What are some questions to ask in order to make a more well-informed decision about my purchase of term life insurance?
There's several things to consider before choosing a term life policy.
Here is a list of questions to ask:
1. Which company offers the lowest price? You can find out by comparing rates among multiple insurers.
2. How long do you need life insurance? Term life plans offer coverage for 10, 15, 20 or 30 years, usually.
3. Do you need level premiums and coverage, or a decreasing amount of life insurance?
4. How many years is your premium guaranteed to remain level?
5. Is a physical exam required?
6. What is the financial strength rating of the insurance company?
7. Can you choose to renew your term life policy when it expires?
8. Can you convert the term life insurance policy into a permanent life insurance policy?
Here are some more term life insurance faq's and answers to help you better understand term life insurance coverage.