Choosing Between Competitive Term Life Insurance Policies

When you are shopping for term life insurance, you will often have the opportunity to choose between competitive life insurance policies. Determining which policy to choose can be difficult.

Choosing the Right Policy

Term life insurance is temporary life insurance that pays a benefit if you die within the specified period of the policy. While the policy may be renewable at the end of the term, it often comes with a significant increase in rates. Choosing the right term life policy can save you money.

Step 1 – Compare Premiums

When choosing between policies, don't just compare the current premium. Take a look at what the premium will increase to in five and ten years. What you save up front by choosing a cheaper policy may be offset by higher premiums later.

Step 2 – Availability of Riders

To make sure you are able to provide adequate coverage for your family, choose an insurer who offers a wide variety of riders to meet your individual needs. The more customizable the insurance policy, the better your money will work for you.

Step 3 – Renewals

Make sure whichever policy you choose allows you to renew for something other than term life at the end of the policy term. You will want to have the option of renewing into a universal life or whole life policy.

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