Basics about Term Life Insurance Quote
If you require affordable life insurance policy, then term life insurance forms the best options. You can easily seek term life insurance quote of famous insurance companies through the online mode. Consider the cost of the premiums and the amount of money which your beneficiaries will receive. The insurance policy provider will also have few questions for you before signing the deal. Even though they may not ask you to go through full physical examination, they may still ask some questions related to your medical history.
Basics of Term Life Insurance Policy
Term life insurance provides coverage for a limited period of time, ranging from 1 to 30 years. During this period, your beneficiaries are entitled to receive the stipulated amount in case you of your death. For instance, if you have taken a policy for 20 years and the amount receivable is $100,000, and if you die in the 19th year, your beneficiaries will receive the full amount. If you fail to pay the premiums on a timely basis, in this case your policy may be cancelled before the end of your term. As the risk of the company is lower as in case you survive the span for which you have taken the insurance, the company benefits from it; this is the reason why the policy is offered at affordable prices.
End of the Term
When the specified period for the policy ends, your policy will expire and your beneficiaries will receive nothing. However, the policy holder has two choices. First you can renew the policy for another term. In this case, the premiums which you have to pay for the policy will be higher. This is due to the fact that with the increase in your age, the risk of your death also increases. Thus, you will have to pay more premiums if you want to continue with another policy. In some cases, the insurance provider may refuse to renew the policy if your age crosses certain limit. The second option is that you can convert your term insurance into full life insurance. The amount of coverage will remain the same, but the premium will be higher, as you get more security.
So, seek term life insurance quote for the period which you believe is ideal for you. You can search for the best website that provides quotes of different insurance companies. In fact, these websites also offer health insurance leads to the insurance agents and insurance providers!