Best Term Life Insurance

A good convertible term life insurance policy if a powerful financial tool and can form the backbone of a good financial plan. Term insurance is inexpensive and allow you to purchase massive amounts of life insurance coverage at a very reasonable cost. This article will explore some of the features of what I consider the “best term life insurance” that you can buy.

Features of the “best term life insurance”

The first thing that you should look for in a term life insurance policy is a convertibility option. Simply put, convertibility option is a feature of some term insurance policies that allows you to convert the term policy into a permanent policy. This can be important if you find that your financial plans include the need for permanent life insurance. The best term life insurance policies allow this conversion to occur anytime and will allow the policy to be converted to any permanent insurance product that is offered at the time of conversion by the insurance carrier. Less desirable term insurance policies will only allow conversion for a certain number of years, or only allow conversion to certain (sometimes less-than-desirable) products.

Another important thing to look for when shopping for term insurance is a financially strong insurance carrier. An insurance company’s financial strength is important because it affects their ability to pay claims. You should not have to worry about whether your family will receive the death benefit should you die. Look for a carrier that has an A.M. Best rating of “A” or better.

You can find the A.M. Best rating for each carrier right next to the rates provided by our free life insurance quoting engine:

The bester term life insurance carriers will have an "A" rating or better.

Price is, of course, another consideration. But as you can see from the graphic above, you will typically find several carriers that are very competitively priced. The difference between the three carriers listed above is less than $1.00 per month. So while price is important, the other factors are even more so.

Here are some other questions that you may want to ask about different term insurance policies:

  • Does the carrier offer a child rider so that I can provide some coverage in the event of the loss of a child? How much does it cost?
  • Are there any other riders offered that might be valuable for me?
  • How long does it normally take to get approved?
  • Which carrier is most favorable for my specific health and/or lifestyle situation (e.g., diabetes, family history of cancer, private pilot, extreme sports).

Search for the Best Term Life Insurance Rates

Use our website to search for the best term life insurance rates. Call us toll-free at (877) 883-3561 or send us an email if you have any questions. Remember, we are advisors, not salespeople, and our job is to help you get the right coverage for your specific situation. Also, feel free post a comment here about this article. We’d love your feedback.

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About The Author

Richard Eddy

Founder of Rates4Term.com and Cona Financial Group Richard Eddy has been assisting clients with their life insurance needs since 2005. He is an expert helping people find the right policy to fit their specific situation. In addition to insurance planning, he is also experienced in a wide range of financial planning topics including investment and portfolio analysis, tax planning, retirement planning and estate preservation strategies. You can call Richard toll-free at (877) 883-3561.