Life insurance has sure changed over the years.
The idea first started about 600 BC by the Greeks and Romans with a simple concept—if someone in your guild passed away, everyone chipped in to take care of the surviving family.
It was about protecting families. Pretty simple.
Fast forward to today and there are thousands of variations on that original concept, and some may not be so family focused. No surprise it can be confusing. Term life insurance is one of the most popular choices because it’s the simplest and most affordable type of life insurance you can get.
What is Term Life Insurance?
Simply put, term life insurance pays your beneficiaries (spouse, children, elderly) if you die within a certain period. For example, let’s say you get a 20-year term policy with a coverage amount (sometimes called the death benefit) of $100,000. If you die in that 20 years of coverage, your beneficiaries would receive $100,000 once the claim is filed and approved, tax-free.
Why Would Someone Get Term Life Insurance?
Most people get term life insurance because it’s more affordable and easier to understand than other insurance products. They want coverage during the years they are most financially vulnerable—which is typically when a family is younger and has more debt.
How Much is Term Life Insurance?
Term life insurance is more affordable than other types of insurance like whole life because you’re only paying for coverage during a set time period rather than your whole life. While whole life insurance has features that term life insurance doesn’t (such as building cash value, guaranteed investment return), the premiums can be much more expensive than term. Here’s one quick example just to get the point over:
For a healthy 25-year old female
|Policy Amount||Term Length||Monthly Cost|
|Term Life||$100,000||20 years||$10/month|
|Whole Life||$100,000||Until death||$78/month|
Term monthly rate is approximate only. Individual rates are given during an application. Whole life rate taken from top a top 5 insurer’s website.
Read more about term life insurance right here.
What The Experts Say About Term Life Insurance
Turns out, there are a lot of financial and family planning experts who agree that term life makes sense for families who want simple and cost-effective protection. Here’s what Dave Ramsey, Suze Orman, and Clark Howard have to say.
Making Term Life Insurance Smarter and Simpler
We believe term life insurance is a financially savvy way to protect your family. But actually buying a policy can take several weeks due to meeting with a sales agent, scheduling a medical exam, taking your medical exam, getting your lab results back, phone interviews, reviewing your quote, and on and on.
That’s where we come in.
We’re taking data and technology to streamline the process, lower costs and pass along the savings to you. We’ve partnered with a trusted industry-leading insurance carrier rated A+ by A.M. Best (more on that here) to make sure your policy is long-lasting.
So with Bestow you get the same high quality term life policy as other big insurers, but without the hassle.
We’re not just talking about giving you a quote like other sites. We’re talking about from start to finish, buying a policy online in minutes.
We use a simple online questionnaire to learn about your health and lifestyle along with checking a few databases to determine your price. If approved, you can buy your policy right away — no additional steps.
Get up to $1 Million of term life coverage in minutes, maybe even two minutes. Apply today.