If You Want To Receive Cheap Term Life Insurance Quotes You Must Fulfill Certain Conditions

Did you know that, not long ago, fire insurance was more popular than life insurance? In fact, if you look back into the history, you will find that the first insurance company in the United States opened in 1732, but it was not until 1760s that the concept of life insurance entered the US market. Even now, you will find a large percentage of US population living without any kind of life coverage. It is not that they do not understand the importance of life insurance; it is simply that they do not know cheap life insurance policies are readily available even in these days of rising inflation.

If you find that little perplexing, meet some insurance experts to find more about term life insurance. These are pure life insurance policies aimed at providing adequate coverage at low rate. Or may be I should put it a little differently to say that while other policies are overpriced to provide extra options, these policies are priced exactly to provide the required coverage at an affordable price.

Indeed, there can be two reasons why the term life rates are low in comparison to other policies:
• The premium you pay for a term life does not buy you anything other than death benefit while in all other policies, a part of the premium you pay is utilized to develop a cash value separately from the death benefit. That is why while the term life insurance rates can remain low, all other policies are essentially more expensive.
• Moreover, the term life is a temporary policy valid for 1/5/10/15/20/25/30 years. Now, even if you buy the policy for thirty years (nobody should need coverage more than that), there is a big chance that you will outlive the policy. According the terms and conditions, claims are payable only if the insured dies within the term and so in most cases the policies expires without having to make any payout.

Therefore, if you cannot afford the more expensive cash value policy, you can always buy a low cost term life insurance to look after your insurance needs. If you are young and healthy without tobacco use, you can get the coverage at a monthly premium, which cost less than a restaurant meal! You may find that surprising, but that is how cheap a term life is, provided of course you meet the carriers’ underwriting guidelines closely enough. Otherwise, you may find the rates to be higher, but not as high as most cash value policies have.

Now, what are those guidelines are? Frankly, each carrier follows a separate set of guidelines. However, the variation is found in the details only; the principle is same. You can know more about it if you talk some life insurance experts dealing in term life; but if you receive multiple quotes and study them, you can have a fair idea about the whole process.

However, let me tell in short the criterion for receiving cheap term life insurance quotes. As we have already pointed out, one has to be young and healthy without tobacco use. The best rates are available if you are in your thirties; if on the other hand you are on the wrong side of fifty and still need the coverage, a graded life insurance policy is perhaps a better option. The next criterion is your health.

It is not only import to be healthy and devoid of any ailments at the time of policy purchase, before they offer lower rate, they want to make sure, you will remain healthy in near future too. That is why higher body mass index as well as tobacco use has the potential to increase the rates. The rates are also increased if your blood relatives have diseases that are of hereditary nature. For example, if your parents or siblings have developed or died some coronary diseases before the age of sixty, you will have to pay at a higher rate.

Now, how do the carriers can know about your exact health condition? The answer is simple; to be sure about it, they not only make you undergo paramedical test, but also run you through Medical Information Bank for all types of information. However, if you want, you can avoid the medical test simply by opting for life insurance no exam. Look for them for getting an immediate coverage and that too in a most hassle-free way. However, if you are looking for low cost term life insurance, you are sure to be disappointed. These policies are term life, but not at all low cost.