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Just as the name implies, term life insurance is purchased for a specified term or length of time. Typical term lengths are 10, 15, 20, 25 and 30 years. If the insured dies within the "term period", the insurance company pays the policy death benefit, free of income tax, to the policy beneficiaries. Term insurance provides the highest amount of coverage for the fewest premium dollars. The other type of life insurance, permanent life insurance, has a cash value that you can access by cashing out the policy or by borrowing against it. These policies can be designed to provide guaranteed coverage to age 120 while maintaining a level premium. Unfortunately we are unable to provide you with a quote for this type of product from our website. If you are interested in permanent insurance, please click here and we will provide you with a free quote.
The type of life insurance you need is dependent upon your particular needs. Term life insurance is appropriate and more cost effective for temporary needs which may be a period of one to thirty years. On the other hand, permanent life insurance is better long term needs of more than 30 years. In some cases, a mix of both term life and permanent life insurance may be most appropriate.
Most people purchase their life insurance policy with intent to replace income. Some experts recommend that you purchase 8-10 times your current annual income. This is an old rule of thumb that does not take into consideration your current assets and any special needs you and your family may have. The following items should be carefully considered: How much annual income will your family need? How many years will your family need this income? At what percentage rate will your family be able to invest their life insurance proceeds to provide income in later years? Remember that over time inflation will erode the purchasing power of your family’s life insurance proceeds. Use our life insurance needs calculator to determine the amount of coverage you need.
No. It costs you nothing to apply for life insurance, and you're under no obligation to purchase a policy if it is offered.
Once you run a life insurance quote, you can select coverage that meets your needs and request an application online. Completed forms are sent to you for your review and signature. Many carriers have accelerated underwriting processes, if your health is standard or better, you may be able to qualify without a physical examination. If a health interview is needed to provide you the lowest rate, your health interview will be performed by a qualified examiner and will take about 20 minutes, all examiners are trained in proper social distancing and protocols. It will include your medical history, blood pressure and pulse, height and weight, blood sample, and urine specimen. All this information is sent to the company who then determines the rate for which you qualify. The health interview is to give you the best personal chance at the lowest premium, and not to be classified at a “book” rate – without taking into consideration your personal health quality.
Each company uses their own criteria to determine which health class you qualify for and that determines your life insurance rates. In fact, it is entirely possible for the same person class to rate as "Standard" with one company and "Preferred" with another. Click on our Life Insurance Underwriting Guidelines to get an approximation of your health class. This determination may differ from the initial health class or rates you were quoted during the application process.
Your coverage does not begin until your policy is approved and your first premium has been paid. NOTE: If you are replacing an existing policy, it is very important to continue coverage until a new policy is approved at a satisfactory premium and placed in force.
You'll have an opportunity to review your policy within 20 days after you receive it. Under specific conditions, California and Kentucky residents may be given 30 days. You also have the option to cancel your policy at any time
No. As long as you pay the required premium payments your policy cannot be canceled by the insurance company during the policy period for any reason including changes in health. NOTE: As a policy holder you may choose to stop paying premiums at any time.
All reputable insurance companies are rated by independent financial rating services such as A. M. Best, Standard & Poor's, Fitch, and Moody's. Insurance companies are evaluated on their overall financial strength and liquidity, and are assigned a grade ranging from A++ (superior) to C. Term Savers carefully monitors the financial strength of each company we quote and represent.
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Policy Review is a consumer-driven process focused on evaluating the performance of your life insurance policy and comparing it against the best products available in the marketplace. Let us offer you a complimentary policy review!
It is easy and simple (but so important to you and your loved ones), just email us your request and we will follow-up with the policy review – mypolicyreview@termsavers.com
One of the most important things in life is knowing that the financial needs of your loved ones will be taken care of should something happen to you. Providing this type of security for your family is easy when you add life insurance to your financial plan. It helps provide security for your loved ones when they need it most. But a life insurance policy can do more than just pay a death benefit. Many policies offer features and options that can also protect you while you’re living.
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