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What is term life insurance?

What is term life insurance?

Term life insurance is designed to be an affordable and temporary type of life insurance. There are certain periods of your life when your unexpected death would have a substantial negative impact on those relying on your income. Term life insurance provides financial security during these years.

Term life insurance policies can last up to 40 years, this length of time is called a term. If you were to die during the term, your beneficiaries* receive a check in the amount of coverage you chose. Term life insurance coverage amounts range from $50,000 to up to millions of dollars.

*Beneficiaries: the people or organizations you choose to receive your life insurance money.

Why is it important to have term life insurance?

Why is it important to have term life insurance?

Term life insurance is important to ensure your loved ones are protected during their most financially vulnerable years. You may know someone who died and didn’t have life insurance or have seen a handful of GoFundMe.com campaigns, leaving their family stressed to find a way to pay for a funeral as well as any past, present and future debt.

By purchasing term life insurance, you can make sure your family won’t have to struggle to cover bills or a mortgage. And most importantly, not having to sell the house.

How does term life insurance work?

Provides financial security

Term life insurance is the most basic form of life insurance. It’s designed to be an affordable means of replacing the income of a provider should he or she die unexpectedly during a family’s most financially vulnerable years.

Beneficiaries receive insurance payout

If you own a term life insurance policy and you die at any point during those covered years (the term length) your beneficiaries receive a check in the coverage amount you chose. This coverage amount is also called the face amount and death benefit.

Pay fixed premiums for your coverage

The term length and coverage amount you choose should be based on your family’s financial needs. Term life insurance coverage amounts range from $50,000 to over $65 million based on your net worth. Term length options can last for 10 to 40 years (depending on your age).

If you are not sure how much term life insurance you need, Quotacy agents can help and you can also use our term life insurance needs calculator to get an idea.

All types of death are covered

A term life insurance policy covers all types of death whether accidental, illness, or old age. There are very few exclusions in life insurance contracts. The most common one is a suicide clause.

This clause typically states that if suicide is the cause of death within the first two years of purchasing the policy, the insurance company will only refund the premiums paid and is not obligated to pay out the death benefit. Another exclusion is attempting to defraud the life insurance company.

Not sure how much term life insurance you need?

What are the different types of term life insurance?

Level Term Life Insurance

Level term life insurance is the most common type and features fixed coverage and premium amounts. Once your policy is active, your coverage amount and the price you pay will never increase or decrease during that term. This is one reason why buying term life insurance as soon as the need arises is beneficial because you can lock in low prices while you’re young.

Return of Premium Term Life Insurance

Return of premium term life insurance (ROP) also has fixed coverage and rates. The biggest difference from a standard policy is that if you don’t die during the term you are refunded the premiums you paid. However, ROP premiums are higher than regular term life insurance premiums.

Decreasing Term Life Insurance

Decreasing term life insurance also has fixed premiums, but in general will cost less because the amount of coverage decreases over time. These policies are often used to match a home mortgage. Quotacy doesn’t offer these types of policies. We instead recommend laddering term life insurance policies if you think your needs will decrease over time

Annual Renewable Term Life Insurance

Annual renewable term life insurance is a type of life insurance policy that allows you to purchase one year of life insurance coverage at a time. At the beginning of setting up this policy, you lock in a period of insurability. This period of time can be anywhere between five and 30 years. During this timeframe, you can renew your term policy without needing to take a medical exam or answer medical questions; however, your premiums will be assessed each year and increase significantly based on your age. Quotacy does not offer annual renewable term life insurance and recommends a level term policy instead.

What is the difference between term life insurance and whole life insurance?

Term is temporary. Whole is forever.

One simple difference between term life and whole life is the length of the policy. Term life insurance is a temporary plan that will provide coverage for a set period of time ranging from 10 to 40 years. Whole life insurance will last your entire life.

Whole is 10-15 times more expensive

The price difference between the two are significant. A whole life insurance policy is often 10-15 times more expensive than a comparative term life insurance policy. The reason is the savings component whole life offers.

Whole has a savings component

Whole life insurance can accrue cash value and pay dividends. The cash value grows slowly and is tax-deferred. Meaning you won’t pay taxes on its gains while they’re accumulating. You can also borrow money against the account or surrender the policy for the cash.

Term fits most. Whole is for specific needs.

Term life insurance is a great option for most families. However, Whole life insurance should be considered if you have a disabled or special needs child that will rely on you for their entire life. Another scenario would be if you have a large estate and are looking for tax advantages.

Term Life Insurance versus Whole Life Insurance

Term LifeWhole Life
Lasts a certain length of timeLasts your entire lifetime
Pays death benefit only if you die within the termPays a death benefit no matter when you die
AffordableAccumulates cash value
Most can convert into a permanent policy later onSometimes pay dividends
More expensive

If you want the peace of mind of having lifelong coverage but the cost of whole life insurance does not fit into your budget, we recommend a different strategy. Consider buying a term life insurance policy to cover your big-ticket items, such as your mortgage, and supplementing it with a small whole life insurance policy.

Questions? Talk with our experienced advisors.

How to get term life insurance

1. Choose the term life insurance coverage you need

Use our life insurance needs calculator to help determine how much coverage you need. Answer a few questions and our calculator will provide an estimate for a reasonable amount of life insurance you should leave behind to your loved ones if you die unexpectedly.

2. Compare your term life insurance quotes side-by-side

Get competitive term life insurance quotes online without sharing your contact information. Window shop in peace until you’re ready to apply. Even after you apply, Quotacy will never sell your personal information.

3. Easily apply for term life insurance coverage online

It only takes a few minutes to apply for life insurance right online. Your submission will be reviewed by your Quotacy agent before being submitted to the insurance company. This is to make sure you’re matched with the insurance company that will give you the best offer. You can be confident that you’ll receive the best policy option in the market.

4. Go through process and accept or reject offer

Your Quotacy agent will guide you through the buying process and keep you updated every step of the way. After all the steps have been completed, your agent will share the final offer from the insurance company. You can accept the life insurance protection or walk away.

How much term life insurance do I need?

The amount of money that you wish to provide your family or business upon your death is up to you. At Quotacy, we always say a $100,000 life insurance policy is a million times better than nothing at all. So, buy what you can afford.

To help determine how much term life insurance coverage to buy, use our free online life insurance calculator to easily estimate your needs.

We suggest that you consider buying a policy that a) simply covers 5-10 times your income or b) would cover your financial obligations minus your savings.

Here’s how to calculate your financial obligations minus your liquid assets in a few simple steps:
  1. What is your annual salary? ($80,000)*
  2. Multiply your annual salary by the number of years you wish to replace your income ($80,000 x 10 years = $800,000)
  3. What other debt do you carry? (mortgage, car or student loans, credit cards = $250,000)
  4. What future costs do you anticipate? (college tuition = $250,000)
  5. Calculate your total financial obligations by adding your numbers from steps 2 to 4. ($1,300,000)
  6. Subtract any liquid assets, savings, or life insurance policies you own. ($1,300,000 – $300,000 = $1,000,000)

Your total sum from step 6 is the amount of life insurance coverage to purchase.

*If you’re a stay-at-home parent, substitute the cost to replace your child care and other domestic services for your annual salary in step 1. The annual cost to replace a stay-at-home parent’s contribution to a family averages $145,000 across the USA, but varies by state.

Is term life insurance expensive?

Term life insurance is the most affordable type of life insurance. Its temporary coverage and simplistic design make it significantly cheaper than whole life insurance. And will generally be the best fit for families with other financial priorities, savings accounts and investments.

Not only is term life insurance more cost-effective, you can also have multiple policies with different lengths and amounts. This makes it easier to provide the appropriate amount of coverage as your debt shrinks and your net worth grows.

Term life insurance quotes:

These tables show the estimated cost of a term life insurance policy broken down by term length, age, gender, and face amount. These are monthly premium quotes for a healthy non-smoker. Your final price is determined by your individual risk factors and may be higher or lower than these quotes.

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10 Year Term Life Insurance Monthly Rates
Male Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$8.49$12.81$16.77$22.57$31.99$72.24$139.32
25$8.49$12.81$16.77$22.57$31.99$72.24$139.32
30$8.49$12.81$16.87$22.73$31.99$72.24$139.32
35$8.60$12.81$17.48$23.64$34.57$78.69$152.22
40$9.63$15.20$24.94$34.83$47.73$111.58$218.01
45$11.20$20.25$32.25$45.79$66.65$158.88$312.61
50$15.03$27.50$47.64$68.88$92.88$224.46$443.76
55$20.81$41.80$70.26$102.81$134.59$328.73$652.31
60$31.35$65.92$116.53$172.21$227.38$560.72$1,116.28
65$52.58$109.65$196.72$292.50$384.68$953.95$1,902.75
70$87.54$184.04$333.25$497.29$674.67$1,678.93$3,352.71
75$155.59$357.11$647.26$968.32$1,535.93$3,832.08$7,659.00
Female Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$6.88$8.60$11.95$15.35$18.29$37.98$70.79
25$6.88$8.60$11.95$15.35$18.29$37.98$70.79
30$6.88$8.78$11.95$15.35$19.26$40.41$75.65
35$7.05$9.89$14.62$19.35$25.37$55.68$106.21
40$8.00$12.25$18.49$25.15$33.11$75.03$144.91
45$9.96$15.69$25.41$35.54$46.87$109.43$213.71
50$12.63$22.47$37.19$53.21$69.23$165.33$325.51
55$17.11$33.67$57.62$83.85$115.58$281.22$557.28
60$25.63$56.33$87.63$128.87$166.32$408.07$810.98
65$46.96$109.65$187.05$277.99$349.16$865.16$1,725.16
70$75.92$182.05$333.25$497.29$558.40$1,388.25$2,771.35
75$145.94$357.11$538.36$804.96$1,234.53$3,078.58$6,152.01
15 Year Term Life Insurance Monthly Rates
Male Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$8.49$12.81$16.77$22.57$31.99$72.24$139.32
25$8.49$12.81$16.77$22.57$31.99$72.24$139.32
30$8.49$12.81$16.90$22.77$31.99$72.24$139.32
35$8.60$12.81$20.21$27.73$35.47$80.95$156.73
40$9.63$15.89$26.62$37.34$50.31$118.03$230.91
45$13.33$22.23$37.95$54.35$68.20$162.75$320.35
50$18.29$32.21$57.15$83.14$106.35$258.14$511.12
55$25.72$48.33$87.63$128.87$170.19$417.74$830.33
60$38.41$77.83$146.80$217.62$284.99$704.75$1,404.33
65$68.68$140.39$269.78$402.09$539.65$1,341.38$2,677.61
70$122.44$260.92$495.71$740.98$966.86$2,409.42$4,813.68
75$280.19$610.16$1,172.54$1,756.23$2,290.02$5,717.31$11,429.47
Female Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$7.37$9.67$13.93$18.32$20.00$42.25$79.34
25$7.37$9.67$13.93$18.32$20.00$42.25$79.34
30$7.48$9.82$13.93$18.32$20.12$42.57$79.98
35$7.53$10.32$15.04$19.99$25.37$55.68$106.21
40$8.94$12.99$20.81$28.64$36.55$83.63$162.11
45$11.63$17.63$29.15$41.15$53.23$125.34$245.53
50$14.74$25.61$46.06$66.51$88.92$214.57$423.98
55$20.32$37.02$68.89$100.75$137.08$334.97$664.78
60$29.32$56.33$99.76$147.06$228.59$563.73$1,122.30
65$57.02$134.80$246.39$367.00$436.88$1,084.46$2,163.76
70$102.34$242.30$451.50$674.67$911.93$2,272.07$4,538.99
75$192.17$462.25$871.18$1,304.19$2,206.24$5,507.87$11,010.58
20 Year Term Life Insurance Monthly Rates
Male Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$9.00$12.97$19.57$26.77$31.99$72.24$139.32
25$9.00$12.97$19.57$26.77$31.99$72.24$139.32
30$9.03$13.05$20.00$27.41$36.33$83.10$161.03
35$9.12$13.87$22.57$31.28$41.11$95.03$184.90
40$10.89$19.01$32.68$46.44$54.74$129.11$253.05
45$16.03$27.78$48.64$70.38$91.05$219.88$434.60
50$22.21$40.44$73.52$107.70$141.41$345.78$686.40
55$33.61$63.38$118.29$174.86$227.85$561.88$1,118.60
60$53.07$110.28$204.89$304.76$411.08$1,019.96$2,034.76
65$98.52$208.55$394.31$588.88$781.74$1,946.61$3,888.06
70$206.22$409.45$800.61$1,198.34$1,537.62$3,836.32$7,667.47
75N/AN/AN/AN/AN/AN/AN/A
Female Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$8.23$11.39$16.58$22.28$24.27$52.94$100.71
25$8.23$11.39$16.58$22.28$24.27$52.94$100.71
30$8.23$11.61$17.37$23.48$25.98$57.22$109.27
35$8.49$12.04$18.29$24.85$32.89$74.50$143.83
40$10.20$15.39$25.20$35.22$46.96$109.65$214.14
45$13.25$22.51$38.40$55.02$75.03$179.85$354.53
50$18.09$32.21$58.35$84.95$110.42$268.32$531.48
55$25.04$48.50$85.49$125.66$167.27$410.43$815.71
60$36.87$78.83$150.93$223.82$294.55$728.63$1,452.11
65$82.39$183.18$349.25$521.29$705.20$1,755.26$3,505.36
70$163.72$382.27$729.71$1,091.98$1,405.24$3,505.36$7,005.56
75N/AN/AN/AN/AN/AN/AN/A
25 Year Term Life Insurance Monthly Rates
Male Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$11.41$16.27$25.13$35.11$43.94$102.10$199.04
25$11.41$16.27$25.13$35.11$43.94$102.10$199.04
30$11.62$16.95$26.41$37.03$46.50$108.51$211.87
35$12.24$18.42$30.27$42.83$53.46$125.91$246.67
40$15.17$24.88$43.08$62.04$88.57$213.68$422.20
45$20.58$38.20$68.46$100.11$128.35$313.14$621.11
50$30.79$57.67$106.72$157.51$202.02$497.30$989.45
55$55.13$101.57$193.04$286.97$367.13$910.08$1,815.00
60$98.21$194.11$372.85$556.70$699.18$1,740.21$3,475.26
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A
Female Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$9.96$13.77$21.07$29.02$35.39$80.73$156.29
25$9.96$13.77$21.07$29.02$35.39$80.73$156.29
30$10.23$14.38$22.56$31.26$37.95$87.14$169.12
35$10.54$16.23$25.72$36.00$44.88$105.45$203.75
40$13.42$20.82$34.93$49.81$63.49$150.99$296.82
45$16.80$30.06$52.49$76.16$97.61$236.29$467.42
50$24.55$43.74$79.65$116.90$147.59$361.24$717.32
55$39.98$74.22$140.08$207.54$261.11$645.03$1,284.90
60$70.07$132.25$254.27$378.82$483.41$1,200.78$2,396.39
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A
30 Year Term Life Insurance Monthly Rates
Male Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$12.79$18.49$30.96$43.86$51.40$120.76$236.37
25$12.79$18.49$30.96$43.86$51.40$120.76$236.37
30$12.99$19.56$32.21$45.73$56.67$133.94$262.73
35$13.93$22.02$37.11$53.08$65.91$157.03$308.89
40$18.26$29.41$53.45$77.59$102.77$249.19$493.21
45$24.21$44.29$80.54$118.23$159.27$390.44$775.72
50$36.81$69.83$129.77$192.08$288.96$714.66$1,424.16
55$68.63$123.63$239.68$356.94$471.62$1,171.32$2,337.48
60N/AN/AN/AN/AN/AN/AN/A
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A
Female Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$11.18$15.48$24.70$34.47$40.42$93.31$181.45
25$11.18$15.48$24.70$34.47$40.42$93.31$181.46
30$11.52$16.73$27.13$38.12$46.44$108.36$211.56
35$11.97$19.01$31.39$44.50$55.04$129.86$254.56
40$15.88$24.49$42.44$61.08$77.14$185.11$365.07
45$19.71$35.17$62.95$91.85$118.16$287.67$570.18
50$28.90$52.20$96.68$142.44$196.94$484.61$964.06
55$50.83$90.52$171.74$255.03$335.74$831.62$1,658.08
60N/AN/AN/AN/AN/AN/AN/A
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A
35 Year Term Life Insurance Monthly Rates
Male Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$15.29$22.35$37.52$53.70$62.75$149.13$293.11
25$15.29$22.35$37.52$53.70$62.75$149.13$293.11
30$16.66$23.84$39.23$56.26$70.44$168.36$331.56
35$17.00$26.41$47.66$68.91$98.39$238.23$471.29
40$22.73$43.93$80.52$118.21$156.27$382.93$760.71
45$31.03$67.23$125.33$185.42$241.97$597.18$1,189.19
50$50.36$116.96$220.15$327.64$434.50$1,078.50$2,151.84
55N/AN/AN/AN/AN/AN/AN/A
60N/AN/AN/AN/AN/AN/AN/A
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A
Female Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$13.93$18.07$29.40$41.52$49.07$114.93$224.71
25$13.93$18.07$29.40$41.52$49.07$114.93$224.71
30$13.93$19.57$32.82$46.65$57.62$136.31$267.46
35$15.21$22.78$37.95$54.35$68.73$164.09$323.01
40$19.40$29.83$54.50$79.17$112.99$274.73$544.29
45$24.44$47.14$89.12$131.10$173.08$424.96$844.76
50$38.97$89.53$168.07$249.53$324.44$803.35$1,601.55
55N/AN/AN/AN/AN/AN/AN/A
60N/AN/AN/AN/AN/AN/AN/A
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A
40 Year Term Life Insurance Monthly Rates
$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$17.01$25.23$42.80$61.62$71.97$172.19$339.23
25$17.01$25.23$42.80$61.62$71.97$172.19$339.23
30$19.24$28.67$52.18$75.69$102.57$248.69$492.21
35$20.21$34.83$64.49$94.16$135.94$332.10$659.04
40$27.73$61.58$114.14$168.63$222.63$548.85$1,092.53
45$41.93$97.08$188.99$280.91$370.06$917.42$1,829.68
50N/AN/AN/AN/AN/AN/AN/A
55N/AN/AN/AN/AN/AN/AN/A
60N/AN/AN/AN/AN/AN/AN/A
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A
Female Age$100,000$250,000$500,000$750,000$1,000,000$2,500,000$5,000,000
20$15.52$20.58$33.98$48.39$57.12$135.07$264.98
25$15.52$20.58$33.98$48.39$57.12$135.07$264.98
30$15.82$22.61$38.48$55.13$72.63$173.83$342.50
35$17.58$28.95$52.74$76.53$93.12$225.06$444.97
40$23.27$48.96$91.26$134.31$176.84$434.35$863.55
45$34.18$77.71$145.15$215.14$288.87$714.43$1,423.70
50N/AN/AN/AN/AN/AN/AN/A
55N/AN/AN/AN/AN/AN/AN/A
60N/AN/AN/AN/AN/AN/AN/A
65N/AN/AN/AN/AN/AN/AN/A
70N/AN/AN/AN/AN/AN/AN/A
75N/AN/AN/AN/AN/AN/AN/A

How much will I pay for term life insurance coverage?

How much will I pay for term life insurance coverage?

The price of a term life policy varies. It depends on a number of factors like your age, gender, job, health, hobbies, and more. Even if you’re in good health, additional factors like family health history can play a role in what you will pay. Basically, the higher risk of death, the more you will pay.

Common risk factors that life insurance companies use to evaluate applicants are:
  • Age
  • Gender
  • Primary residence
  • Physical health
  • Family health history
  • Occupation
  • Hobbies
  • Driving record
  • Substance abuse history
  • Smoking status

We work with the life insurance companies to get you the best rates for your needs and lifestyle. After you submit your online application through Quotacy.com, your dedicated Quotacy agent reviews your information to make sure you’re matched with the right insurance company. Not all life insurance companies evaluate risk factors in the same way. You can save money on premiums if you go with the right insurance company the first time around. Quotacy does the research for you and advocates on your behalf.

How do I compare term life insurance quotes?

How do I compare term life insurance quotes?

Our quoting tool makes it easy for you to view a range of term life insurance quotes from top-rated carriers in seconds. And comparing policies, prices and coverage is just as easy. We give overview information and ratings to help you understand the differences so you can feel confident in your choice.

View quotes by simply entering the following information:
  1. Age
  2. Gender
  3. Zip code
  4. Smoking status

Plus, you can compare term life insurance policy options side-by-side from your computer, mobile, or tablet. And on your own time without any sales pressure. Then apply online in under five minutes.

What happens after I apply for term life insurance?

Shopping Your Case

After your online term life insurance pre-application has been submitted, a Quotacy underwriter will double check your choice by shopping and comparing policies from over 25 different insurance carriers. Since some carriers evaluate health and lifestyle factors differently, it’s possible another carrier will be a better fit.

If we’re able to find you a better price with a different carrier for the same amount of coverage, your agent will reach out to explain your options. At this point, you can decide which company and policy you want to move forward with.

Our goal is to set realistic expectations upfront and get you to the right insurance carrier the first time around. Typically, individuals with no health or lifestyle issues won’t need to consider additional options, but we always want to make sure everyone is getting the best deal possible.

Term Life Insurance Policy Medical Exam

Most life insurance companies require a simple medical exam. The purpose of the medical exam is for life insurance underwriters to have the most current data to help them evaluate your health.

The medical exam is completely free. They’ll even come to your home or office, wherever it’s most convenient for you. The average time to schedule and complete your exam is within one business week. The exam itself will typically take around 20 to 30 minutes where the examiner will simply take your weight and measurements and a blood draw.

There are some term life insurance policies that do not require a medical exam. If you’re under 49 and want coverage for $500K or less, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) is a carrier that doesn’t require an exam. However, they’ll require more medical records that can extend the approval process.

Another way to skip a medical exam is through a process called accelerated underwriting. Not all applicants will qualify for this option. The majority of the life insurance companies we work with offer an accelerated underwriting process. Your Quotacy agent will let you know if you qualify.

Wait for Insurance Company’s Official Offer

Once the insurance company has your application and you have completed the required steps, all you have to do now is wait. At this point, they will review your medical records.

We’ll keep you updated as your application moves through the approval process. If there are any issues, we will contact you and go over your options to make sure you get the best coverage possible.

After your application has been approved, you will have 30 days to review your policy. If you have any issues or concerns, you can change it or receive a refund.

See prices and compare policies in under 5 minutes

Why is term life insurance beneficial?

1

Term life insurance is affordable financial protection

Term life insurance is affordable and can fit into most budgets. A term life insurance policy can save a family should the main provider of income die unexpectedly. Quotacy’s purpose is saving families and we do this one life insurance policy at a time.

2

Term life insurance provides flexible coverage

Term life insurance policies may last up to 40 years with coverage amounts available from $50,000 to $65 million or more. You even have the option to ladder policies either by stacking multiple policies at one time. Or spreading multiple policies out over time to cover the varying needs of your family.

3

Term life insurance payouts are tax-free

Life insurance death benefits are paid tax-free to beneficiaries 99% of the time. There are certain situations in which it could be taxed. But when you apply through Quotacy our agents will help you avoid those situations.

4

All types of families can buy term life insurance

Whether you are single, married, or have a long-term partner, you can get affordable term life insurance to protect your loved ones.

5

Your age affects your term life insurance premiums and options

Quotacy offers term life insurance products to individuals aged 18 to 80. Your term life insurance policy’s rates are locked in based on your age at purchase. And won’t increase over the life of your policy. The younger you are, the less you will pay for your coverage.

The term lengths available to you also are dependent on your age. For example, policies with a term length of 40 years are only available to you if you’re age 45 or younger.

Why is term life insurance beneficial?

1

Term life insurance is affordable financial protection

Term life insurance is affordable and can fit into most budgets. A term life insurance policy can save a family should the main provider of income die unexpectedly. Quotacy’s purpose is saving families and we do this one life insurance policy at a time.

2

Term life insurance provides flexible coverage

Term life insurance policies may last up to 40 years with coverage amounts available from $50,000 to $65 million or more. You even have the option to ladder policies either by stacking multiple policies at one time. Or spreading multiple policies out over time to cover the varying needs of your family.

3

Term life insurance payouts are tax-free

Life insurance death benefits are paid tax-free to beneficiaries 99% of the time. There are certain situations in which it could be taxed. But when you apply through Quotacy our agents will help you avoid those situations.

4

All types of families can buy term life insurance

Whether you are single, married, or have a long-term partner, you can get affordable term life insurance to protect your loved ones.

5

Your age affects your term life insurance premiums and options

Quotacy offers term life insurance products to individuals aged 18 to 80. Your term life insurance policy’s rates are locked in based on your age at purchase. And won’t increase over the life of your policy. The younger you are, the less you will pay for your coverage.

The term lengths available to you also are dependent on your age. For example, policies with a term length of 40 years are only available to you if you’re age 45 or younger.

Life Insurance Riders

To enhance or customize your coverage, there are a number of add-ons you can include when buying a term life insurance policy. These add-ons are called riders. Common riders include child rider, premium waiver for disability rider, accidental death benefit rider, accelerated death benefit rider, and a conversion rider.

Child Rider

A child rider provides life insurance coverage on all of your minor, dependent children. This rider also provides guaranteed future insurability. Meaning you or your child can convert the rider into a permanent life insurance policy when they become an adult. A child rider typically will cost around $50 per year for $10,000 in coverage. And one rider covers all of your children.

Premium Waiver for Disability Rider

A premium waiver for disability rider allows you to keep your policy active even if you were to become disabled and no longer able to work. This rider protects against loss of income. The insurance company will waive your premium payments during your period of disability.

Accelerated Death Benefit Rider

An accelerated death benefit rider is referred to as living benefits. If you become terminally ill with only a short time left to live (6-12 months or less depending on the insurance company), this rider allows you to withdraw some of your policy’s death benefit to use however you wish. This rider is often included on term life insurance policies free of charge. Note: The amount you withdraw will decrease what is left for your beneficiaries.

Accidental Death Benefit Rider

An accidental death benefit rider pays an extra sum of money to your beneficiaries—in addition to your policy’s death benefit—if you died due to an accident.

Term Conversion Rider

A term conversion rider allows you to convert your term life insurance policy into a permanent life insurance policy without having to go through underwriting again. In other words, if you decide you would rather have permanent coverage instead of temporary, you can skip having to go through the whole application process again. Converting your policy will increase your premiums substantially since permanent products are more expensive than term. This rider is often included on most term life insurance policies free of charge.

What other types of insurance does Quotacy sell?

Quotacy mainly offers term life insurance. Our parent company, Hallett Financial Group, has over 25 years of experience working with many types of insurance products so we are also able to offer the following life insurance options:

  • Guaranteed Universal Life Insurance
  • Whole Life Insurance
  • Final Expense Life Insurance
  • Individual Disability Life Insurance

    Our agents are happy to help you determine the best plan for you.

    Contact us for a free, no-obligation insurance consultation with one of our experts today.