Skip to content

Where Should I Get Term Life Insurance

Where Should I Get Term Life Insurance

A life insurance policy plan is indeed worth getting, due to the amazing benefits it offers to its clients. It is an essential component of basic economical planning. However, it is essential to get the right plan that suits you.

This is because getting the wrong kind of term life insurance policy plan can do more damage to your economic plans than just about any other economical product out there today. There are various types of plans including the whole, phrase, universal and varying guidelines. What is the best life insurance for an 84-year-old?

What Is Term Life Insurance?

Term life insurance is a policy where you choose the length of the level term period, which typically starts at five years. The level term period is the time during which your rates will not change. You can choose some common term options like 10, 15, 25, and 30 years.

Where Should I Get Term Life Insurance
Where Should I Get Term Life Insurance

When the term of the level ends, you can generally renew the policy every year (up to a certain age), although you will generally pay higher rates at each renewal. That’s why it’s good to properly estimate the best amount of time for a uniform duration when you buy the policy.

You will also choose the amount of your coverage, which can be many millions of dollars if necessary. When you buy a policy, you will name at least one beneficiary. Your beneficiary will receive the death benefits if you die when your policy is in force.

Who Needs Term Life Insurance?

Term life insurance is suitable for people who need life insurance to cover a specific large debt or a finite period of time. Term life insurance can be especially attractive to parents with young families who need the financial protection of life insurance while raising children.

People often buy term life insurance for these reasons:

  • To cover your years of work so your family has “income replacement” if you die unexpectedly.
  • To cover years of a large debt like a mortgage, so your family can pay it off.
  • To cover the years until the children graduate from college, to ensure there is money for tuition if they die.
  • To pay the cost of a funeral.

Cheapest Term Life Insurance

Since term life insurance is so simple, it serves as an excellent selection. You will receive a lump sum insurance for a specified period of time. In addition, the life policy is much more affordable than the whole life policy.

The downside is that you may not be able to build cash value as you would in a whole life plan, but there is a resolution at hand. You can take your money saved by not buying a more expensive permanent life plan, then invest it when you find the cheapest term life insurance. Over the years, this money will grow and you will be able to reinstate your insurance once the policy ends.

You still have to go through a security procedure when you buy your term life insurance. You must remember to fill out your application carefully. You wouldn’t want to go to the trouble of locating the cheapest term life insurance only to find that your application was rejected at the last possible second.

Do some research and explore different sources. There are many agencies fighting for your life insurance money. However, don’t just buy from any company. Remember to do some research and buy from reputable companies. High-end companies are more likely to last if something happens to you and the remaining members of your family who file a claim.

As it turns out, there’s a lot more to locating the cheapest term life insurance than simply finding an agency and writing a check. Give yourself plenty of time to review all of your options, and your family will be very grateful that you did so later on.

Term Life Insurance Quotes

Term life insurance always helps you to plan ahead and offers long-term financial security for you and your family when you need it. When you can’t assign an amount to your family, that time term life insurance ensures your future must be protected.

Term Life Insurance Quotes
Term Life Insurance Quotes

First of all, you have to decide how much coverage you need for how long. You can also get term life insurance from GEICO Insurance Agency and its partners will provide you with an affordable life insurance policy that is suitable for you and your loved ones.

Best Term Life Insurance Companies of 2022

Haven Life$81.16A++
Guardian Life$56.00A+
New York Life$142.67A++
Mutual of OmahaN/AA++
Best Term Life Insurance Companies of 2022

Haven Life

Heaven Life term life insurance coverage is great for same-day coverage. One of the potential drawbacks to buying life insurance through Haven Life is that you won’t be able to convert your term life policy to a whole life policy. Heaven Life also offers no medical exam coverage, which means you may not need to take a medical exam to qualify for coverage.

You can be also eligible for the Heaven Life Plus at no additional cost depending on your state. You must be between 20 and 55 years old to apply. Coverage is available in terms of 5, 10, 15, and 20 years.

Guardian Life

Guardian Life Insurance offers a term life insurance option that does not require a medical exam. Guardian offers specific coverage for people living with HIV. To apply, you must be between the ages of 20 and 60 and meet certain eligibility requirements.

People who live with HIV can get specific coverage from Guardian. Guardian term policies are offered to applicants between 18 to75 years and you can get coverage of $100,000. In addition to this no-exam policy, the company offers seven additional term life insurance riders.

New York Life

New York Life is best for high amounts of coverage. New York Life is one of the oldest insurance companies in the United States and has an A++ rating from AM Best. Applicants must be between the ages of 18 and 75, and the minimum amount of coverage is $100,000.

You can get term coverage in 10-year and 20-year terms, with death benefits starting at $100,000. Each of these policies offers rider options, such as a life benefit option, disability premium waiver, and spousal paid rider. This policy is for people seeking a substantial death benefit with a minimum face value of $1 million.

Mutual of Omaha

Mutual of Omaha offers a plethora of riders that can be added to your term life policies. It should be noted that not all riders can be used with all policy types. To check how much coverage you need and what riders can be added to your policy, you can check with an agent.


AARP policies were great for coverage without any medical exams and their term life policies never need any medical exams, you just need to provide a few health questions. AARP-level term life benefits are available to AARP members ages 50-74. You can ask New York Life if you need more coverage. Basic coverage amounts range from $10,000 to $100,000.

How Much Does a Term Life Insurance Policy Cost?

A 10-year term life insurance policy costs $36.16 per month for a 30-year-old non-smoker in average health with $1 million in coverage based on our analysis. A 30-year-old non-smoker in average health seeking the same coverage would pay $44.99 per month. For clients with a higher level of risk, insurance companies are more likely to pay a death benefit compared to someone younger.

10-Year Term$44.99$67.14$142.19$337.45$1,052.99
15-Year Term$54.01$80.28$181.23$463.34$1,531.81
20-Year Term$63.75$103.21$244.59$651.76$2,108.42
30-Year Term$104.33$175.60$455.38N/AN/A
How Much Does a Term Life Insurance Policy Cost?

How You Can Choose the Right Term Life Insurance Company

When you buy life insurance, you’re counting on a company that will be there for your family for many years to come. For this reason, it is important to choose a company that you can trust. There are several factors to consider when purchasing a quality term life insurance policy.

You’ll also need to choose your coverage amount, which will depend on where you want your death benefit to go. A life insurance company’s financial strength score reflects its past ability to pay claims and could help you decide if a company is financially sound.

You want a company that provides good customer service from the day you start shopping until the time of the complaint. To find out if other customers have been satisfied, you can consult an insurer’s complaints index. Term life insurance only stays active for a certain number of years. To decide if term life insurance is right for you, it can be helpful to ask what coverage you want to be covered for.

How much life insurance can you get at 84 years old?

Term life insurance policy plan is suitable for short-term needs. It is known to be the most straightforward plan available, where you pay rates after an agreed duration either monthly or annually for the specific phrase.

Once the plan ends, it is up to the plan proprietor to decide whether to replenish that plan or not. However, unlike the whole insurance policy plan, it does not offer any returns beyond the stated benefit.

With the right phrase quotes, it is quite easy to get the best and most cost-effective term life insurance policy plan for you. Here are some key ideas that will help you get the most cost-effective phrase insurance policy plan.

Healthier term life insurance

Most of the time, individuals with wellness issues end up paying higher rates than those who are healthy. This can get quite expensive, creating more economical issues for you instead of reducing the pressure as it was intended. Those with chronic wellness issues should get a protection plan that does not require any physical or healthcare examinations. The rest should strive to get healthier. They should have weight loss programs by getting sensible food and drinking plenty of water. They should exercise and get healthcare examinations regularly.

Be Safe to have AARP Life Insurance For Seniors

Most insurance companies avoid giving out policy plans to individuals who have dangerous careers or engage in very dangerous outdoor actions. However, those that give out protection, offer very great rates to be paid by the plan proprietor. Such actions include sailing, snorkeling, rock climbing, or even skydiving. However, for you to sign up for cost-effective phrase protection you have to cease engaging in these dangerous actions.

AARP Life Insurance
AARP Life Insurance

Do not purchase the excess insurance

Before purchasing a phrase, you should assess your needs and the period for which you will need the plan. This will prevent you from purchasing too much term life plan. you need to buy the plan in segments depending on your situation as your needs may change extra time. This enables you to save on costs. Compare life insurance for people aged 84 and over.

* Where Should I Get Term Life Insurance?