Very often, people in pursuit of cheap products end up paying too much for them or get a product that does not suit their needs.
This is true of insurances policies too.
When you request a insurances quote online, make sure you get them from reputed companies that have been given A+ or higher accreditation by research companies like A.
M Best Company.
From these companies, you can get truly low cost term life insurance that can even work out to half of what you may pay when taking a policy from an insurance company without the right accreditation.
While term life insurance is the most affordable of all types of insurance policies, a person can end up paying high premiums even for this insurance if they choose the wrong time period or go with a poorly rated company.
Here is some of the best low cost term life insurance policies that one can consider based on the period: • 10 year term insurances • 15 year term insurances • 20 year term insurances • 25 year term insurances • 30 year term insurances Let us look at the benefits one can accrue from each of these policies.
The 10 year term insurances has very low premiums per $1000 of coverage and those who need a short-term policy can opt for this.
It can be used to pay the college fees of your child who is at present around 13 years old and will be in college around the time the policy matures.
The 15-year policy can be taken for a younger child or if you have a mortgage that needs to be repaid at the end of 15 years.
The 20-year policy is the most attractive for newly married people for it can be taken to protect a spouse, used for the education of a newborn baby or even to take care of your new startup business if you are not around in 20 years.
The 25 and 30 year policies are not so much in demand simply because people do not want to look so far ahead.
However, since all these term insurances policies have a level premium and death benefit, it makes more sense to take these longer term policies.
Not only are they cheaper, but it is more likely that a person of 25 or 30 years now will die within a 30 year period rather than a 10 year period.
While these are the popular term life insurance options, people must go with what suits them the most.
If you do not want to be pressured by insurance agents, just visit online insurances websites and study these and other policies in depth.
Here you can read expert opinions on the pros and cons of each and every type of insurance policies available.
Here too, you will receive information on the different insurance companies who are doing business in your area and what their ratings are.
This can help the buyer make a more informed choice.
Those who do not want the hassles of undergoing a medical exam or who do not want to wait for a fully underwritten policy can opt for a life insurance no exam policy.
There are two policies that are popular under this category: • Simplified issue • Guaranteed issue The simplified issue policy can be got without a medical exam and usually term life products are offered under this type of a policy.
Some of the questions pertain to age, sex, tobacco use, and about major health issues like a recent heart attack, chronic illness, cancer etc.
This policy is also sold as a single-premium policy that does not have a maximum death benefit.
Usually a whole or universal insurances can be offered as single-premium policies.
The second type works as a 'graded-benefit' whole insurances.
The death benefit has an added interest amount whose rate is fixed by the insurance company.
The chief benefit of both these policies is that almost everyone is assured of being eligible for one, irrespective of whether they go for a medical test or not, unless they have major health issues.
However, as most people know, a life insurance no exam policy will always be more expensive as the insurance company is bearing the risk of insuring those who could die early.
So, think carefully before opting for these types of policies.