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BLOG 04/01/2022

Best Term Life Insurance Quotes

When you’re shopping for affordable term life insurance, getting quotes is an important part of the process. A term life insurance quote estimates how much you might pay for a policy. Since a quote may impact your decision to get more information or even purchase, it’s important to understand where to find the best quotes and how to find the right policy for you.

Understand the benefits of term life insurance

Term life insurance is an affordable way to protect loved ones if you pass away unexpectedly. There are many benefits of term life insurance, including:

  • Affordability: Since the policy lasts a set number of years (the term), coverage is inexpensive compared to pricier permanent life insurance policies.
  • Simplicity: Term life insurance is simple to understand. It’s an exchange of premium for a guarantee of payment, or death benefit, if you pass away during the term period. Since there’s no cash value account or investment option, term policies tend to be straightforward.
  • Guaranteed protection: As long as you pay premiums, your loved ones will receive the death benefit if you pass away.
  • Tax-free death benefit: Loved ones will receive the policy payout tax-free, which means more money to help them get through a rough time.

Assess your term life insurance needs

Life insurance needs vary depending on your financial situation, family needs, and stage of life. You’ll want to determine both how much life insurance coverage you need as well as how long you want the coverage to last.

The size of your life insurance policy will depend on your goals. For example, if you want a policy to replace income for your family, the coverage amount may be a multiple of your current salary, with five to ten times being a common guideline. If you want the policy to cover a specific debt, like credit cards, then the policy size depends on your current debt balance. Our life insurance calculator assesses your financial and family situation to help you discover the amount of coverage that might be right for you.

Next, you’ll want to assess how many years you’ll need the policy to last to inform your term period. For example, if you’re primarily interested in ensuring your family can continue to live in your house and only have 15 years left to pay on your mortgage, a 15-year term life insurance policy could be a great solution.

With a better understanding of your coverage amount and term length, you’re ready to review term life insurance quotes.

Get term life insurance quotes from multiple insurers

Any savvy shopper knows it’s helpful to get multiple quotes before you make a purchase. And comparing life insurance rates is no different. eFinancial can help you get multiple quotes from top-rated insurers. That way, you can easily review available options and find a policy that is right for your personal situation and budget. Rather talk to an agent? We can also help find multiple life insurance quotes for you over the phone.

How do you know if a term life insurance quote is good?

As you review life insurance quotes, hone in on a few key points, including:

  • Policy rates: Of course, you want to get the lowest rate for your term life coverage. Still, keep in mind the quoted rate can change as you provide additional information about your financial situation and medical history. If the policy requires you to submit to a medical exam, that can also change your policy rate.
  • Medical exam requirement: A life insurance medical exam is often part of the process to confirm your health information. With a few preparation tips, you can ensure you’re qualifying for the best rates. Most medical exams only take about 30 minutes and may require height and weight measurements, a blood pressure reading, blood and urine samples, and other tests as deemed necessary based on your age and health. If the life insurance quotes you’re reviewing require a medical exam, you can prepare by gathering necessary paperwork, getting adequate sleep the night before, and avoiding alcohol and tobacco in the days leading up to the test.
  • Company ratings and reviews: The best life insurance companies have a track record of financial stability and exceptional customer service. So, as you review life insurance quotes, look at each company’s ratings and reviews. Rest assured, eFinancial only works with top-rated insurers, so you can trust any quote you get.

Find the right term life insurance policy with eFinancial

Life insurance quotes can vary based on the insurer, your age, medical history, and other factors. So ultimately, finding the right life insurance policy comes down to gathering quotes from reputable companies and finding the quote that best suits your goals. eFinancial agents are here to help you compare options and ensure you end up with the right policy for your needs and budget.