TERM LIFE INSURANCE – WORTH IT FOR ALL AGES
If you have dependents or liabilities, you must consider Term Life Insurance and see if it is right for you. If you are a young, middle-aged, or older adult with dependents and your life sadly gets cut short, your dependents would have to depend on whatever savings you have, and may even have to resort to the mercy of outsiders. However, if you have Term Life Insurance, you know that at least financially your dependents would be well taken care of.
What Is Term Life Insurance?
Term Life Insurance, as the name suggests, is life insurance for a fixed term, or a fixed period of time. You could buy insurance to cover you for 1 year, 2 years, 5, 10, 15, 20, or even 30 years. You also have a choice of picking different death benefit amounts depending on your dependents and liabilities. Someone with say one child may choose lower coverage than someone with say four children.
Key Features Important for Seniors
Term Life coverage typically does not go beyond age 80 or 85. You get to pick the coverage period – anywhere from 1 to 30 years. You also get to choose the death benefit amount.
Premium Amount
The longer your Term Life coverage period and death benefit amount, the higher the premium. The premium also depends on:
- Age: The older you are, the higher your premium
- Health: Healthy adults qualify for discounted premium rates. Adults with minor health conditions such as high blood pressure or high cholesterol qualify for the standard rate. Adults with more serious conditions such as diabetes will pay a higher premium.
- Gender: Statistically, females outlast males. All else being equal, women will pay slightly lower premiums than their male counterparts.
- Lifestyle: Insurance companies also look at how dangerously you live your life. Smokers, reckless drivers, frequent job changers, or extreme sport participants will pay higher premiums than non-smokers, safe drivers, stable earners and folks who exercise regularly.
If you have had life-threatening illnesses such as a stroke, heart attack or cancer, your premium would be higher and you also run the risk of being denied coverage. If you are denied Term Life coverage, you still have other options such as Burial Insurance or Guaranteed Issue Life Insurance which are permanent and last through the end of your life, irrespective of age.
Get The Best Rate
If you have been denied Term Life insurance coverage in the past or are apprehensive about approaching insurance companies directly, please give us a call toll free at (888) 203-5449.
Our experienced insurance advisors will happily answer your questions, guide you through the application process, give you the best rates from top-rated and reliable insurance providers, and help you choose a term and death benefit policy that best suits your needs and budget.
