A recent insurance industry report showed that requests for term life insurance quotes increased for the first time in 2011. The rise resulted from aging baby boomers and more households looking for plans that are affordable yet still provide sufficient protections for family members.
According to an industry expert, the higher request rate is due to changing requirements for life insurance protection for the baby boomer generation approaching retirement, and the current economic climate that is forcing many families to live on tighter budgets.
Term life insurance is a temporary insurance that covers a specific period of time, and is usually the most affordable life insurance coverage. Because it is temporary, term life insurance typically offers the largest amount of coverage at the lowest premium.
But term life insurance policies can still be hard to understand, so providers are launching a new feature to address the confusion of no-medical-exam term life insurance policies. Some argue the policy type does not exist, while others think its available with very few requirements.