Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Today's question is, "How to buy term life insurance?" Well, I say, when I go out to the brokerage market I want to see a brokerage house that shows as many carriers as possible and, believe you me, there are hundreds of term life insurance companies. I want to look at their premium price because they vary between first place and twentieth place. It could be 20 percent premium, so you definitely want to shop it.
The second thing, who is the most benevolent underwriting company? Who is going to give you the best possible offer based on your medical history and your paramed exam that you're going to need to take with the application.
To me it's really important when you're looking at buying term life insurance to make sure you cover the period that you need to have, that you already settled in your mind that is a temporary coverage need and you don't need permanent. When you're looking at term, it's price and your underwriting offer that you're going to get from your carrier.
To buy term life insurance, you must first determine how much you need, how long you want the term to last, and how much you have to spend. It can be helpful to shop websites that offer quotes right online, then talk to an agent to determine if you qualify for those rates. Agencies that carry a number of choices can find you the best prices for your age, build and health.
If you are applying for a medically underwritten policy, the next step will be to apply, then take a free life insurance exam in your home, or other location of your choice. Once the underwriting process is complete, you will find out if you are approved, and your rate.
If you are applying for a No Exam policy, you may be able to put it in place in as little as 24 hours. Most take longer.
Term insurance is very straightforward and there is a lot of competition. With an ethical agent, you should have no trouble getting a policy that you like.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
I recommend that you contact a life insurance agent. The agent will listen to you, provide sound financial advice and communicate clearly with you and the company. Setting the limits of the policy is critical. The agent’s recommendations can match your needs with your ability to pay. The peace of mind knowing that you have the coverage that you need is valuable.
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The second thing, who is the most benevolent underwriting company? Who is going to give you the best possible offer based on your medical history and your paramed exam that you're going to need to take with the application.
To me it's really important when you're looking at buying term life insurance to make sure you cover the period that you need to have, that you already settled in your mind that is a temporary coverage need and you don't need permanent. When you're looking at term, it's price and your underwriting offer that you're going to get from your carrier.
If you are applying for a medically underwritten policy, the next step will be to apply, then take a free life insurance exam in your home, or other location of your choice. Once the underwriting process is complete, you will find out if you are approved, and your rate.
If you are applying for a No Exam policy, you may be able to put it in place in as little as 24 hours. Most take longer.
Term insurance is very straightforward and there is a lot of competition. With an ethical agent, you should have no trouble getting a policy that you like.
I recommend that you contact a life insurance agent. The agent will listen to you, provide sound financial advice and communicate clearly with you and the company. Setting the limits of the policy is critical. The agent’s recommendations can match your needs with your ability to pay. The peace of mind knowing that you have the coverage that you need is valuable.