What's important to know before comparing term life plans?
There are several features to be aware of before choosing your term life policy.
The main things to consider are pricing, length of term, renewability, guaranteed rates, company financial ratings, conversion option and guaranteed option to purchase additional coverage.
Pricing varies quite a bit between some insurers, that's why it's important to compare multiple term life insurance rate quotes among several highly-rated insurance carriers to find the best deal on your life insurance.
Renewability refers to your ability to renew your term life policy for another term (for instance, another 10 years) when your current term life policy expires at the end of the term.
Renewable term life means you can renew your policy without having to take a physical exam to qualify for coverage again, but the rate at renewal will be based on your age. Even if you have bad health at renewal, you are guaranteed to be able to renew your policy.
Here's how you can learn more about term life comparisons and what to consider before choosing your term life insurance policy.