Who Is Best Advised To Purchase A Term Plan?

The cost of term life insurance depends on multiple factors, including your age, health and the level of coverage you choose. The younger and healthier you are, the less your term life insurance premiums will generally be. For example, someone in their 30s who’s relatively healthy can typically get a better Term Life Insurance Policy than someone in their 50s. Your term length and how much coverage you select can also impact the cost.

Modelling their responsible behaviour, a client of ours just received a Term Life Insurance Plan at a very favourable rate due to their proactive health habits and their early age at application. Their premiums are considerably lower than those who postponed to buy in later years.

The best Term Life Insurance quotes online require comparing quotes from different insurance providers. Use an online tool to enter your data (age, health condition, sum assured) and score multiple quotes. This will help you explore the most competitive term life rates that address your individual needs.

In fact, We recommend that our clients shop around — and take their time doing it because the rates for each company can vary greatly. Compare quotes for Term Life Insurance online, and you could save 15% a year — as one of our clients did.

How much coverage you need depends on your personal situation. Generally, you want enough coverage to pay off the debts, support the dependents associated with you, and cover living expenses for your family. As a rule of thumb, experts generally suggest having coverage that’s at least 10 times your annual income.

A recent client in her 40s bought a Term Life Insurance Plan that would pay off her mortgage and fund her two children’s college education if something were to happen to her. This gave them peace of mind, knowing their family would be taken care of financially.

How long your Term Life Insurance Plan lasts really depends on you. Most opt for 20 or 30 years since those terms coincide with big financial obligations, such as raising children or paying off a mortgage. But if your finances improve, you may opt for a shorter term.

An old client of mine went for 30 years when they had babies and were still mortgage-bound. They believed it would be the best way to provide financial security until their children were economically self-sufficient.

While Term Life Insurance Plans are generally not flexible while in force, some plans include riders or an option to convert the plan into a Permanent Life Insurance Plan. If your needs change, for example, if you have more children or take on more debt, you can update your coverage, but that may require purchasing a new plan.

We have a client who recently saw their income double, and they wanted to plan for their growing family. They could obtain more coverage by buying another Term Life Insurance Policy without any medical underwriting.

Though Term Life Insurance Plans are not flexible once they are in force in general, the terms and settings of some plans include riders or an option to change the plan for its lifetime into a Permanent Life Insurance Plan. If your coverage needs to change, for instance, because you have more children or take on more debt, you can adjust your coverage, but you might have to buy a new plan.

One of our recent engagements was with a client whose income doubled and who wanted to prepare for their expanding family. They would be able to buy additional coverage by purchasing another Term Life Insurance Policy with no medical underwriting.

Many Term Life Insurance Policies have a conversion option, which allows you to make the switch to Permanent Coverage without a medical exam. This choice is particularly useful if your health changes during the term. But you may pay a higher premium for a Permanent Coverage Policy.

As an example, one of our clients had a Term Life Insurance Policy with coverage for 20 years. Toward the end of the term, they opted to switch to a whole-life policy for health reasons. Though the premium paid increased, they valued the flexibility provided by the conversion option.

To reduce your Term Life Insurance premiums costs, buy a policy when you’re younger and healthier. You can also reduce your premiums by choosing a shorter term or a lower coverage amount if your needs change over time. Some insurers also give multi-policy discounts.

Our 30-something client bundled their term life with their Auto Insurance to get a discount. Being proactive and comparing quotes for Term Life Insurance online saved them a lot of money every year.

Yes, you can cancel your Term Life Insurance Policy at any point. But if you cancel your policy during the term, you won’t be refunded for premiums you’ve already paid. You want to be sure before you cancel.

One of our clients decided to cancel their policy once their finances became better and they were able to put away more money themselves. Though it worked for them, we guide clients in making sense of all their options before they decide.

Get an accurate picture of your health, income, and family situation so you can compare Term Life Insurance quotes online. Just be sure to compare similar amounts of coverage and length of terms so you’re getting an apples-to-apples comparison. It also can be useful to check on any additional riders or benefits that come with the policy.

We have assisted clients in finding better prices for Term Life Insurance quotes online, directing them to comparison tools and verifying that they have all the information necessary to receive the most accurate outcomes.

Selecting the best Term Life Insurance Policy is an important decision that is based upon your individual needs. Knowing your rates, shopping for Term Life Insurance quotes online, and selecting the length of the policy are all ways to make sure you’re giving your family the best financial protection possible.

If you still need more guidance (as the options can feel overwhelming), contact an experienced insurance broker who can help you determine what works best in your situation.