Benefits of a Term Life Insurance

What Are The Benefits of a Term Life Insurance?

For those searching for the best life insurance, we will be introducing you to term life insurance. Have no worries as this article will help you with all you need to know.

Understand that, life insurance is regarded as a contract that is between the insurer and the policy owner.

The life insurance policy guarantees that the insurer will pay a specific amount of money to the named beneficiaries whenever the insured dies. This is done in exchange for the premiums paid by the policyholder during his or her lifetime. 

Interestingly, there are two types of life insurance, which are Permanent life insurance and term life insurance, although our focus in this article will be on one.

Permanent life insurance is known to stay in force for the entire life of the insured. However, it will not stay if the policyholder surrenders their policy or quit paying their premium.

Explaining Term Life

It must be understood that term life insurance quotes are crafted to last for a certain number of years before it ends.

You will be the one to decide on the term when you are taking out the policy as the popular terms range between ten, twenty, or thirty years. If you never knew, it is the most affordable life insurance form due to its limited coverage period.

More so, Transamerica offers one of the cheapest term life insurance offers.  Their offer is a yearly fee of $149.64. You can also get a cheap offer from MassMutual which is priced at $177.18 yearly.

The purpose of term life insurance entails protecting your family whenever you die. It offers coverage on your life for a certain time though this is dependent on the term length you choose.

Insurance Companies And Their Quotes For Term Life Insurance

It is vital to compare term life insurance quotes or policies to be capable of critically evaluating the diverse plans and their differences.

Whenever you quote, you will be able to compare the coverage, cost, amount, and term length from the insurance companies. Some of the term life insurance quotes we were able to get from some insurance companies are:

1.         Transamerica

The Average Annual Rate you can get here for a ten-year term is $149.64, while for a fifteen-year term, it goes for $167.70. More so, the twenty-year term is $219.30 with the thirty-year term being $348.30.

If you are a smoker, your Average Annual Rate for a ten-year term is $534.06. And your twenty-year term will cost $646.21.

2.        MassMutual

The Average Annual Rate for the ten-year term is $177.18, with a fifteen-year term being $203.70. More so, the twenty-year term is $261.12, while the thirty-year term is $412.50.

On a general note, prices tend to vary as you can buy term life insurance for as low as $149.64 yearly or as high as $4054.99. Note that, some factors affect the cost of life insurance. Some of such factors are:

•          Health profile

•          Weight, and;

•          Smoking status

There are specific lifestyles that can make you riskier and thus very expensive to insure.

Why Get The Term Life Insurance

It is pretty important to get term life insurance quotes for your family because aside from being affordable, it will be of an advantage if your family is recently starting out or if you are on a budget.

Some more reasons why you should go for term life insurance include:

•          It comes at lower costs

The policies at term life insurance will cover you for a specific period and this will lower the rate. A young non smoker will pay an inexpensive premium than than older person that has health issues.

•          Flexibility in the policy length

The policies at term life insurance will give you the liberty to decide on the length of coverage suitable for you. You are free to buy a policy that is as low as one year.

•          It has more coverage

Due to the low cost of buying term life insurance, you can purchase more protection. This makes it great for younger families.

On a general note, bear in mind that the younger you are, the more reduced the term life insurance rates will be, and the der you are, the higher the premiums.

So, for the newly married couple, or those who are prepared to begin a family, term life insurance is the cheapest way to ensure your family will be monetarily secure if you die unexpectedly.

And, when you want to purchase a home, its policy will assist you in paying off the mortgage or any other debt you accrue. Note that, term life insurance covers mortgage payments, burial and funeral costs, college tuition, and debts like business or auto loans.


We have successfully provided you with all you need to know about term life insurance quotes and a few examples of what the quotes may be like in some insurance companies.

Ensure you check them out and make the best decision for not just yourself, but your family as well.

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