Term Life Insurance Quote

Term life insurance is the most basic, affordable type of life insurance coverage available in the U.S. Term life insurance policies are considered pure life insurance, offering temporary protection that only pays a death benefit if the insured person dies within the specified term of the policy. Term life insurance does not offer an investment feature or cash value like permanent life insurance. For this reason, when you are getting free, instant term life insurance quotes, you will find that term life insurance is the cheapest type of life insurance compared to whole and universal life policies, which are permanent and guarantee the payment of the death benefit for a lifetime. When requesting a term life insurance quote to compare prices, coverage, and companies, there are several different types of term life policies consumers should be familiar with in order to buy the best term life policy.

Term Life Insurance Quotes

Getting a free term life insurance quote helps consumers get an idea of the different prices and policies offered by life insurance companies. Life insurance quotes are instant, easy, and convenient – just enter your zip code, choose a death benefit, and answer basic rating information, such as height, weight, age, lifestyle (tobacco use, alcohol, obesity, etc) and a few brief questions about your medical history, and life insurance companies will provide you estimates on your term life insurance rates. You can get term life insurance quotes from the convenience of your home, without a broker, agent, or customer representative trying to sell you on a policy. Consumers can even request multiple free term life insurance rate quotes to compare dozens of plans.

Level Term Life Insurance

Level term life insurance offers a fixed death benefit and fixed term life insurance rates, which are based on the age and health of the insured throughout the policy term. Level term life insurance is most commonly available in periods of 5 to 30 years and expires at the end of the term, when the insured person must reapply for term life insurance coverage at a higher rate due to his or her increased age and risk. A basic level term life insurance quote usually has the lowest cost since these policies offer no special features.

Return of Premium Life Insurance

While term life insurance has no savings or investment component, return of premium term life insurance pays back all the premiums paid into the policy at the end of the term with interest. This term life policy itself has no cash surrender value like permanent life insurance policies, but if the insured person does not die within the term of the policy, the company returns all the premium payments in a lump sum to the insured person, essentially making ROP term life insurance free life insurance with no costs. However, return of premium life policies are more expensive than level term life, though much cheaper than whole life insurance or universal life insurance. Starting a term life insurance quote comparison will help policyholders compare term life insurance policy pros and cons before actually making a purchase.

Adjustable Life Insurance

Adjustable life insurance allows the policyholder to change the amount of the death benefit and premiums as his or her needs for life insurance change. For instance, while children are teenagers, in college or are still financial dependents,  parents may need high life insurance limits and more coverage, but once children graduate, parents may need much less life insurance. Adjustable life insurance also helps parents or adults who are retiring or are in retirement to adjust their death benefit and lower their life insurance rates.

With an adjustable life insurance policy, the death benefit can be altered to meet your changing needs, whether that means increasing or decreasing your limits to save money on cheaper rates. When comparing a term life insurance quote for different policies, the cost of adjustable policies will likely be higher than level term life insurance, but comparison shopping can help you find affordable rates.

Convertible Term Life Insurance

While many people would like the advantages of a permanent whole life insurance policy, whole life policies are not nearly as cheap and affordable as term life policies, and may be beyond the budget of young families. For this reason, life insurance companies created convertible term life insurance, which allows the insured person to convert a term life policy to a whole life policy during the policy period. Since many term life policies are for 20 or 30 years, financial circumstances like income and assets are apt to change during the term, allowing policyholders to afford the permanent life insurance policy they want and purchase universal or whole life insurance.

Once you switch convertible term life insurance into whole or universal life insurance, your life policy will allow you to contribute to the policy’s cash value, allowing you to save money or make investments for retirement. Bottom line is, convertible term life insurance offers you flexibility, and while you are comparing term life insurance quotes and rates, consumers should keep this policy feature in mind.

Renewable Term Life Insurance

Renewable term life insurance allows the policyholder to renew their life policy at a higher premium rate when it expires. The advantage of a renewable term life policy is that the policyholder does not have to repeat the application process or undergo another physical exam by an insurance company doctor, making renewable term life similar to no medical exam life insurance. A term life insurance quote for renewable life insurance will be higher than those for non-renewable polices since the insured is guaranteed the policy will be renewed even if his or her health changes drastically during the term of the original policy.

The obvious benefit of renewable term life insurance is that you are guaranteed another policy when yours expires; however, the life insurance company is exposed to additional risk and thus will charge higher life insurance rate prices.

Life Insurance Quotes

These are just some of the policy options available to you when getting a free, instant term life insurance quote. TheLifeInsuranceQuote.com offers hundreds of articles with life insurance information to help you educate yourself and choose the right term life insurance policy. After finding a few life insurance policies you may be interested in purchasing, we recommend consumers begin a life insurance comparison to see which coverage and insurance companies will offer the best life insurance for your current and future needs.

By entering your zip code, TheLifeInsuranceQuote.com helps you compare term life insurance quotes to find the best life insurance coverage with the cheapest rates. Life insurance quotes simply help you discover and compare different policies, coverages, rates, and insurance companies available in the U.S., so you can make an informed decision when you finally decide to buy term life insurance in the future.