Low cost term life insurance is a much sought-after thing by many. It could sound redundant to use the terms low cost and term life insurance together, as in general, term cover is considered to be the less-expensive cover. For people from different walks of life, various age groups, and varied health conditions, term life cover seems like a versatile option. Even with a term policy, people can end up buying an expensive one, if they buy something that does not suit their needs or buy one from a not reputable company or buy one at the wrong time. The quest on how to get low cost term life insurance, can help solve this issue.
The three fundamental types of term insurance are Decreasing, level and annual renewable. Decreasing term is one of the most popular types. You can take this policy to cover your mortgage. As your mortgage decreases every year, the premium also decreases and in some cases even your death benefit also goes down. Level policy lets you cover immediate needs like small loans. With annual renewable the premium keeps increasing while the sum assured can be level or continuous.
The different term periods available under a term policy are, 10, 15, 20, 25 and 30 years. Ten-year policy is good for someone who needs a very short policy for say, paying for a child's education. The premium for such a policy can be as low as thousand dollars. Fifteen-year policy is ideal for someone who has to clear off the mortgage. Twenty-year policy is best suited for newly wedded people as they have to start a new life together and need time to settle. It is also good for start ups. Twenty-five and thirty-year policies are not so popular. People looking forward to buying term policy do not consider such long terms. Instead, they work out to be cheaper and are more practical.
The best way to buy a term policy is using Internet. First you have to obtain the life insurance quote on line. You can get as many quotes as you want from different providers. You can have in-depth study of the industry, providers, policies and underwriting rules online while you shop. All this can be done at leisure, as you wont have any agent pestering you to buy a policy, making you feel obligated for the time spent. If you start young while still in good health, you can get attractive insurance rates.
To make the process of buying insurance even simpler, there are life insurance no exam policies. These policies have made online life insurance really instant. If you are reluctant to undergo any medical exam and if don't want to wait for the lengthy underwriting process; no exam policy s the best for you. Term life insurance policies are usually offered as the simplified issue no exam policies. No exam policies are mainly for those who are not residing in the nursing homes nor have any terminal illness. Such term policies are generally more expensive than the policies with exam.
With the competition in the industry is growing like any thing, the insurance providers are coming up with newer strategies to move ahead of the competition. One of the niches that face a strict red tape in the insurance industry is the smokers and nicotine users group. Now, low cost term life insurance is being offered this niche by some companies to gain more footholds in the industry. A healthy person at optimum weight can qualify for a 10-year term policy with sum assured of 250 thousand dollars for a forty-dollar monthly premium. Moreover, some companies categorize type and duration of tobacco use such as cigars, tobacco chewing, cigarettes, e cigarettes, nicotine gum, nicotine patch, pipes, etc. Occasional smokers can land a lower rate than what the chain smokers can get.
Even though, term life policy does not offer cash value accumulation, it makes up for it in being affordable and simple. In these tough economic times, when sparing extra money for anything other than your basic necessities is really very difficult, you can choose low cost term life insurance that helps you make the responsible investment for your family at affordable rates.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life and cheap life insurance, visit his site today.
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