Cheap term life insurance great on services

Posted by AxelPrice on May 2nd, 2014

Term life insurance is the easy, affordable and flexible way to protect your family if anything happens to you. It provides life insurance coverage for a set time period and this period may vary depending on the type of insurance. The insurance company pays you a tax-free death benefit if the insured person dies during that period of time. Otherwise, the policy can be renewed at the end of each term. Cheap term life insurance has made purchasing affordable insurance easy for everyone. If you take the decision wisely the monthly or yearly premium can be quite small that will not affect your budget.

Cheap term life insurance policies are available in which no medical tests are required. Though you will be asked questions on your medical history but many companies do not ask the insurer to go for medical tests. There can be fully underwritten term life insurance policy that is reviewed by the underwriter of insurance company prior to a policy being issued. There can be insurance with simplified issue policies in which no physical evidence is required and only a limited number of broad medical questions are asked. In general, your answers should be in negative for all of them in order to qualify.

But you must remember that these term life insurance have higher premiums than the fully underwritten one. Also, range of benefits can be limited and it may not be the cheap term life insurance you are looking for. People often choose them for their easy process of application and not-so-specific medical questions that make it appropriate for persons who may have some medical conditions. Therefore, before purchasing a policy you should talk to your broker on this to know the exact requirements of a company.

Then there are term life insurances with guaranteed issue policies. This requires no medical examination and no medical questions are asked. Again these are expensive, not cheap. But there is indexing which is also a no medical examination policy that offers death benefits and it increases by a small amount over time. To find out the cheap term life insurance you should use software for getting the quotes. While making the search, do not forget to filter your search taking care of the abovementioned factors.

There is cheap term life insurance that promises instant coverage on approval. This means you are protected immediately after your application is accepted and even before you pay your first premium. A person till the age of 70 can be covered in this type of term life insurances. The benefits are 100 per cent tax-free. If you are a non-smoker you get special discount. Moreover, many companies offer a 30-day money back guarantee if you find this to be unsuitable even after making the payment. Term life insurances are the only means to get enough protection at a small cost. If you fixed the term to be 30 years you may have to pay an amount of $20 per month. To earn peace of mind this amount is negligible. Isn’t it?

Term life insurance and cheap term life insurance both have features that can vary from person to person. Talk to your agent before purchasing one.

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