How to Get an Affordable Term Life Insurance Policy – ​​InsuranceNewsNet

CHICAGOMarch 25, 2022 – (

iQuanti: Term life insurance policies provide coverage for a fixed period, usually 10 to 30 years. If you die during this time, your policy pays a death benefit to your beneficiaries, helping them to remain financially stable.

Term life insurance premiums tend to be more affordable than permanent life insurance premiums. You can take extra steps to get a great rate without sacrificing coverage. In this article, we’ll dive into some tips for getting affordable term life insurance, then walk you through the process of getting a policy.

3 ways to get affordable term life insurance

Here are some ways to get a term life insurance policy with affordable premiums:

1. Compare life insurance companies and plans

Life insurance companies may offer you different rates for the same duration and amount of coverage. It is wise to get term life insurance quote with several insurers in order to be able to compare costs and find the best rates.

2. Buy a package as soon as possible

Young people are less likely to die from health complications, so they may qualify for cheaper term life insurance rates. Purchasing a term insurance policy as soon as possible can help you get lower premiums on coverage.

3. Add only the passengers you need

Many life insurance companies offer policy add-ons called endorsements. Sometimes adding these riders to your coverage can increase your premiums. To save money, make sure you only get the passengers you need.

How to Get a Term Life Insurance Policy

Getting a term life insurance policy is a simple process. Here’s how you can get a plan:

1. Determine the coverage you need

First, decide what coverage you will need. In general, it is recommended to get a death benefit of 7 to 10 times your annual income. You also need to choose your beneficiaries, or the people you want to receive your death benefit. If you have multiple loved ones that you want to protect financially, you may need to purchase additional coverage.

2. Shop around and compare quotes

Then shop around for multiple quotes. You can find free quote forms on life insurer websites or use a quote aggregator website to get several at once. After gathering a few quotes, compare rates and coverage, and choose the best life insurance policy to move forward.

3. Apply for the policy

Once you have found the policy of your choice, you can complete the life insurance application. Make sure you have all the necessary information on hand before applying, such as your annual income, net worth, name and address of your doctor, medical history, height and weight.

The app will ask you to provide details about yourself, hobbies, other life insurance policies, etc. If the policy requires a medical exam, you can schedule the exam after you submit your claim so the insurer can calculate your premiums.

4. Wait for the subscription process to complete

Underwriting, or the process by which your life insurance company evaluates your application and the results of your medical exam, can take several weeks. During this period, the insurer will assess details such as your health information and lifestyle when confirming your eligibility and the amount of premiums you will pay. Simply wait for your insurer to contact you to sign the policy.

5. Sign the documents

Once the underwriting process is complete, the insurer will issue you a policy offer for the term life insurance plan which you can sign and approve. This offer will show your life insurance policy details including premium payments. If you agree with everything, you will sign the documents and pay your first premium. Once this step is completed, your policy will be officially in force.

The bottom line

Term life insurance can be a great tool for supporting loved ones if you die, but you want to make sure you can afford the premiums. First, determine the coverage you need, then research multiple quotes to get the best rate. Consider buying a policy earlier in life and only buy the endorsements you need. Following these steps will help you get the right coverage without breaking the bank.

How to Get an Affordable Term Life Insurance Policy