Term Life Insurance Rates
Term life insurance is short term
life insurance intended to cover temporary life insurance needs. In
this case, short term really means 'non-permanent' and typically means
periods as long as 10, 20, or even 30 years.
This type of temporary protection is well suited for such needs as mortgage life insurance protection, or protecting a breadwinner's paycheck prior to retirement. These types of needs generally are temporary as the mortgage eventually becomes paid down or the breadwinner retires and has less dependent needs. It's poorly suited for permanent needs such as business succession and estate and tax planning purposes.
Over the last 30 years term life insurance has evolved into a very competitive marketplace. Life insurance rates continue to be driven downwards by competitive pressures. With the advent of online systems for life insurance quotes consumers are shopping more frequently – and as a result insurers continue to price even more competitively. If you have a policy that's more than 5 years old or up for renewal, it's likely well worth your while to continue to shop the market using one of these online quoting systems to see if you could save even more money on your term life insurance.
After you've compared prices, a knowledgeable insurance broker such as AmericaQuote can help you select from the least expensive alternatives using additional factors such as company ratings, renewal premiums, company underwriting practices and service standards. This ensures that you not only have the least expensive product for you, but also the highest quality company.
One thing to remember as you shop however; never cancel an existing insurance policy until you have your new product in place. Occassionally previously unknown health problems crop up during the underwriting process. Cancelling your existing product only to find out that you are unable to qualify for a new policy could leave you not only uninsureable but uninsured.