Where can I find affordable term life insurance?
Term life insurance is an insurance policy that you take out for an agreed period of time, typically either 5, 10, 15, 20 or perhaps even 30 years for example. Therefore most term life insurance policies last for a shorter amount of time than whole life insurance policies, which continue to provide cover (although you might not necessarily pay the premiums) up to your death regardless of the length of time. Therefore term life insurance policies are invariably cheaper than whole life insurance policies. As most term insurance policies do not involve a savings element they are also a whole lot simpler than whole life insurance policies and for this reason there are fewer variable factors.
The result of these simpler policies is that it is easier to find a good deal on the internet. Although whole life insurance policies can also be purchased online it is highly advisable to deal with an insurance broker as the policies can be so intricate and if you make one wrong decision you could end up paying huge amounts of money for a policy that is of no benefit to you whatsoever. However, as term life insurance policies are usually shorter and therefore you probably pay less in premiums than for a whole life insurance policy then the pay out is also less. This results in the whole process being much simpler to work with and is therefore easier to find a good deal. There are many ways to go about this. As with any long term investment it is vital that you look around as much as possible before you commit to a specific policy. It remains a mystery why prices in any kind of insurance can vary by so much and life insurance is no different. If you look around hard enough you will probably be able to find a quote for about half the price of your most expensive quote (although this is by no means guaranteed and obviously depends on your circumstances).
Obtaining quotes is of course a time consuming business, especially if you have to do everything over the phone. If you spend fifteen minutes getting a quote from fifteen different insurance companies you will have wasted a great deal of time and probably spent a considerable amount of money on the phone calls to these companies. This is where the internet really comes in useful. You can use a quote provider service to search lots of companies for you – all you have to do is enter your details once into their engine and away you go. The system will come back to you with real quotes from leading insurance companies saving you time, effort and probably a great deal of money, both on a policy and the cost of getting the quotes. You might even come across a great deal from a company that you’d forgotten about or never heard of, such as a new internet based company.
As a way of reducing overheads and therefore passing better prices on to you as the consumer, many large insurance companies are setting up subsidiary companies that operate solely over the internet. Most of these companies also have a small telephone support staff but nothing in comparison to a traditional set up. These companies will always make it clear that they belong to a certain group/company and you can always read the legal information on their website if you are not sure if the company you are looking at is reputable or not.
Disclaimer: The information contained on this page is not intended, nor should it be construed as providing any form of financial advice or guidance as to which insurance product/policy is right for you. If you are unsure as to which product meets your requirements/needs you should always seek advice from an Insurance Professional.