You can be covered quickly with no medical exam. Instead of waiting for weeks and months for results and processing, you can apply immediately. If you require coverage quickly, such as for a trip coming up, this may be a good option.
There are many options for how long your term-life insurance should be valid. You can typically buy coverage for one, five or more years. Policies with a term of one to five years can be used to cover short-term expenses or debts you are currently paying, such as tuition for your child. If you are the breadwinner, and need to have a policy that will cover your mortgage, a term of 30 years might be a better fit. These needs can change over time and so may your need for a policy.
There are many options available when it comes to how long your term insurance policy should last. You can usually buy coverage for one to five years, five years, 10, 15, 20, 25, 25 or 30 year. You can get coverage that lasts one to five years and help you cover your short-term debts. A 30-year term may be better if you are the breadwinner and need a policy that covers your mortgage. These policies may not be needed as often as you would like.
Sometimes you can purchase online life insurance without needing to complete a medical exam. Term coverage doesn't have cash value. Term life is generally sufficient for most families.
Term Life policies can either be purchased as an individual or through a group of life insurance plans that are offered by an employer, civic, and religious organization.
Term coverage provides temporary financial protection for your loved ones throughout your working years when your cost of insurance is typically less expensive. Its death benefit pays the money directly to your beneficiaries to help with funeral costs and ongoing financial obligations, such as daily living expenses, your children's education, and future mortgage payments.
Many term life insurance policies offer a conversion option, putting you in control. This allows you to switch to a permanent life insurance policy before the term expires, usually without requiring a medical exam.