Term life insurance is one of the more popular forms of insurance. As such, people are constantly looking for quotes and policies that fit their needs. If you need to know how to get term life insurance quotes for you or to take care of your family, follow these guidelines.
1. Decide the number of years you would like to pay a premium. Term life insurance policies last for a given amount of time–5, 10, 20 or 30 years. If the insured passes away within the term of the policy, the beneficiaries receive the compensation described in the policy.
2. Figure out the amount of insurance you need. You can get a policy as small as $10,000 or policies as large as millions of dollars. Generally, people tend to get a policy that equals about ten times their annual income.
3. Prepare yourself for variable premiums during the life of your policy. Some term life policies may adjust over the years. You can also try to get a premium cap for your policy. With a premium cap written into the policy, you monthly or annual premiums are guaranteed to never go above a certain amount.
4. Visit the websites of different life insurance companies. Some companies specialize in term life insurance quotes while others focus on whole life insurance. You can also go to a website that offers comparisons of different companies.
5. Enter accurate information into the questionnaires to get an accurate estimate for your policy. You can get a quote through the company’s website, but this is just an estimate.
6. Talk with the agents at the companies you are considering. An agent will be able to explain term life insurance more in-depth and answer all of your questions. Once you find a company that you’re comfortable with, sign up for a policy and get peace of mind.
Tips & Warnings
* The younger you are when you start searching for term life insurance, the less expensive your premiums are likely to be.
* Term life insurance policies are designed for those who plan to be “self-insured” by the end of the policy’s term.
* Be honest when filling out your official policy information. Any false statements could be considered fraudulent and leave your beneficiaries without the money after you pass away.
* Don’t get too much insurance. A multi-million dollar policy might seem tempting, but the premiums can be costly and raise many questions when you pass away.