subject: Cheap Term Life Insurance – Know Your Options [print this page] Cheap Term Life Insurance Know Your Options
Purchasing life insurance can be extremely expensive if you do not know which type of policy is best for you. Term life insurance provides coverage for a given period of time as little as five years, or as much as 50, depending on the policy and insurance company. You should make sure to talk to an agent before purchasing cheap term life insurance know your options before you go and then decide which type is best for you. Common types include annual renewable, no exam, and level premium term life insurance.
Most people do not purchase life insurance for just one year. The odds of collecting a death benefit during this period are extremely low as little as 1%. Those who can foresee their deaths, such as people with terminal illnesses, are often too ill to be insured in the first place. This is why you should research cheap term life insurance; know your options so that you get the best available policy. Annual renewable term life insurance is an option to consider. This type lasts for a year, but is automatically renewed for a period established by your insurance company. Premiums are usually quite low in the beginning but will increase exponentially over time.
The next type of life insurance is level term life insurance, also called level premium term life insurance. This type of insurance lasts for a much longer period of time, during which premiums remain the same every year. Contracts generally last for 10, 15, 20, and 30 years. The longer the contract, the more expensive your premiums will be. Insurance companies basically average the cost of insuring you now and in the future. Although many policies are guaranteed renewable, when it comes to cheap term life insurance, know your options so that you get the type that is best for you.
Finally, those who might not be insurable under normal circumstances might consider purchasing a no exam term life insurance policy. As the name suggests, this type of term life insurance does not require a medical examination. The application process usually takes less than six weeks. As mentioned above, this type is best for those with terminal illnesses who might be considered uninsurable otherwise. No exam life insurance tends to be the most expensive option because an insurance company will have no way to determine your overall health. No matter which type you choose, take some time to research cheap term life insurance. Know your options and discuss them with an agent or broker if necessary.
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