MA Term Life Insurance Tips

Term life insurance is normally the most affordable type of life insurance policy. For that reason, it is also one of the most popular. If you are considering MA term life insurance, here is some information that may help you better understand this type of policy and what it has to offer.

What is Term Life Insurance

Term life insurance is a policy that covers you for a specific number of years (from 1-3 years). Your annual rate is set up front and is fixed for the life of the policy. It has no residual value after the term and there are no complex features included. If you are still living at the end of the term, then the policy basically ends. Premiums are due annually and as long as you pay your premium each year, you will continue to be covered. If you fail to pay, the policy will lapse.

Policy Premiums

Like most life insurance policies, your annual premium is based on your risk factor. Therefore, the older you are, the more expensive your policy will be. Health issues will also increase the premium, or in some cases may even disqualify you. Prior to your policy being issued, the insurance company will conduct a health assessment through a questionnaire and blood test. Individuals with good health and no lifestyle risk factors will qualify for the best/lowest premiums.

Dollar Value

You have the option of selecting from different dollar values for your MA life insurance policy. The higher the value, the higher the cost. So, a $500,000 policy will obviously cost you less than a $1,000,000 policy. Before arbitrarily selecting a value, consider how much your loved ones may need should you unexpectedly pass away. Think about lost wages, pre-existing debts, housing costs, and living expenses. Your insurance provider can help you properly evaluate these factors and decide upon an appropriate coverage level.

More MA Term Life Insurance Tips

Most people view life insurance as a luxury that they may not be able to afford. However, when you think about the burden that you may be leaving behind for your family members, in most cases, you cannot afford NOT to have life insurance. The cost may be less than you think, especially if you are fairly young and in good health. Click here for a free, no-obligation MA Term Life Insurance quote.