Term life insurance is the most bought insurance policy in America today owing to its sterling features and long term benefits. Young people can purchase term life insurance at attractive low premiums for a term as long as thirty years. To gain maximum mileage out of a term life policy, riders can be attached to it such return of premiums, level premiums, accidental benefits, family benefits and others. To get the low rates on the term life insurance policy, you must buy it at a younger age or as early as you can, preferably while you are still in your twenties. Health must be taken care of and you must work towards being in top physical shape to avail the low rates. Complete health check up is done to ascertain the rates on an insurance policy. Quit smoking and tobacco use at least a year before you apply for insurance.

When you buy a life insurance no exam policies then you don’t have to take the physical examination. This policy comes at a higher cost than the regular physical exam policy. A no exam policy requires less time to process and you are given a list of questions for which you have to provide the answers. Based on the answers, the rates on the insurance policy are determined. These are the questions pertaining to your age, health, family history of health conditions and lifestyle.

You can also buy life insurance online or over the telephone and thus literally possess a life insurance policy in a matter of minutes. As soon as you are found eligible for term life policy which is determined by the answers to the age, health, occupation and lifestyle related questions, you are offered a rate. If you agree to the terms and conditions then you can immediately own the policy. There is minimum of paperwork and documentation involved and thus the processing and administration time is very less. This type of an instant term life insurance policy is gaining in popularity fast all over the country and more and more people are opting for it.

When you decide to buy a life insurance policy, you must clear all the doubts and queries regarding the policy terms and underlying conditions. Ask the agent or the insurance representative about the policy conversion options, credit points and aspects of decreasing, increasing and level coverage. Familiarize yourself with the riders that are available and can be included in the policy. Also inquire whether these riders come with an expiry date of their own or they end with the policy term end. Inquire about disability and family benefits riders as well. Find out if the disability rider expire after certain duration has passed. If you have opted for a children’s rider then ask at what age the child can convert the term policy to a permanent one.

All insurance companies have their own terms and rate charts when it comes to conversion and renewal of the term life policy. Take your time to comprehend what the policy actually entails and what you are getting into before settling to buy a policy. Do not hesitate to ask any questions which you might have. Decreasing term life insurance policy is the cheapest of all forms of term life insurance policies because the coverage goes on decreasing as the term wears on. A decreasing term is usually opted as a mortgage life insurance. A term life policy offers no cash values, it is a basic simple benefit policy.

The level premium term policy means that the premiums of the policy would remain level or same for the initial duration of the term and can see an upward rise when the initial term ends. You can lose your term life policy if you stop making the premium payments so you need to determine carefully the amount you can pay regularly towards your term life policy.
A term life policy is good option to pay for one’s own final expenses. It can also pay off any remaining home mortgages and utility bills. It is thus a sensible choice of insurance for families who do not have a lot of money to invest in whole life policies but wish for a financial security to take care of their needs when the primary wage earner is no longer alive.

Author Bio: Article by David Livingston of EQuote.com, a website with the best affordable life insurance and instant term life insurance information in the country.

Category: Finances
Keywords: affordable term life insurance, life insurance no exam