Use These Simple Tips To Compare An Existing Term Life Insurance Policy To A New One With Lower Premiums And Better Coverage.
Determine how many years of coverage remain in your CURRENT policy?
For example, if you bought a 20 year term policy in 2015, you now have 15 years remaining because the guaranteed term rate will end in 2035 or 15 years from now. To compare apples and apples, compare a new 15 year term policy to what you have now.
How long is your current policy convertible without new evidence?
This is the most important deadline to know about in your existing policy and any new policy you may acquire in the future. Most people are unsure of when the conversion deadline expires in the policy they currently own. The longer the better.
Make a list to the other features in your term policy.
For example, does your current policy have accelerated benefits that allow you to take an 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? There are many features available now that may not have been available when your policy was issued.
Base the new quote on your current health.
Getting the best underwriting class will result in a big premium difference. The rates for Preferred vs Standard can be 20% or more.
WITH THIS INFORMATION, YOU CAN COMPARE! Share this information with an agent to obtain a quote. In no time, the numbers will 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. The result should be a lower premium, even though you may be older now.