Affordable term life insurance plans are available with guaranteed rates. Large and small amounts of coverage can be purchased at historically-low rates. Most policies do not require a physical, and plans can often include spouse and dependent coverage.
Our sister site, Ohioterminsurance.com offers the lowest prices available in the US. We research all of the major “A” rated companies and allow you to instantly view and compare multiple plans. This type of policy is often utilized when you need a high amount of coverage, and keeping premiums low is a priority. Business and “Key-Person” options are typically offered, and the customer can terminate the policy at any time without paying a penalty.
Converting Your Policy To A Permanent Plan
Many companies allow you to “convert” to a different form of coverage without having to answer medical questions. Although converting may lower your long-term costs, it may not be the correct solution for you. We help you determine if a conversion is your best option, and which carrier provides the best contract for your unique situation.
Since a permanent policy (whole life, variable life, and universal life) will accumulate cash value, your premium can easily double or triple, with little flexibility the first few years. Also, although some of the cash value may be guaranteed (whole life policy), interest rates and investment rates of return can fluctuate, and dividends (if a participating policy) are not guaranteed.
The most popular length of term life coverage is between 15 and 25 years. This allows ample time for substantially paying off a mortgage, or raising children. And because term coverage is quite inexpensive, more of your income can be used for retirement purposes, such as 401(k) programs, Roth IRAs and other tax-deferred investments. “Investing the difference” makes good financial sense as long as you follow through with setting a specific amount aside each month (or year).
10-year plans are also offered at a reduced rate, and work best if your children are over the age of 12-14. Thus, when your policy expires, your children (hopefully!) are self-sustaining and are no longer dependent on you. Of course, with an uncertain economy, it is hard to accurately predict these types of things.
Guaranteed Level Term
Although there are many types of available contracts, “Guaranteed level” insures that both the premium and face amount of life insurance do not decrease. Thus, at age 40, if you purchase a 20-year $250,000 policy for $19 per month (Protective Life, Ohio National, Lincoln National, Principal National, and Pacific Life rates), your rate and coverage will be the same when you have reached age 59.
Generally, this type of policy includes a renewal option which allows coverage to continue at a maximum guaranteed rate. However, the renewal offer may not be guaranteed and it is probable that answering medical questions or passing a physical would be required.
As Ohio’s Trusted website for Ohio medical plans, we have helped thousands of residents with their health care needs. But we also provide affordable life insurance from the top US companies. Feel free to contact us for a no-obligation quote or click here.