Term Life Quotes
The Basics
What 2 Know
How much coverage?
Comparing plans
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Comparing Term Life Policies:

  • Find out the brokers motivation for selling you a certain policy. Is it because he's only licensed with that company, or he has a favorite wholesaler he's working with? Spiffs or a sales contest from a particular carrier? You might never find out the real reason, or there might not be any unseen motives
  • Know why you bought the term life and why you would continue to fund one. If you have no survivors or debts, you should think about the reducing the amount of your policy, or if you should even be paying for one
  • Examine the riders. Some can double the premium and are not needed
  • Find out what conversion features are available. Only 3% of all term policies result in a claim, so when your term period is up, you want to have some economical options
  • Make sure the companies involved guarantee (warranty) the price of the policy for the full term. If not, the company can come back later and raise your price unexpectedly and without warning
  • Increased competition has brought term prices down. Make sure the difference in cost is going to be worth your time changing
  • Compare like policies. A term plan with an increasing annual premium might be cheaper in the short term than a level guarantee policy, but what about in a few years? Use the illustrations to determine how much you will pay over the life of the policy and compare those bottom line figures
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