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If you are a young smoker who needs short-term life insurance coverage (usually 5 years or less), then you may be able to receive a cheaper rate from a term life insurance policy than another life insurance type.
This is because, if you currently have no health conditions associated with your habit and you are still young, there is little to no chance that you will die within 5 years from a smoking related condition.
Since your term life insurance policy would end before this time, the company may not take your smoking into large consideration when giving you a term life insurance quote, unlike other life insurance options.
This will vary depending on the company and length of policy your choose.
Term life insurance may be the best option for younger persons wanting to have themselves covered if something should happen to them.
Term life insurance rates are often much lower than other comparable life insurance types for younger persons, since term life insurance rates typically start out very affordable and increase as a person grows older.
To find term life insurance, you can contact an insurance broker in your area or compare prices online. Stipulations and rate will depend on the policy and company you choose.
Although life insurance is generally targeted at those who have people that count on them everyday, those without dependants need to think about life insurance as well.
If you die, someone will have to foot the bill for your funeral and other expenses, which could leave a parent, sibling, or other family member in a financial bind.
Term life insurance may be best for those who have no dependants, since you can usually get as little as $5,000 worth of coverage (just enough to pay your final expenses), you can determine how long you want the policy (usually as little as 1 year or up to 30 years), and it will be easier on your wallet than more comprehensive types of insurance.
Stipulations and rate will depend on the policy and company you choose.
Although life insurance is often looked at as something that is an unnecessary cost, you may be taking more risk than you think. Luckily, term life insurance can be very affordable depending on:
- Your age
- How long you want the policy
- How much coverage you will need
For as little as $10-$20 per month, you could save a friend or family member from footing the bill in the event of you untimely death or enable your dependants enough financial resources to get by while they grieve.
If you need a term life insurance policy, chances are you need it for a short time and are not over 45 years old. Although you are looking for a policy to “be on the safe side”, you probably will not end up using it. Therefore, the most important factor for you will probably be cost.
When calling around for term life insurance quotes, cost may be the first thing you want to ask about. If the quote is comparable to others, you may also want to check into:
- The time lapse between death and payout
- What causes of death are covered
- Any additional restrictions that might hinder your beneficiary's ability to collect.
If you need short-term life insurance, then you may be best off investing in a term life insurance policy. It is preferable because:
- The premiums on a term life insurance policy are usually cheaper than that of other life insurance types.
- Term life insurance can be taken out for as little as one year.
This is great for those who:
- Plan on going out of the country for a short time.
- Those who need life insurance while they are waiting for other coverage to kick in.
- Those who may be involved in risky activities for a short time.
Term life insurance is probably best for anyone who does not need permanent or whole life insurance. This is because most people's need for a large life insurance policy decreases as their children become of age and they no longer have anyone who counts on them.
Since this is the case, and your monthly premiums will inevitably grow as your risk for death increases, you will want a policy that is affordable while you need it and that is easy to terminate once you do not.
Term life insurance can usually be taken out for up to 30 years. If you know that eventually you will no longer want the coverage, then this would be the best type of insurance policy for you.
If you plan on getting a term life insurance quote for a very short time, there may be factors that will not affect you as they would for a longer policy.
Therefore, if the company does not ask about something, do not volunteer the information when you call to receive your term life insurance quote.
Determining exactly how much coverage you need can keep your term life insurance quote on par with how much you will actually pay should you decide to take out a policy.
There are many factors to consider when taking out a term life insurance policy, including how much coverage you will need. Some of the factors you should consider include:
- how long you will need the policy
– what your death expenses would be
– if your life will undergo any major changes during your policy, such as marriage or birth of children
– if you have any additional protection for dependents in the event of your death, such as mortgage life insurance.
These factors will help you decide what term life insurance coverage amount is best for you.
To find the best term life insurance quotes, it is best to follow these steps:
1. Start with the Internet. There are many resources that will allow you to get instant term life insurance quotes just by answering a handful of questions.
2. After you find a few policies that you think you'd like to purchase, call each provider to ask additional questions and explain any circumstances that may affect the term life insurance quote that you received online.
3. From there, the only thing left is to pick the term life insurance quote that is best for you based on price, your goals, and your situation.