Best Term Life Insurance Quote

When you shop for life insurance and you are a price-conscious shopper, chances are good you will look for the best term life insurance quote that you can get. If that’s the case for you, then there are three tips you need to know in order to ensure that you get the best term life insurance quote.

1. Shop around. It is never a good idea to just take the first policy quote that you receive. Instead, when looking for the best term life insurance quote, you should shop as many different companies as possible. Make sure each of the companies you get a quote from is highly rated by A.M. Best so that you know they are able to pay their claims.

2. Choose a low term. The fewer amount of years you have insurance coverage for, the less your monthly premium will be. If you are looking for a term life insurance policy in order to cover your mortgage if you die, then only buy the policy for the number of years that you will have that mortgage. You can also consider buying a decreasing term policy with a level premium. That way, your death benefit will decrease as the balance of your mortgage does, but you spread your reduced death benefit premium savings over the entire term of the policy.

3. Add a return of premium rider. A return of premium rider will make your premium skyrocket (in many cases it adds as much as 100% to your premium) but it is worth it because it ensures that, if you outlive your policy and make all your premium payments on time, you will get back all your premiums paid at the end of the term.

So give these tricks a try the next time you are shopping for the best term life insurance quote.