Term Life Insurance Quotes

Types of Term Life Insurance Quotes

Term life insurance policies provide coverage for a specific term (set amount of years). Terms can range anywhere from 1 to 30 years. While some term policies may require a medical exam, many do not. As with any type of insurance policy, it is important to get a term life insurance quote before purchasing coverage. Quotes can be obtained online or through a major insurance broker or agent.

When asking for a quote, keep in mind that term life insurance has several different forms. Here are the most common types of coverage:

• Annually Renewable— This kind of insurance usually comes in terms of five years. Each time the term is renewed, the premium may go up.
• Level Term— Premiums are fixed and guaranteed for the term chosen.
• Return of Premium— Usually set at a higher initial rate, a return of premium policy allows the policyholder to get back his/her money at the term expiration if he/she did not make a withdrawal on the policy. Not all companies provide this type of policy.

Background Information

To receive accurate term life insurance quotes, you will need to provide a certain amount of background information. Most companies will ask about the state you live in, your date of birth, height, weight, and tobacco/nicotine use. Additionally, you may be asked to provide information regarding:

• Cholesterol level
• Blood pressure
• Cancer history, including immediate family
• Depression history
• Alcohol and drug use/abuse history
• Hazardous occupations or activities
• HIV
• Diabetes
• Kidney or liver disease
• Epilepsy
• Crohn’s Disease

Additional questions regarding you or your family’s health may be asked. These questions determine whether or not you qualify for a policy (some policies deny coverage on pre-existing conditions) and what your life insurance premium will be. Staying in good health and not smoking can greatly reduce your premium payments.

Comparing Term Life Insurance Quotes

Getting term life insurance quotes from several different websites may be a good idea, even if you plan to go to your insurance agent. This way, you have several different comparisons, which will help you determine whether or not your agent is giving you the best deal.

For example, a non-smoking 25-year old female in the state of Iowa has many different premium options. For a 200,000 dollar 30-year term policy, IntelliQuote.com found policies ranging in price from 224 dollars a year (Great West) upwards of 446 dollars a year (Transamerica Occidental Life).

And remember, comparison sites are everywhere, and not every comparison site has the same information. Again, take that same female in the above example. For a 20 year, 200,000 dollar return of premium policy, Insure.com found rates as low as 328 dollars annually (Fidelity & Guarantee Life). QuickQuote.com found even lower rate of return policies, with several under 200 dollars a year (Genworth Financial and Lincoln Financial Group).

Most online sites that provide term life insurance quotes also give the Standard & Poor’s and AM Best ratings for the insurance company and policy suggested. These companies investigate insurance industry standards and quality.

Therefore, doing research and homework can be beneficial to your bank account. Of course, a further application will need to be filled out before actually qualifying, and there are differences in term life insurance policies that should be looked into. Perhaps the more expensive policy will cover your hazardous activities, but not the lower rated ones. Or maybe one policy will cover a pre-existing condition, but not another. You should take into account these things when evaluating term life insurance quotes.