Protection against health changes
Age and health status are the most significant driving forces for a life insurance policy and the most important factors for insurance. As you get older, you are more likely to develop health problems that can make life insurance policies more expensive or even make you uninsured.
Once you have purchased your futures policy, your coverage is in place with no cost increases for the entire term, as long as you pay the premiums on time.
In addition, most life insurance policies include a conversion feature. This means that you can convert your term policy into a permanent insurance before the term expires, without having to prove that you are still insurable.
This conversion option can be extremely valuable if you become uninsured and need to continue coverage to protect your family. Switching to a permanent insurance means that you have life insurance for the rest of your life, as long as you pay the premiums on time. Permanent life insurance also provides for the accumulation of cash values and can be an important financial tool for property planning.
Protection against job changes
Many people think that they do not need to buy an individual life insurance because they have coverage through their jobs. If you are in this boat and curious about insurance, do not feel bad. Many people believe this. However, that is not true.
Unfortunately, group life insurance through your employer only provides a death benefit 1
In addition, a group life insurance plan is not portable. This means that if you leave your job, whether it is voluntary or not, your coverage will not follow you. Although your group coverage allows conversion to a portable insurance, this insurance is often much more expensive than what you would cost if you bought from a life insurance broker.
Group life insurance is a great advantage that employers offer. If your employer offers this free coverage, take advantage of it, but also buy an individual life insurance policy to supplement it. Your individual insurance policy follows you no matter where you go.
The cost of an individual life insurance
Long-term life insurance is cheaper than permanent life insurance. As premiums are fixed, it is also easy to budget with life insurance.
The cost of life insurance is determined by your individual risk factors. Your age, health, profession and lifestyle (hobbies, tobacco use, alcohol use) can affect your life expectancy and thus affect your life insurance.
With that said, most Americans overestimate the cost of a life insurance policy by three times the actual amount. So, for a futures policy that actually costs $ 30 per month, most people would guess that it costs $ 90.
Here at Quotacy, you can get quote insurance right away. You do not even have to enter contact information.
Do not guess. Run some quotes and see how much (or how little) a term life insurance policy can cost you.
»Get Quote: Life Insurance Quotes
If you have loved ones who trust you, get a life insurance policy now. Buying a life insurance policy is easy at Quotacy. Apply online and then your agent will keep you updated as your application goes through the buying process.
If you need to have a medical examination, the examiner will come to your home or office, where it is more convenient. Many insurance companies have implemented new processes that can completely eliminate a medical examination for you. Your Quotacy Agent will notify you if you are eligible for this option.
Do not know how much life insurance you need? Visit our term life insurance needs calculator. Or, if you prefer to talk to a counselor, contact us directly. Since our agents do not work on assignment, you can be sure that you will not be sold an insurance you do not need.
The COVID-19 pandemic was a wake-up call for many families, revealing how much uncertainty there is in almost every aspect of our daily lives. For many Americans, the importance of life insurance has never been clearer.
Special term insurance can provide an affordable way to lock in future insurance. It can also serve as a valuable part of your financial plan that includes protection for loved ones in the event of an unexpected death.