Term insurance comes with many option. First, consider the reason for buying the insurance and find a product that meets that need. If you are covering a mortgage for example you might want to consider a 20 or 30 year term policy. There are two options here. Decreasing or Mortgage term or level term. I prefer level term due to the fact that many people do not remain in the same home for the life of the mortgage any more. There are policies that will add mortgage disability and Return of Premium.
Next, how long will I need this coverage, 1 year, 5 years, ten years? Also, what is my budget? With term insurance the shorter the term the less the initial premium, so a on year term will be less than a 20 year term, at least initially. Every time the policy renews, the premium will increase. Is the policy renewable and convertible. Renewable means that you can renew the policy at the end of the term even if your health gets bad. Convertible means that you can convert the policy, or part of the policy to a whole life plan, regardless of health. If you need to keep the insurance for a lengthy period of time I highly recommend a policy that is renewable and convertible. A good agent can help you determine your best choice for your individual situation.
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Next, how long will I need this coverage, 1 year, 5 years, ten years? Also, what is my budget? With term insurance the shorter the term the less the initial premium, so a on year term will be less than a 20 year term, at least initially. Every time the policy renews, the premium will increase. Is the policy renewable and convertible. Renewable means that you can renew the policy at the end of the term even if your health gets bad. Convertible means that you can convert the policy, or part of the policy to a whole life plan, regardless of health. If you need to keep the insurance for a lengthy period of time I highly recommend a policy that is renewable and convertible. A good agent can help you determine your best choice for your individual situation.