Term Life Insurance: Knowing the Basics

One of the most widely received insurance policies is term life insurance which is an insurance agreement that is payable within a specified period of time known as the term with premiums to be paid at regular intervals. This type of policy usually runs for as short as five years to as long as 30 years. Some however, have opted to offer one year term coverage. Term life insurance operates rather simply: pay your premiums regularly and get the predetermined death benefit if the insured or policy holder dies or becomes incapacitated in the period stipulated in the contract. In case you outlive your term coverage, you do not get the full benefits of the insurance. An exception however is when you bought a policy that includes a Return of Premium Policy that allows pay back of all the premiums paid even if the insured lives past the term.

Even with the initial affordability that is attributed to this insurance policy, it is still important to look for and look into term life insurance rates. You cannot simply assume that all insurance providers have the same, uniform price list. It is a basic rule in business to make your offers unique and more loaded than the others. This is best illustrated by promos and add – ons that will make the policies catchy and eventually create a mark or signature to
the clients.

Term life insurance rates usually come with a catch – so be careful and extra vigilant. Be very keen on details. A term life that pays 10 dollars a month is definitely an affordable premium. But something is bothering you. Dig deeper. Ask. “How long is the term coverage?” “Is the premium paid commensurate to the guaranteed death benefit?” It is only when you ask will answers be given. Besides, since life insurance, of whatever kind is necessarily and undoubtedly an added expense and another divisor to your income, you have the right to know all that can affect your chances of getting coverage.

Let us take one step further and look at instant term life insurance quotes. As the name suggests, instant term life insurance quotes are an on the spot information and assessment form readily available in the internet via the online sites of insurance providers or through email. This innovation allows a paperless, agent – less and medical examination - free purchase of insurance policies. Say goodbye to sending stamped letters to insurance companies asking for a copy of the agreement. Say goodbye to scheduled meetings in coffee shops or malls to discuss specifics. Say goodbye to persevering but often times bordering to getting too much excited agents. Say hello to within minutes interaction readily accessible information with a click of the mouse or two.

But while technology has catered these benefits, there are also a couple of drawbacks. The most common perhaps is a feeling of lack of control to information reaching you. When presented with a wide array of instant term life insurance quotes, you can experience information overload which can lead to confusion. Instead of deciding faster because of the myriad of choices at hand, you suddenly become disoriented and at times you may even feel that everything is one and the same. In times like these, never force yourself to make a decision. Take a step back. Breathe. Relax and clear your mind. Decisions reached in a haphazard manner often if not always turn out to be disastrous. This is one instance when you cannot afford to make lousy decisions. Remember that what you are trying to do here is insure your family – make them feel safe and taken cared of even after your death.

Life is sneaky and tricky. But that doesn’t mean you have to let it control you. You always have a choice. The challenge is to not waste the opportunity given to you to make a wise decision. Always weigh your options. Do not be blinded by attractive packages or be fooled by sweet claims. There is so much more than what meets the eye especially when it comes to term life insurance rates. Discern.