Use These Simple Tips To Compare Term Quotes Or To Compare An Existing Term Life Insurance Policy To A New Quote.
Start by determining how many years of coverage remain in your CURRENT policy? For example, if you bought a 20 year term policy in 2015, it now only has 15 years remaining because it ends in 2035. In essence, you have a 15 year term policy. Next year, it will be a 14 year term policy. To get an apples to apples comparison, you need to compare the cost of a new 15 year term policy to your current premium payment.
How long is your current policy convertible without new evidence?
This is the most important provision in your existing policy and what you need to know about a new policy. Most people are unsure about the conversion deadline in their current policy. The conversion option matters. It allows the policyholder to switch from term insurance to permanent coverage, without new evidence of insurability. It is critical for anyone with health changes to be aware of this date.
Make a list of any other features in your current term policy.
For example, does your current term policy allow you to take a lump sum advance against the face amount of the policy, at no cost? Nobody should own a policy today without accelerated benefits. Another option is a return of premium. It pays you all your premiums back if you stay in the policy to the end. These are just some features that may not have been available when you last bought coverage.
Base the new quote on a realistic assessment of your current health.
Getting the best possible underwriting class results in big premium differences. The annual premium differences for Preferred vs Standard can be 20% or more.
WITH THIS INFORMATION, YOU WILL BE ABLE TO EFFECTIVELY COMPARE THE DIFFERENT POLICIES AVAILABLE TO YOU! Share the information with the agent you trust to obtain these quotes for you. In no time, the numbers tell the story. Maybe you can reduce your cost or maybe you can spend the same and get a policy with more years and more benefits. You will be surprised at how much better new policies are today.