10 Quick Tips For Term Life Insurance Shoppers

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Whether the pandemic or other life events have brought you to the point of a life insurance purchase, here are top tips if you’re looking at term life insurance:

Life insurance companies typically price coverage in “bands,” where higher amounts of life insurance will cost less per $1,000 in coverage. You might not realize that the coverage amount you’ve chosen is near the top of a rate band. Buying a little more coverage could you move you into the next rate band.

Financial strength ratings give insight into whether a company will be able to pay its claims down the road. While major life insurers with strong brand names generally all have very good financial strength, you’ll want to check before you buy from any company Accelerated death benefits are often included on policies automatically and at no extra charge. Check to see what percent of the death benefit would be available to you under this feature. Term life insurance policies will generally include a conversion option. This gives you a window of time during the policy to convert your term life to a form of.

 

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