Term Life Insurance Policy Quotes
Although term life insurance is generally the least expensive type of life insurance on the market place, variations in the type of term are likely to have an impact in the overall cost of the policy when you ask for a quote. There are three major types of term life insurance: level, decreasing and increasing. All three types will have variations in your premium quoted.
Level term life insurance means that the death benefit stays a similar for the term of the policy. If you purchase a $100, 000 policy for the 10-year term, the insurance company agrees to pay the full death benefit in case you die any time during the 10 years. Premiums quoted are usually level also, staying the same for the duration of the policy
Decreasing term insurance coverage means that the death benefit will decrease a set amount over on a yearly basis of the term. Assume you purchase $100, 000 of decreasing term for decade. Built into the policy is a reduction of the policy by $10, 000 on a yearly basis. This means that the value of the policy will be 0 towards the end of the term. Decreasing term insurance is often recommended for people who may have a mortgage. Since the balance on the mortgage decreases over time, it feels right to have insurance that does the same. Premiums quoted for this sort of policy are usually lower than for level or increasing term, and usually stay a similar over the life of the policy.
Increasing term life insurance means that this death benefit will increase a set amount over each year of the phrase. For example, you can purchase $100, 000 of increasing term for decade at an annual increase of 5%. This would provide you with a death benefit that could keep pace with or slightly exceed inflation. Some policies of this type are stuck just using a standard index, such as the cost of living. The premiums quoted for increasing term usually go up with the coverage.
When getting quotes for term life insurance policies be sure you understand the three types of terms available - so you will be sure to get a quote tailored to your specific needs.
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