The term life insurance market is huge. Most term life companies that are committed to compete in this space have several policy provisions or riders to entice the consumer to purchase their proprietary term product. One of those provisions is convertibility to permanent life insurance. This may be a tipping point issue in the end if the premium is relatively the same between the top term life companies. Not every term life company has competitive permanent product line, so shopping with this in mind is a great starting point in reviewing what’s best for you. We can help with that.
Other area in term life insurance that must be considered is the health of the proposed insured. First among the critical considerations is smoking. There are term life insurance companies that are very benevolent to smokers and smoking secession. There are also companies that are benevolent based on their underwriting protocols by disease. There are a unique collection of companies that fit the impaired risk profile and preferred health categories. We can help with that.
By gathering your financial goals and medical profile, a recommendation of the top three term life insurance companies can be made. We can help with that.
Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
In addition to the above excellent answers, here are some details important to the consumer that often get lost in the process of the application:1. Is the policy 100%, contractually guaranteed, convertible? That is, during the guaranteed level premium period, can the policyowner convert all or part of the policy to a permanent plan of insurance without the need to medically qualify? This policy feature could be important if the insured's health declines during the period of coverage and there is a need to continue at least some level of insurance after the term plan runs out.2. To which permanent plans of insurance can the policy be converted? This question can only be answered at the present time because new permanet plans of insurance are withdrawn and added all the time to a carrier's offerings. But, a good quality term plan would indicate that conversion is available to all permanent plans of insurance that might be available at the time the policyowner wanted to convert all or part of the term plan. This would ideally be contractually guaranteed.3. Is there a disability waiver of premium rider? All term policies used to offer this, but some now do not. This is a relatively inexpensive add-on that would bind the insurance company to waive the necessity of making premium payments and keeping the face amount in full force if the insured were unable to perform the regular duties of his/her occupation after a 90-day elimination period for the term of the disability or for life, if the disability were permanent. Typically, this rider is discontinued at some later age, usually age 60 of 65 and the cost of the rider is removed from the premium payment.4. Can the face amount of the term plan of insurance be reduced while in force with a corresponding reduction in premium, and is this option a current company practice or is it contractually guaranteed? This can be important if the insurance is being used primarily to pay off a mortgage. Many carriers have now limited the number of times this can be done, while some do not allow it at all. A few have no limits, although in this case it will usually only be allowed once each policy year.If any or all of these might be an issue for you, ask the agent to provide a "specimen" or "sample" policy for you to examine before applying.
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Other area in term life insurance that must be considered is the health of the proposed insured. First among the critical considerations is smoking. There are term life insurance companies that are very benevolent to smokers and smoking secession. There are also companies that are benevolent based on their underwriting protocols by disease. There are a unique collection of companies that fit the impaired risk profile and preferred health categories. We can help with that.
By gathering your financial goals and medical profile, a recommendation of the top three term life insurance companies can be made. We can help with that.