benefits can accomplish this.
If you are a Washingtonian searching for term life insurance, give us a call or schedule a time to speak over the phone, we welcome the opportunity of getting you more information. Pacific Insurance Group has several agents all over the Evergreen State, we can help.