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The True Meaning of Discount Term Life Insurance Rates

by Jeff Rose on October 3, 2012 · 0 comments

discount term life insuranceWith life insurance premiums getting higher and higher, finding an affordable plan can be rather difficult.

Having insurance is important for times when medical emergencies arrive and to make sure your family is financially secure should anything unfortunate happens.

Term insurance is one of the cheaper forms of insurance available.

It is designed to pay benefits to family members of the insured should the insured pass away in the time period of the set term, which ranges from 5, 10, 15 years and beyond.

At the end of the term, the policy must be renewed or a new one must be purchased.

This type of insurance is usually the one people find to be the most affordable, and it ensures that remaining family members get benefits to be financially secure.

Greater the Length, Greater the Cost

The cost of term life insurance depends on the length of the term, the age of the insured as well as the health of the insured. The longer the term, the more expensive the premium will be. Pre-existing conditions and family history must also be taken into account as well. Younger people will generally get cheaper premium rates. At the inception of the policy, the premium is fixed and will not increase. If the policy is cancelled before the term ends, the insurance company will not pay the death benefits. Cancellation happens if the premiums are not paid.

 

Be Careful of “Too Good to be True” Discounts

While term life insurance premiums are generally low to begin with, it is very possible to get discount term life insurance. However, be wary of companies offering discounts because the policy may not end up being very good.

In addition, a insurance policy being promoted as having a discount may not be discounted after all, and cheaper policies may exist.

The requirements for discount term life insurance are pretty strict as well, so a lot of people who qualify would have gotten cheap insurance in the first place.

Compare all Discounted Term Policies

To know if the term life insurance is really discounted, look up different quotes online and compare the different rates. If you find rates cheaper than the “discount”, it may not be so discounted after all. Try getting an online insurance quote to compare the prices of different policies. Many times, the discounted term life insurance rates that are advertised may only be available to people who meet strict requirements. Many people may apply for the policy, but only a few will qualify. Despite this, the same people who applied but did not qualify may just end up buying a regular insurance policy.

The non-discounted policies can be more expensive than the regular policies of other companies, so this is way to easily fall into an insurance trap.

To find a good discounted term life insurance rate, shop around to different companies and make sure to compare rates to know if what your are getting is really discounted. Avoid the discounted policies that only apply to a small group of people. Most importantly of all, find the insurance policy that best suits you and your family’s needs.

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