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$250,000 Term Life Insurance Policy
As you start to shop for a $250,000 term life insurance policy, it is very important to do your research so that you understand what you are applying for before you request a quote or submit an application. A $250,000 term insurance policy provides $250,000 of coverage to your beneficiaries if you pass away within a specified period of time. Unlike permanent insurance, you have the option to choose between several different terms that vary in length so that you can build a policy that suits your own individual needs. There are short-term one-year renewable terms and longer term 40 year plans available that will keep your premiums fixed until you are 40 years older.
Which Term is Right For You?
When you sit down to calculate your life insurance needs, one of the first things you focus on is the coverage amount. You can use a life insurance calculator to determine just how much coverage you need to provide your family members with when you pass. Typically, individuals will purchase between 5 and 10 times their annual income. If you have used a calculator and settled on $250,000 of coverage, you are one step closer to selecting the right policy for you.
The next step in the process is selecting a term length that will suit your particular needs and fit into your budget. You must consider both your short-term needs and your long-term needs when you are considering which term is best. One-year renewable terms may be affordable, but the premiums will only stay level for a year. You will then be asked to renew the policy when you are a year older. This means that the premiums will go up each year and you can denied for coverage if you are diagnosed with an illness before it is time to renew.
Longer 30 or 40 year term policies provide long-term coverage to cover your mortgage, pay for your child's schooling, and also to replace your income. While these policies do come with higher premiums, the premiums will be fixed for the entire term and you will pay premiums that are based on your age at the time of the application.
What Terms Can You Choose From?
Companies offer several different term lengths. Reviewing the term lengths that are available and requesting quotes for each of these terms can help you commit to the right plan. Here are some of the various term policies that you can choose from:
* Return of Premium until 100
How Much Can You Expect to Pay for $250,000 Term Life Insurance?
Reviewing sample rates is a great way to get an idea of how much you should expect to pay for $250,000 in term life coverage. You can compare the annual premiums for terms of varying lengths and also see how much your age will impact the premiums before you start requesting quotes. It is important to keep in mind that the average rates released by insurance companies are based on preferred health and non-smoking. If you have medical conditions, you are overweight, or you smoke, your rates may be higher.
* The Average Term Rates
Rates are based on healthy 50 year old male resident of PA.
Term insurance rates are significantly lower than permanent insurance rates. One of the main reasons why the premiums are lower is because term insurance provides temporary coverage that will expire at some point in your life. Some individuals only need coverage up until retirement. Other people may need a specific amount of permanent coverage to cover estate taxes and other assets. If you do need permanent insurance, make sure you take time to determine how much of your need is temporary and how much is permanent so that you can build the best life insurance portfolio.
How Will Health Issues Affect My Rates?
Insurance companies will review your medical records and they may require you to submit to a medical exam. If it is found that you have medical conditions, minor or serious, the insurance company will dig deeper to see how these issues will affect your mortality. In most cases, if your condition can be controlled by medication and the condition does not reduce your expected lifespan, your may be given standard rates. If you have been diagnosed with more serious medical conditions, the insurance company may deny you or table rate your policy. When a policy is table rated, you pay higher premiums because you are high risk.
Take Time to Compare $250,000 Term Life Insurance Rates Today
You never want to pay too much for your life insurance, especially when you will be paying the premiums for as much as 30 years. This is why you need to take time to compare the rates from different carriers. Choose a carrier that specializes in providing the type of coverage you need. Get multiple rates with the click of a button today and make shopping for $250,000 term life insurance easier.