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What is Direct Term Life Insurance?

We are living in a time when convenience is king, and you can shop and purchase anything with the click of a mouse or the touch of your finger. Many consumers now prefer to do their shopping online, even for things that traditionally needed to be done in person, like purchasing life insurance. This is especially easy to do these days, because there are now ways to do health assessments online for basic types of life insurance, like term life insurance.

Policies known as direct term life insurance policies, or direct-to-consumer policies, can be purchased directly through an insurance company, typically through their website, and offer an easy and convenient way to get life insurance coverage.

Direct Term Life Insurance Explained

hand coming out of a laptop with a life saver giving another hand it — *Term life is one of the most popular types of life insurance policies among families because of its affordability*

Before we go over what direct term life insurance is, we will first review what term life insurance in general is. Term life insurance policies are policies that you can purchase to cover you for a set period of time, typically between 10 and 30 years. If you die during that time, your loved ones will receive your death benefit; if you don’t pass away during this time, you will need to either renew your policy or purchase a new one.

Term life is one of the most popular types of life insurance policies among families because of its affordability. But if you choose direct term life insurance, you can get both affordability and convenience. With this type of policy, you can compare policies online and buy your policy directly from the insurer through their website, making the whole process more straightforward.

Is Direct Term Life Right For You?

There are some advantages to direct term life insurance, including:

Quick and easy coverage– If you shop online, you can purchase life insurance quickly, instead of having to make an appointment with a professional.
Convenience- Shopping for life insurance online allows you to fit the process into your schedule, and compare quotes on your time.
More options– You’ll find a huge amount of options to choose from, both in terms of life insurance companies and the policies they offer. You can find a variety of policies that are a better fit for you and your budget, depending on your age and health. And if you are not in the best of health, you can opt for policies that do not require a medical exam or medical questions.
Cheaper coverage– When you buy a life insurance policy directly from an insurer, your policy might be less expensive.

Need Help?

Direct term life insurance can save you time and money because you can find the right policy for you online, and can purchase a policy without having to make an appointment, or even talk to anyone over the phone. But, if you do want to speak to someone or have questions that need to be answered, you have the option of requesting to speak to an agent from one of the insurance companies.

We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Return of Premium Life Insurance

Are you looking into a term life insurance policy, but worried that you might end up paying a lot of money in premiums over the years, without your family getting any benefits in return? You might want to look into what’s known as a return of premium life insurance policy. These policies allow you to get the money that you paid during the life of your policy back, which means more money in your pocket. But before deciding if this type of policy is right for you, you need to weigh the costs and benefits.

Term Life Insurance Vs Return of Premium Life Insurance

Term life insurance policies are policies that you purchase for a set number of years, or a “term,” like 10, 15, or 20 years. If you die during the policy’s term, your family will receive the death benefit. But if you outlive your policy, and you don’t renew it or purchase a new policy, your beneficiaries will receive nothing when you pass.

This might seem like a gamble to some people, and that’s why they choose a return of premium life insurance policy. You can still get coverage for a certain amount of time, but you will get your money back if you do not pass away during the policy’s term. If you outlive the term, 100% of the premiums paid throughout the life of the policy are refunded tax-free to you at the end of the term.

In some cases, you can add a return of premium option as a rider onto your policy, but it depends on if your insurance company offers this option.

How Much Is Return of Premium Life Insurance?

Return of premium life insurance can cost hundreds of dollars more per year than a traditional term life insurance policy. You will end up paying more in monthly premiums, but you will get all of that money back when the policy expires.

black question mark — *While trying to determine which life insurance policy is best, the best thing to do is compare plans from different companies.*

Is This Policy Right For You?

Return of premium life insurance is perfect for someone who would like coverage for a set amount of time, like with traditional term life insurance, but would like to receive all of their money back if they do not pass away during the time frame that the policy is active. It can cost a lot more than traditional term life insurance, but there is a chance you will receive that money back at the end of the policy, and it won’t be taxed.

So if you can afford to pay a little extra each month, this policy would be a great fit for you. In addition, if you are younger and purchase a policy that is set to expire around the time that you plan to retire, you could benefit from receiving that chunk of money tax-free.

If you decide that this type of policy is not for you, and you’d like something more affordable, you have options! The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Term Life Insurance

It might not be a subject that we like to think about, but unfortunately, we won’t be around to take care of our families forever. It is important, though, to plan for the future, because when we are gone, our bills will get passed on to our family members. If you are married, have children, or own a house, you have expenses, and if something happens to you, your family could end up struggling financially.

two gold balloons being held up by caucasian hands making the number thirty — *With term life insurance, you have the option to choose how many years you want coverage, up tp 30 years.*

To make sure that your family doesn’t get left with a large financial burden, consider a term life insurance policy. These policies, which you can purchase for a period of 10 – 30 years, are affordable and remain in effect for the entirety of the specific term that you choose. Your family depends on you, which is why it is important to provide them with a financial safety net in the unfortunate event of your death.

How Term Life Insurance Works

One of the major benefits of term life insurance is that you can choose the duration of the plan and how much coverage you want. For example, let’s say you buy a house and take a 30-year fixed mortgage of $2,200 a month. If you were to pass suddenly, the $2,200 mortgage payments can be a lot for your family to handle. But because term life insurance can be bought in increments, you can buy a term life insurance policy that covers these payments for the duration of your mortgage.

If you survive through the term of the policy, you can opt to end the policy, extend it, or convert it to a permanent life insurance policy. Just be aware that if you choose to renew your term life policy, you will pay a slightly higher premium rate.

Check Out These Discount Life Insurance Options Below! Make Sure You Compare More Than One For The Best Rates!

pink piggy bank with gold coins going into it — *Monthly payments are fixed, which makes it easy to fit into your monthly budget.*

Term Life Advantages

Term life insurance is more affordable than permanent life insurance because the monthly payments are fixed, meaning they are guaranteed to stay the same for the whole term of the policy, making it easier for you to budget. You are in control of how long your policy will last, and can base the decision on your current and future expenses. Most policies are set in 5-year increments, but there are some policies that will allow you to set your term in increments of as little as one year. You also have the option to buy multiple term life policies; for example, you can buy a 30-year policy to protect your family and a 10-year policy to protect against a loan.

In addition to being affordable, term life insurance is also flexible. Once your major financial obligations are no longer an issue, for example when your mortgage or loan is paid off, you can cancel your policy at the end of its term. Then you can opt for another term life policy with less coverage because your expenses will not be as large, OR you can convert your term policy into a permanent life insurance policy to cover you for the rest of your life.

How Much Term Life Insurance Do You Need?

When deciding how much life insurance you need, take into account any outstanding debt, future education costs for your children, dependents, funeral expenses, and any extra financial expenses your family might have when you are gone.

There are a number of term life policies you can choose from that will fit your family’s needs. Investing in a term life insurance policy will protect your family’s future in the event of your death. You want to take care of your family as long as you can, and with a term life insurance policy, you can continue to provide for them no matter what happens in the future.

Finding an affordable term life insurance plan can be time consuming, you need to figure out just how much coverage you need, which means taking the time to sit down and really consider your expenses and assets. It can be confusing and getting the right Term Life Insurance coverage is something you do not want to take lightly. To make sure your family is taken care of in the event of your death you will want help. Consider using online tools, or speaking with an agent. We have provided the top Term Life Insurance companies in the nation that offer hassle free assistance and the most competitive rates below. Always check multiple sites to make sure you have bargaining power and know the different advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check term life insurance rates today.

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