Are you hesitant about going for a term life insurance plan? Hopefully, these questions that are often asked about term life insurance policies will help you decide.
Are all term life insurance policies similar?
No. There are different types of term life insurance policies to suit various categories of people.
Which type of term life insurance should I choose?
We advise that first, you determine how long you want your life insurance coverage to last. And then, choose the most cost effective life insurance policy that will last for the duration of time you want.
What does the term life insurance policy cover?
It covers unexpected death that happens within the duration of your term life insurance policy. However, it does not cover suicidal death that occurs within the first two years of the policy.
Why should I choose term life insurance?
It is affordable and easy to understand. Also, your premiums remain the same for the duration of your life insurance coverage.
Will I be able to afford term life insurance?
Yes because the premiums are quite low and comes with a flexible payment plan. And irrespective of your financial situation, you can find a term life insurance policy that won’t put any strain on your pockets.
What should I look for in a term life insurance policy?
Look for those term life insurance policies that are guaranteed renewable. With this type, you can keep on with your term life insurance coverage even past the expiry date and also, it requires no medical examination.
How do I select the duration for my term life insurance?
Just match the amount of time you will need life insurance coverage to the suitable guarantee period. For instance, if you want a life insurance for a 30-year mortgage, simply select a term life insurance policy with a 30-year plan.
When should I decide to buy a term life insurance?
You should buy if a permanent life insurance policy is expensive for you or if you need a temporary death benefit.
After my term life insurance expires, can I renew?
Your ability to renew your term life insurance depends on if your life insurance company is offering that option. However, upon renewal the cost of your premium would go up due to your increasing age.
Should I replace my present term life insurance policy?
This question cannot be taken lightly as you will need a licensed insurer to help you make this decision. You can contact our experts to help you with that.