How to Compare Term Insurance Policies

Life insurance is a valuable asset to have. It protects your family in the event of an untimely death. Term life insurance is an inexpensive way to gain peace of mind and it is affordable for most families. You should obtain several quotes from different companies and compare each term insurance policy before purchasing.

• Compare the premiums for each policy. Look at the starting premiums and what the premiums will be when the policy is up for renewal. Renewal premiums often increase dramatically.


• Check the waiver of premiums rider. No all term life insurance policies will protect a client in the event they become disabled. This rider pays for the policy if the client is unable due to a sudden disability. Compare the length of time the insurance provider will cover disability payments.


• Compare each company’s re-entry regulations. Some companies will enable the client to continue the policy without asking for a medical exam, other companies will not renew if a client has developed serious health issues.


• Compare the conversion options to whole or universal life for each policy. Some companies offer the option to convert the policy, within a certain time frame, while others do not. It is not necessary to convert the policy but having an option is always a good choice.


• Compare each company's financial and fiscal strengths. Financial information can be found at Insure.com. Chose a term life insurance company with enough financial backing to ensure any death claim will be paid accordingly.