Most people know by now that term life insurance rates have been declining for about ten years. However, it appears that they may be on the rise again. If you do not have life insurance at the moment, it would be wise to compare term life rates now and get the insurance you need for your family while it is still affordable. One thing that you will find when you compare term life rates is that there will be differences across the board. The reason for this depends on many factors. The first would be your particulars like your health, age, and lifestyle factors such as smoking, obesity, alcohol consumption and so on. After that, the type of term life you apply for and the reputation and competitiveness of the company you use will be key factors in the cost of your insurance. Term life insurance is also bought in blocks. Though you can purchase term life insurance for a year, term life is most commonly sold in blocks of five year periods. Once your current term life policy expires and you renew your policy, the premium will change according to all the factors listed above and the current market trends at the time of purchase. You will also find term life insurance that require medical exams and the ever popular term life insurance plans that do not require taking a medical. You can get instant coverage online by successfully answering a few qualifying questions. Non-medical or medical requirements will affect the premium rates as well.
With the economy as volatile as it is, many people are turning to mortgage term life insurance. These policies will guarantee full payment of your mortgage should your die before the mortgage has been paid off. This type of insurance is a level term insurance. With this insurance, your mortgage will be fully guaranteed. The rates are more competitive than a decreasing mortgage life term policy, which decrease in value as the years goes by. Another type of life term policy is an endowment life insurance policy. These insurance policies provide a cash value option as well.
Traditionally they too have been used to pay mortgages in the event of the death of the insured; but an endowment life insurance policy could be used for any pressing financial need. Some of the various types of term life insurance policies will even provide some accidental death benefits. Accidental death benefits are important considering the number of work related, driving, and recreational accidents in the USA each year.