Determining the length of the term may seem like guesswork, but it is easy to limit.
If you get a time insurance to make sure your loved ones are protected from your debt, get yourself enough to cover the number of years it will take to pay off the debt.
Example: If you have a mortgage but think it will be paid off within 10 years, a 30-year insurance would be unnecessary.
Example: If you get a time insurance policy to ensure that your four-year-old child can go to college, set the duration to 20 years so that their education is still covered if something happened to you.
If you get life insurance to ensure that your family will have a source of income as compensation if you die before your children are independent adults, get enough to cover the number of years until your youngest is an adult.
Example: You have a 16-year-old, 10-year-old and 4-year-old child. Get a life insurance policy with a 25-year period so that your family has financial protection until all the children have gone through college and have a job.
Which life insurance company do I apply to?
The right life insurance company will depend on your risk factors. For example, if you take a prescription to treat anxiety, you can pay $ 50 per month at one company but only $ 35 per month at another.
To get the best price on life insurance you need to compare store. However, applying again and again to different companies is time consuming and unnecessary as Quotacy will do it for you.
Quotacy is a life insurance broker. This means that we have agreements with many different life insurance companies and can trade your case to find which company offers you the best price.
All life insurance companies we work with are A-rated or better, so it does not matter which one you end up with. They are all financially stable and have excellent financial products.
As you go through Quotacy’s quote tool, you will see many different options to choose from. If you are unsure which one to choose, we recommend that you choose the cheapest one. Your agent will double check behind the scenes that you are connected with the company that gives you the best offer.
How do I get life insurance?
Here at Quotacy, we make the process of getting life insurance as simple as possible.
We do not want you to have to give up your firstborn and a phone number just to get a quote on the insurance period and we do not want you to worry that your personal information will be sold to third parties.
Simply enter your postcode, gender, date of birth and smoking status and we will immediately show you an estimate of how much your time insurance would cost.
»Compare: quotes for life insurance
After receiving your quote, you can play with our control functions. You can adjust your coverage amount, this is how much your beneficiaries would receive and also how long you want coverage. When you adjust these sliders, your estimated cost is adjusted with you so you know exactly what you’re paying for (no hidden fees here!)
There is also an easy-to-use life insurance needs calculator to help you determine how much coverage you need.
When you are satisfied with the value, coverage and premium, click Compare policies where you continue to be more specific so that we have the right information to give you the best possible coverage. This is where you enter your height and weight, tobacco use, heart health and family history.
After that, you will see a list of insurance company choices and plan options. We only work with the highest ranked operators so you do not have to worry about bad business practices when it comes to your finances.
Once you have selected the insurance company you want to apply with and completed your online application, your dedicated team of Quotacy agents and application coordinators will take it from there. We make sure you get the best coverage at the price you deserve and we will keep you informed every step of the way in whichever communication method you prefer, whether it is phone calls, text messages or emails.
»Read more: 10 tips to ensure you get the best life insurance
No one ever expects to have to use life insurance, but the unexpected happens. Be prepared and get a free and anonymous quote on life insurance today.