Term Life Insurance Quotes Facts
Term life insurance quote policies have never been as inexpensive as it the term life insurance quote policies are now. With the advancements in risk management, term life insurance quotes companies are now able to assess the risks of each term life insurance quotes policy much more accurately. As a result, average prices of term life insurance quotes policies have dropped considerably. Competition also has decreased term life insurance quotes policy prices. More and more term life insurance quotes companies now offer a greater number of term life insurance quote policies which has effectively increased supply while demand has remained constant.
Non-Guaranteed Term Life Insurance
Non-guaranteed term life provides coverage only for a short time (usually a year) and is a pure death benefit protection. The risk with term life is that your health might deteriorate and you may be unable to get another policy once the term is up. Premiums can also increase dramatically as you age, but term life insurance is usually a good choice for young people who can't afford the higher expense of permanent insurance, or for people covering specific needs that will disappear in time, such as a car loan or a mortgage.
Annual Renewable and Convertible Term
Annual renewable term insurance offers a longer term, usually for 10, 20, or 30 years. By buying a longer term policy, your costs can be stretched out to avoid the annual increases found in non-guaranteed term life.
Convertible term is like annual renewable term but it also offers conversion to a permanent policy in the future — when regular term premiums might become cost-prohibitive or if your health declines. Convertible term policies usually provide the maximum protection with the smallest amount of cash required. This is a good choice especially for young people who are unable to afford the higher cost of permanent insurance right now but need maximum life insurance, and also want to have the option of converting to permanent coverage in the future.