There are several features that can make one term life insurance policy more preferable than another. Among them are:
1) The price and death benefit are guaranteed to stay the same for the full term,
2) The policy is convertible to permanent insurance without evidence of insurability for an extended period of time, and
3) The carrier is reputable and highly rated.
In addition, some Term policies offer riders that might help you achieve your purposes. These include Child Rider, Accidental Death Rider, Waiver of Disability Rider, Disability Income Rider, and more.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
The most important thing to look for in a term policy is convertability. Convertability is the ability to go to a permanent policy without having to proove "insurability" from the term policy company. Why is this so important? Term is for a temporary need. Term covers a piece of time and what happens inside that period of time. If you live past that period of time, and still need insurance you will be faced with a great increased cost that will rise every year there after, so conversion gives you the opportunity to continue you coverage at a rate class you may never qualify again for.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
Work with your Insurance Professional to identify your need and match the solution that best meets that need. Coverage and premium should be level for the period of time that you need it. The policy should also offer a guaranteed opportunity to convert all or a portion of the coverage into permanent coverage as the need may present itself.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
I suppose the best approach is what to avoid when buying a term life insurance policy. Personally, I would avoid a policy that is offered free of medical qualification if I knew that I was in satisfactory shape. I would be reluctant to buy a term life insurance policy that was offered through the mail or over the radio. In the end I would buy a term life insurance policy from an agent that I trusted.
Regional Marketing Director, Capital Choice Financial Group,
First make sure that it is a level term policy and the term should be a 10, 15, 20, 25, or 30 yr level term, the 20yr usually being the optimal term for most. You must dertemine this by looking at your debt, mortgage balance, age of children, and income of the husband and spouse. Also, some term policies offer living benefits such as terminal illness, critical illness, and cronic illness as riders at a small cost. You must decide if the added cost gives you a comfort of additional coverage. Term life insurance is a simple way of protecting lives in the most economical way allowing additional money in the budget to pay down debt and build assets.
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1) The price and death benefit are guaranteed to stay the same for the full term,
2) The policy is convertible to permanent insurance without evidence of insurability for an extended period of time, and
3) The carrier is reputable and highly rated.
In addition, some Term policies offer riders that might help you achieve your purposes. These include Child Rider, Accidental Death Rider, Waiver of Disability Rider, Disability Income Rider, and more.