A 30 year term life insurance policy can be a great choice if you are part of a couple who are financially secure and able to handle the premium difference between a 20-year and a 30 year term.
A level term policy is the most popular type of death benefit. This means that the death benefit value will not change over the life of your policy. You can also see the benefit shrinking over time. This is usually done in increments of one year.
There are two types of standard life insurance policies that don't require medical exams: guaranteed issue and simplified issue. Knowing the differences between them and what they offer can help you choose which policy is best for your needs.
Sometimes you can purchase online life insurance without needing to complete a medical exam. Term coverage doesn't have cash value. Term life is generally sufficient for most families.
You have other options if your pre-existing condition or inability to pay the premiums make it difficult for you to qualify for traditional and simplified issue life insurance. You may be interested in a guaranteed issue insurance policy.
According to the National Association of Insurance Commissioners (NAIC), some term policies can also come with a return of premium features. That means that if a death benefit isn't paid out by the end of the term, you'll get back all or part of the premiums you paid. However, this is a more expensive option.
A simplified issue could be a good fit for you if that's what you're after:
Reminder: It is important to disclose any medical conditions while applying for a policy. If you fail to disclose something after your death, your policy may be cancelled. If this happens, your beneficiaries may not receive the death benefits you had in mind.
Term life insurance is a policy that provides coverage for a set period, like 10, 20, or 30 years. If the policyholder passes away during this time, their beneficiaries receive a death benefit.
Most term life insurance policies have level premiums, meaning the payments remain the same throughout the policy term. However, some policies may have increasing premiums as you age.