Complete Guide to Buying the Best Term Life Insurance Online
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
Buying term life insurance online has become an essential move for many, but how do you ensure you’re making the best choice? Welcome to our comprehensive guide on the topic, designed to assist consumers between the ages of 18-80.
With the myriad of options available, you’d want to be sure you’re getting the best rates and the right coverage tailored for you. Through this guide, PinnacleQuote will walk you through comparing online term life insurance policies, ensuring you get the most affordable term life insurance online.
We’ll delve deep into the differences between no medical term and fully underwritten policies. Moreover, it’s crucial to know which carriers cater to specific health impairments and which ones might not be in your best interest.
So, let’s embark on this journey and help you make an informed decision.
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How Do I Buy Term Life Insurance Online
How to buy term life insurance…
When shopping for life insurance, term insurance is the most cost-effective way to protect your loved ones. It’s vital that everyone understands how necessary life insurance is to protect the ones that rely on you financially.
Without a life insurance policy, your family will inherit your debt, mortgage, and finals expenses. Furthermore, when searching for affordable coverage you have to keep in mind the following:
- Use an independent agent and/or life insurance brokers to shop to multiple carriers
- Which Life Insurance Company (Ex Northwestern Mutual)
- Financial Strength Rating of the company (JD Power/AM Best)
- Affordable monthly premiums
These are just a few for starters!!
Above all, Sometimes it takes a major event to occur before people realize how badly they need life insurance. This can include a near-death experience or the birth of their first child.
Although it’s not fun to prepare for your own death, a good life insurance policy can give you peace of mind.
There are many things to consider before deciding on a life insurance policy, like what type and how much life insurance is best for you.
One of the first major choices you’ll need to make is whether you want a term life insurance or whole life insurance policy. Next, you’ll need to consider how much life insurance you need to buy in order for your family to receive proper coverage.
Why Choose Online Term Life Insurance?
If you’re thinking about getting insurance, you might hear a lot about online term life insurance. So, why do many people say it’s the best choice? Let’s break it down:
- It Lasts for a Set Time – Some folks think that because term life insurance doesn’t last forever, it might not be good. But many people like it just for that reason! Imagine you have a loan for your house (a mortgage) or you want to make sure your kids are okay until they grow up. This insurance can cover those times. So you only pay for what you need.
- It Doesn’t Cost Much – Everyone loves to save money, right? One big reason folks choose term life insurance is because it’s usually cheaper. Imagine getting a plan that lasts 20 years and gives $500,000 if something happens, all for less than $50 every month.
- It’s Simple – Some insurance plans, like whole life insurance, have a savings part to them. But did you know you might earn more money if you save on your own? Plus, online term life insurance policies keep things easy. You get the protection you want without the extra stuff.
- Great if You Don’t Have Lifelong Needs – Some people have folks depending on them forever, like a child who needs special care. In those cases, a different kind of insurance might be better. But for many, term life insurance online is just right. It’s there when you need it and then stops when you don’t.
When looking for the best online term life insurance, remember to compare rates and companies. It’s like shopping for anything else – you want the best deal for your needs!
What Is The Difference Between Term Life Insurance And Whole Life Insurance
Above we already spoke about term life insurance. I want you to have an idea of what whole life insurance is. For more detailed information you can visit Whole Life Insurance.
- Builds cash value ~ You can borrow against if you need cash
- Guaranteed for life ~ Never expires
- Premium rates will never increase ~ Guaranteed level premium for life of the policy
Compare Term Life Insurance Online Rates To Protect Your Family
How Long Of A Term Should I Get
This is a great question. Age of your kids? Distance from retirement? How much and how long do you have on your mortgage? These are all good starting points!!
Again, the age of your children is of major importance. For example, if your child is 10 years old, you may get a 10-year policy so that they have coverage until they reach adulthood.
If you have a newborn, a 20-year option is best.
Generally, you’ll need to choose between a 10, 15, 20, 25, or 30-year term. There are several more factors to consider when deciding on the amount of time that you want coverage.
Example’s Of Term Life Insurance Online Rates
Here are a couple of examples of rates when buying term medical exam life insurance.
Example #1
Roger is 55 years old and has about 10 years left on his mortgage. He also has a goal of retiring by age 65. All of Roger’s kids are grown and out of the house. He does have a remaining balance on his mortgage but also has debt totaling over $1,000,000. We will look at 1 million dollar term life insurance quotes:
Roger’s $1,000,000 10 year term
| Plan Name | Plan Type | Age Details | Monthly Cost | Yearly Cost |
|---|---|---|---|---|
| Protective Classic Choice Term | Select Preferred | Age Nearest: 55 | $120.87/mth | $1,421.98/yr |
| Promise Term | Preferred Best No Nicotine Use | Age Nearest: 55 Accel UW Elig |
$121.21/mth | $1,426.05/yr |
| Level Term | Preferred Plus Non-Nicotine | Age Nearest: 55 | $125.11/mth | $1,501.44/yr |
| OPTerm | Preferred Plus Non-Tobacco | Age Nearest: 55 Accel UW Elig Instant Decision Elig |
$126.06/mth | $1,483.07/yr |
| Term Essential Worksheet | Preferred Best | Actual Age: 55 Accel UW Elig |
$135.19/mth | $1,545.00/yr |
Example #2
Mary is 42 years old and recently had an unexpected pregnancy. She and her spouse are very excited. Her second youngest is 12 years old and has about 10 years left until being a college graduate. She has only 10 years left on her term policy. So she is looking to replace the 10-year term with a new 20-year term. Her husband has a $1,000,000 dollar policy so she was looking for $500,000 term life insurance rates to get her youngest out of the house.
Mary’s $500,000 20 year term
| Plan Name | Plan Type | Age Details | Monthly Cost | Yearly Cost |
|---|---|---|---|---|
| OPTerm | Preferred Plus Non-Tobacco | Age Nearest: 42 Accel UW Elig Instant Decision Elig |
$27.76/mth | $326.64/yr |
| Protective Classic Choice Term | Select Preferred | Age Nearest: 42 Accel UW Elig |
$27.79/mth | $326.87/yr |
| Promise Term | Preferred Best No Nicotine Use | Age Nearest: 42 Accel UW Elig |
$27.80/mth | $327.07/yr |
| Level Term | Preferred Plus Non-Nicotine | Age Nearest: 42 Accel UW Elig |
$29.66/mth | $355.93/yr |
| Term Essential Worksheet | Preferred Best | Actual Age: 42 Accel UW Elig |
$34.57/mth | $395.00/yr |
Example #3
John and Samantha had recently got married and are starting a family. The just secured the purchase of their new home and were thinking about what kind of coverage would they need. John is the primary breadwinner and makes about $75,000 annually and Samantha makes about $35,000 annually. They are both 35 years old and would like coverage for not only the mortgage but to cover their family and get to a retirement age of 65. They were thinking million-dollar life insurance for John and a 500000 term life insurance rates for Samantha both 30-year terms.
John $1,000,000 30 year term
| Plan Name | Plan Type | Age Details | Monthly Cost | Yearly Cost |
|---|---|---|---|---|
| Level Term | Preferred Plus Non-Nicotine | Age Nearest: 35 Accel UW Elig |
$62.48/mth | $749.77/yr |
| OPTerm | Preferred Plus Non-Tobacco | Age Nearest: 35 Accel UW Elig Instant Decision Elig |
$62.78/mth | $738.53/yr |
| Promise Term | Preferred Best No Nicotine Use | Age Nearest: 35 Accel UW Elig |
$63.07/mth | $742.03/yr |
| Protective Classic Choice Term | Select Preferred | Age Nearest: 35 Accel UW Elig |
$63.10/mth | $742.28/yr |
| Term Essential Worksheet | Preferred Best | Actual Age: 35 Accel UW Elig |
$71.32/mth | $815.00/yr |
Samantha $500,000 30 year term
| Plan Name | Plan Type | Age Details | Monthly Cost | Yearly Cost |
|---|---|---|---|---|
| Level Term | Preferred Plus Non-Nicotine | Age Nearest: 35 Accel UW Elig |
$28.75/mth | $345.02/yr |
| OPTerm | Preferred Plus Non-Tobacco | Age Nearest: 35 Accel UW Elig Instant Decision Elig |
$28.77/mth | $338.52/yr |
| Promise Term | Preferred Best No Nicotine Use | Age Nearest: 35 Accel UW Elig |
$28.79/mth | $338.65/yr |
| Protective Classic Choice Term | Select Preferred | Age Nearest: 35 Accel UW Elig |
$28.80/mth | $338.75/yr |
| Term Essential Worksheet | Preferred Best | Actual Age: 35 Accel UW Elig |
$34.57/mth | $395.00/yr |
Top Carriers For Term Life Insurance
Our job is NOT to “SELL” you, it is to make sure you are NOT OVERPAYING!!! No other Agent/company will do this for you like PinnacleQuote!
Where to buy life insurance? This question comes up often! The simple answer is, call us at PinnacleQuote, where we will shop you over 50 A/A+ carriers. We are licensed in 49 states and not only is this our motto, but we Guarantee ~ Best Price, Best Carrier!!!
We will custom make you a policy that fits your family’s needs, Remember, this is life insurance, it is supposed to be simple, so the best way to get life insurance is to give us a call, we will walk you through the entire process and make it incredibly simplistic. Below are a few of our top carriers.
- Protective
- Banner
- Prudential
- Pacific Life
Knowing How Much Term Life Insurance Should I Buy
It depends on how much you need as far as coverage. The general rule of thumb is to buy a life insurance policy that is around 10 times your salary. This way, your family’s financial security remains consistent. Of course, you need to factor in final expenses, college tuition, debts, etc.
Quick Term Life Insurance Quotes Online
Other factors when determining low-cost term life insurance is not only the amount of coverage but also the difference in life insurance rates by age.
In fact, term life insurance rates by age are just as important as your health when determining the rates. For example, cheap term life insurance for seniors will be very different than someone in their 40’s.
However, it’s not only working people that need term life insurance coverage.
How Much Term Life Insurance Should I Get as a Parent
Sometimes, a stay-at-home parent should consider being covered as well. In the end, the important thing is that you’re making the responsible decision to buy life insurance.
You may want to consider hiring an independent insurance agent. They will help you find the most affordable plans, and they should be able to answer any of your concerns.
Benefits of Term Life Insurance:
- Loss of income
- Short-term debts
- Additional insurance protection during the child-raising years
- Longer-term protection to help pay off a mortgage
- Help pay for a college education
What Carriers Have Cheap Term Life Insurance Without Exam
When purchasing cheap term life insurance online it really comes down to who you do business with. In fact, no exam term life insurance is very easily obtainable and usually goes active within a couple of days to weeks.
Furthermore, some policies are a simplified issue like Mutual of Omaha term life insurance no medical exam called Term Life Express. These types of policies can be approved within minutes if you are very healthy with no prescription history.
Here are our top No Medical Term Carriers
- SBLI
- Guarantee Trust Life
- American Amicable
- Assurity
- Mutual Of Omaha
- Foresters
Buying Term Life Insurance With Living Benefits
Life insurance with living benefits gives you and your family some added extra coverage. In fact, it combines three important riders. Furthermore, having a term life insurance with accelerated death benefits will give you access to your death benefit without dying.
One, a terminal illness rider will give you access to the death benefit if a medical professional gives you 12 months or less to live. American National will give you up to 24 months.
Two, a chronic illness rider will give access to the death amount if you can’t perform 2 of the 6 activities of living. Bathing, Toileting, dressing, eating, transferring and continence.
Finally, a critical illness rider will give you access to the death amount if you are diagnosed with a serious illness such as cancer, ALS, or a stroke. It does include more illnesses depending on the carrier.
Life Insurance Tips And Advice From PinnacleQuote
Where do I begin? Let’s Recap!
What to look for when buying term life insurance? Many clients often believe that the most important commodity when looking for life insurance is the best price. In reality, they all claim to have the best price, obviously, this is farthest from the truth!
Quick Online Term Life Insurance Quotes
Picking the right insurance company is like picking the best team for a game. Every company sees you in a unique way. They all have their own rules, body size charts, and special things they’re best at.
Think of it like this: every shoe store has different sizes and styles. You need someone who knows all the stores really well to help you find the perfect shoe.
So, to get the best deal and the right company, you want a Life Insurance Expert who knows all the secrets. With their help, you can be sure you’re getting the best price and the best company for your term life insurance online. You can count on it!
Can I buy Life Insurance Directly From Insurance Company
Here at PinnacleQuote we will tailor-make you a life insurance policy based strictly and solely on your personal profile. Because life insurance is not a one size fits all.
Can I Buy Life Insurance Without An Agent
Simply put, NO.
Danny Ray is the Owner and Independent Agent of PinnacleQuote. His office is based out of Jacksonville, Florida. He is licensed in Florida along with 49 other states and the Distict of Columbia.
Danny is your One-stop shopping for the best prices! He has 20+ years of experience. Like we stated above, we are licensed in 49 states. Contracted with over 50 A/A+ carriers.
Danny has incredible relationships with all the Top Carriers and Underwriting Teams. His goal and passion are not only to help you purchase life insurance but more importantly, to help you protect your family and their future when you are gone. And Save you $$$
Life Insurance…The Last Way To Say I Love You.
Conclusion
In today’s digital age, opting for online term life insurance has never been simpler. With the convenience of instant quotes and a myriad of options to compare, it’s vital to make informed decisions.
Whether you’re looking for affordable rates, specific coverage durations, or just trying to understand the ins and outs of different policies, the world of online term life insurance has something for everyone.
As you navigate your options, remember that choosing a policy isn’t just about the price – it’s about finding the best fit for your unique needs.
Always consider the long-term benefits and ensure you’re getting the utmost value for your investment.
Your future, and that of your loved ones, deserves the security and peace of mind that only the best online term life insurance can offer.
