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Are there options for the length of coverage?
Many times, yes! Many of the quotes we find you may offer a series of convenient options that let you select an affordable term life insurance policy that meets your existing needs and future financial goals. We know that your situation may be unique, so the quotes for which we search generally offer terms of 10 years, 15 years, 20 years, and, in some cases, even 30 years. Getting a term life policy could help provide your beneficiaries with a financial safety net well into the future, no matter where you happen to be in life.
I want coverage for life. Can I convert my existing term policy to a permanent one?
Many times, yes! When you let us find an affordable term life insurance quote for you, many times the quoted policy comes guaranteed with convertibility. That may mean that if you decide you’d like to extend your coverage (at any point while your term life policy is in force), you may be free to do so.
Should I convert my term life policy to a permanent life policy?
That’s generally up to you. We can tell you that it may generally be an easy way to save money if you plan on continuing your coverage down the line. We find affordable term life insurance quotes based on a specified term and by doing so, the monthly premiums may generally be very low. However, people come to rely on this coverage and often want to extend affordable term life insurance coverage beyond its initial term. Unfortunately, though, renewing your term life policy may often result in a monthly payment that is considerably higher. So for those looking to extend their life insurance indefinitely, they can convert to a permanent policy within their initial policy term.
What do I need to know about selecting the most affordable term life insurance policy?
Like many other insurance products, term life insurance is highly personal. Some things to consider when looking for a policy would be your current mortgage, the number of dependents in your family and anyone you’re responsible for that may require financial security.
Will my beneficiaries have to pay income tax should they be awarded a payout from my policy?
We encourage you to speak with your accountant regard this topic, but in many instances the answer is no. As long as your policy is in good standing, the named beneficiaries may not be held liable for income tax on death benefits.
If you have additional questions, we’re here to help. Fill out the simple request form and we’ll send you a list of quote options based on your financial situation. It’s fast, easy and there is no obligation.
