Term Life Insurance Quote
What sort of term life product matches your needs?
Getting the right term life insurance quote is all about choosing the right product for your needs. Will you want to renew the policy? Do you want to cover inflationary costs? Or is it just to cover a mortgage? Consider all these options before signing on the dotted line.
So you’re looking for a term life insurance quote? Think about two things before opting for the cheapest available. Firstly, ask for a “key features” document- indeed it’s a legal requirement that any salesman give you this document. It’s not written in jargon; it’s a plain English explanation of the rewards (what your beneficiaries will get if the policy matures) and the riders (things which can affect your policy).
Secondly, consider carefully what sort of term life insurance quote you’ve gone for- there’s more than one type of policy. Here are just a few variants:
Level term: A level term life insurance quote is the most basic product available. You’re insured for a set length of time, the policy has no surrender value, and you get nothing if the policy expires.
Convertible term: This is a fairly valuable type of term life insurance quote: your term policy can be converted anytime, without a medical check, into a whole life policy (or an endowment policy).
Renewable term: This provides you with the opportunity to renew the policy without an additional medical check up to a certain age (usually 65)
Index linked: This type of policy not surprisingly increases your cover in line with the ravages of inflation (actually in line with the Retail Price Index).
Index linking is a term life insurance quote variant that exemplifies increasing term insurance- where the amount of cover increases as time moves on. But there are plenty more increasing term policies designed to rack up cover in the event of marriage, children being born, moving house etc.
Not only should you be aware of the right policy for you; but don’t hesitate to mix and match policy features: feel free to ask your adviser what policy matches your precise needs- because chances are there’s a term life insurance quote whose features are pretty ideal for you.