PRLog - Aug 15, 2013 - Finding the best deal possible on term life insurance has become a lot easier for consumers with the creation of Term-Life-Insurance.com. The site enables people to harness the power of the Internet to make life insurers compete to give them their best rates on term life insurance plans.
TERM LIFE INSURANCE is one of the best and most affordable ways to protect financial obligations, like buying a home, raising a family and putting children through college. Many insurance experts consider it to be the purest form of life insurance due to it being in effect for a specified number of years, usually 10 to 30 years’ duration, and then it simply expires if the named insured outlives the term for which the policy is in force. The named insured is the person whose life is covered by the policy.
On average, term life insurance policies cost more than 10 times less than whole life insurance plans that provide the same death benefit. Many insurers, for example, will provide a $250,000 term life insurance plan for as little as $15 per month. But a whole life insurance plan could cost nearly $200 for the same coverage, depending on the insurance policy and its underwriting standards.
Part of the reason term life is so much more affordable than whole life is due to the policies not growing cash value as whole life insurance plans do. Nearly all whole life plans result in a death benefit being paid, and they must build cash value over time to cover the costs while still providing a small return on investment for the policyholders as well as a margin of profit for life insurers. To do so, the underwriting standards are much more stringent and require invasive procedures, such as medical exams and prying into family health histories.
But underwriting term life policies is very easy for life insurers. They simply need to know the age of the people whose lives will be insured, whether or not they smoke tobacco products and the average life expectancy of people that age when the term life plan is drawn up. Mortality tables tell life insurers the likelihood of someone dying during the period for which coverage is provided, and some studies show as few as 1 percent of term life policies result in a death benefit being paid. And that makes it much easier for a life insurer to offer low rates on term life insurance with a high level of coverage.
The free and 100 percent secure quote tool provided by Term-Life-Insurance.com allows consumers to input the information insurers need to give them accurate estimates on their best term life insurance plans. And after only a few moments spent providing that information a single time, up to dozens of free estimates can be gotten on some of the best term life insurance plans sold in the United States. Then it’s just a matter of choosing the one that fits best with no hassles or even an obligation to purchase coverage.
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New Website Empowers People To Get Term Life Deals
August 15, 2013 at 01:13 AM EDT
