Term Life Insurance—Shopping Tips
When shopping for life insurance. take time to review term life options. Term life insurance is one of the most simple, yet affordable solutions for family life insurance needs especially if you are younger or just starting a family. For example, a healthy 40 year-old male can buy a $500,000 term life policy with a 20 year rate guarantee for just $345 per year, while a 40 year-old female would pay $305 per year for that same coverage.
Here are a few quick questions to use when speaking to your GEICO representative about a term life insurance quote:
Term. Compare life insurance rates across several different terms. It is possible to purchase term life insurance for 5, 10, 15, 20 or even 30 year terms. The most popular term life policy purchased today is the 20 year term life plan. Typically the younger you are the better your rate will be. Locking in a long-term rate may be a real
Coverage. Understand what amount of coverage you need to provide for your family in the event of a loss. Other common considerations include the ability to use a portion of the value of the policy in the event of terminal illness, renewal conditions, conversion and limitations on coverage. Most term life plans sold today provide an automatic renewal option to age 90 without the need for another physical exam.
Medical Review. Depending upon the amount of coverage desired, a physical examination may be required. When you call to speak to your GEICO representative about a life insurance quote, be sure to mention any pre-existing health conditions or dangerous hobbies such as scuba diving or mountain climbing.
The above-listed tips are for informational use only. Refer to your insurance policy contract for specific information regarding your coverages and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.