Which Term Insurance is Good?

Choosing the right type of term life insurance policy will depend on your specific life insurance needs.

However, the more popular type of term policy is level term because it provides premiums that remain level throughout the duration of your policy, while the amount of life insurance provided never decreases. 

That way you can budget for your monthly premiums to stay the same for your entire policy term, usually up to 30 years.

Whereas, other types of term plans may offer temporary coverage, but the premiums may change or the amount of life insurance provided may change more frequently.

Life Insurance Policy Death Benefit?

What is a life insurance policy death benefit?

The death benefit of a life insurance policy is the amount of money your beneficiaries will receive from your policy upon your death. This is paid out by the insurance company if the coverage was “In Force” at the time of your death.

Your beneficiary makes a claim for death benefits by contacting your insurance carrier after your death. The insurer will advise the beneficiary of the procedures for completing the claim on your life insurance benefit.

Learn more about a life insurance policy death benefit and how it works.

Guaranteed Life Insurance for Seniors over 75

Can people over seventy-five years old get life insurance with guaranteed approval?

Yes, in fact, several life insurers offer guaranteed issue life plans for seniors.

Among the leading providers of guaranteed acceptance life insurance policies are United of Omaha, AIG, AAA, Colonial Penn and MetLife.

Seniors age 45 to 85 may be able to get up to $25,000 of life insurance with guaranteed approval from United of Omaha, for example. Get a free quote.

However, if you need more coverage, you may be able to buy a policy from more than on life insurance company.

There’s no health exam required and no medical questions asked for guaranteed issue policies.

Here’s how to buy guaranteed life insurance for seniors over 75 years old.

Who Offers Guaranteed Life Insurance?

When it comes to buying a guaranteed approval life insurance policy, you may have several insurers to choose from for your coverage.

Some of the leading providers of life insurance policies with guaranteed approval include United of Omaha, AIG, AAA, Colonial Penn and MetLife, among others. Get a free quote.

Keep in mind, pricing does vary among insurers; as well as, the amount of coverage available, and the age requirements for approval.

And, you may be able to buy a policy from more than one insurance carrier.

Learn more about Who offers guaranteed life insurance policies.

Term Insurance Meaning?

Term insurance is a type of life insurance that provides you with temporary coverage lasting for a specific period of time, usually up to 30 years.

If you die during your policy term, the death benefit is paid to your beneficiary.

If you are alive when the policy term ends, your life insurance coverage expires and you are no longer insured – there is no payout of any benefits.

Level Term Life Insurance usually offers the most affordable life insurance coverage lasting for thirty years or less.

Learn more about the meaning of term insurance and how it works.

Is Term Life Insurance Expensive?

No, term life insurance is not expensive compared to other types of life insurance available.

However, it depends on how long you need your life insurance coverage to last.

Permanent life insurance provides lifetime protection and builds cash value inside the policy, buy can cost up to 5-10 times more than the amount amount of term life insurance.

Term life insurance is temporary life insurance providing coverage for a period of 10, 15, 20, 25, 30, 35 or 40 years – so you may outlive your life insurance coverage. Also, term life does not have cash value, it is pure protection, only providing a death benefit, if the insured dies during the policy term.

If you need life insurance for only 30 years or less, level term life insurance may provide the most affordable option for life insurance protection.

Learn more about Is term life insurance expensive?

Who Does Term Life Insurance Cover?

Term life insurance policies cover the insured person.

The insured is the person named as insured on the life insurance policy.

Your life is insured in a life insurance policy.

If you die while the policy is In Force, the death benefit is paid out to the beneficiary of the insurance policy.

Usually, the insured is the owner of the policy responsible for paying the premiums to the insurer.

However, the owner of the policy may be someone other than the insured.

Learn more about who term life insurance covers.

Final Expense Insurance vs Term Life

How does a final expense life insurance plan compare to term life insurance?

They are different types of insurance policies used for different purposes.

Final expense insurance is a type of small permanent life insurance policy that provides lifetime protection. 

This type of life insurance is used to pay for someone’s final expenses, including the cost of their burial and funeral. 

Some of these plans are offered with guaranteed acceptance, which means you cannot be turned down for coverage if you meet the age requirement for approval.

With guaranteed issue final expense policies you will not have to take a medical exam or answer any health questions.

On the other hand, term life insurance is a type of temporary life insurance coverage lasting for a duration (policy term) of either 10, 15, 20, 25, 30, 35 or 40 years.

People usually buy term life insurance to protect their temporary life insurance needs lasting for 30 (or up to 40) years or less. 

For example, a young family may buy term life for the main breadwinner of the family to replace his or her income should that person die unexpectedly.

Term life offers the most life insurance protection at the lowest price.

Learn more about final expense insurance vs term life insurance.