You need to do a term life insurance rate comparison in order to come to a decision as to what is the best term life insurance rate for yourself and your family.
You should do some research on life insurance companies also. Most life insurance companies are solid companies, but you should look out for the bad ones, though they are few, and make sure you avoid them.
You can find out the rating of any life insurance company here:
A.M. Best
Do A Term Life Insurance Rate Comparison
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Now to the business at hand…do a term life insurance rate comparison for you and for your particular need. Let us use a hypothetical case as an example. You have done some research and you have decided how much life insurance you need. You believe that $150,000 should do the job for you. You must decide which is the best rate for you.
- The least expensive life insurance policy is the Yearly Renewable Term Life Insurance policy. You start out with a level death benefit and the lowest premium you can pay for your $150,000 of life insurance, but the premium increases every year.
After just a few years the premium becomes more than that of a 10 Year Term or a 20 Year Term. If you are short of cash and you intend to just keep the policy for one or two years and then convert to another plan this Yearly Renewable Term plan will do fine. - If you did a term life insurance rate comparison between your yearly renewable term life insurance policy and a 5 Year Level Term policy you might decide that the 5 year term is the better deal, and here is why.
You get $150.000 life insurance that remains level for the duration and the premium never increases. The actual premium outlay is not much more than the yearly renewable term in the first year. It would seem to me that the 5 year level term would be the best deal. - Next up the line in terms of cost is the 10 year Level Term policy. This plan has a level face amount for the duration; the entire 10 years. The premiums also remain level for the life of the policy. Your cash payment for this policy will be even more than the five year term.
Notice that the longer the time that the policy is allowed to last the more the cost. This is because the odds are greater that you will die within 10 years than 5 years. - Next there is the very popular, and one of my personal favorites, 20 Year Term Life Insurance policy. A term life insurance rate comparison will disclose many variations of this policy. The death benefit remains level for the entire 20 year period in all cases, regardless of which company is offering the policy.
In some cases the premiums also remain level for the duration, however, some companies have an automatic premium increase after 10 years. Other life insurance companies will leave the premium level after 10 years but you must again prove that you are insurable after 10 years.
These are some of the best options open to you when buying your $150,000 term life insurance policy. I sincerely hope that the above description of term life insurance rate comparison will be of assistance to you.
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