Term Life Insurance   Glossary
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Term Life Insurance covers the financial risk of death for a given number of years (term) at a level premium cost, and pays a specified death benefit, guaranteed.  Term periods available are typically 5, 10, 15, 20, and even 30 and 40 year lengths.  Term life insurance builds no cash value -- it is insurance only.  It guards against total disruption of a family's finances upon the death of a head of household or spouse by replacing the value of a person's future income stream and/or paying funeral and estate costs.

We feel that level term is usually the best way to cover this risk due to its low cost.  It is almost always better to get a longer term period upfront, when you are in good health and younger, so that you can maintain a steady and relatively low payment throughout your period of need.  There is a highly competitive market to provide this insurance, so it pays to see all choices.

Who needs it?
Most people, since it pays both for wiped out income and the increased costs that occur for a family after the death of a loved one.  In general, anyone who wants to make sure that their family does not have to change its lifestyle after their death needs it.  Most families have an especially high risk period, after which life insurance either won't be needed or can be lowered.  Common examples are to cover the cost of the mortgage and to ensure a full education for the kids.

Example:  a $250,000 ten-year level term policy would have a yearly premium that would not change for ten years. After that time period the premium would increase each year until age 100, or you could buy a new term policy again.

Purchase information
There are hundreds of companies that underwrite term life policies. Choosing between them is mostly a matter of price vs. financial stability, as well as what health rating you can qualify for with each.

We have the largest database of term life quotes on the Web.  Carriers are ranked by price, but the results contain financial ratings and our opinions.  And now, we are the first service on the Net that can quote prices for both you and your spouse at the same time!

5, 10, 15, 20, 25, 30 Year
Guaranteed level term quotes

Purchasing life insurance is not always a quick process.  Providers require an in-house para-medical exam for most policies.  Almost all will request medical records, most will pull driving records and sometimes request financial information.  To help you through the process, we suggest you find an insurance agent or advisor you trust.  It costs you no more than buying online, and can save you time and money.

Variations and options
There are many variations on term life insurance and many riders that can be added to make the product very versatile. (e.g., there are policies that return some premium).  To get quotes and descriptions of these other types, follow these links:


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