As with any financial product or service, it pays to shop around. The Internet has made it easy to find low cost term life insurance and to compare policies, features and costs. It's also relatively easy to apply for a policy online; the entire process can often be completed in as little as a few minutes.
Perhaps the biggest advantage of this type of insurance is that it is usually less expensive than permanent insurance. Because the amount of the monthly premiums are lower, this type of insurance allows you to purchase extra coverage while young - a time of life when many people feel that they need more financial protection, or can afford it.
This coverage is also a good option if you need to cover an immediate and specific short term need, such as a mortgage, or income from work. Many policies also easily and conveniently allow you to convert the policy into a whole life policy at some point in the future, without having to take a medical exam or otherwise qualify.
Low cost term life insurance does have several disadvantages. As previously mentioned, the policy has no cash value and the amount of the premiums tends to increase as you grow older and maintain the policy, unless you buy what is known as a level term policy. In fact, some people find that the cost of the coverage can become too expensive to continue with, leaving them uninsured.
Some policies also require eligibility requirements at the time of renewal in order to qualify and keep the premium amount down. And of course, a short term policy may expire before you reach your retirement or senior years, meaning additional insurance will then need to be taken out. If you are in poor health, it can be costly to take out a new policy at that point.
For many people, low cost term life insurance is an ideal solution. It's easy to find and take out and can be an ideal short term financial solution. It is also certainly a better strategy than having no coverage at all. Always make sure that you understand the pros and cons before committing to a policy.
By: Tony Hodgison
Are you looking for senior term life insurance? Find out more about how to shop for inexpensive term life insurance by visiting my site. http://www.seniortermlifeinsurancerating.com/inexpensive-term-life-insurance.html
