When looking into term life insurance quotes, the term length is an aspect that should take some thought on your part. The term is defined as “the length of time that the company guarantees the rate (the amount you pay) to remain level”. It is important to note that if you choose, say, a 20 or 30-year term, it is the company that is locked into that commitment, not you.
A good rule of thumb when considering term length is, “you can always drop it, but you may not always be able to get it”. A couple of examples might help to clarify. Some people buy a 10-year term with the idea of reapplying for another 10 years at the end of the policy. This is a bad idea for two reasons.
A professional from the Hinerman Group can show you that, while 10 year rates are attractive, if you buy two ten year terms instead of 20 year term, you will actually pay more over the full 20 years. Another problem with picking away at your life insurance needs 10 years at a time is unexpected changes in health. If you have a 10-year term taken out when you while in great health, and before the end of the term your health changes, you could end up paying substantially higher rates when you try to reapply. You may even be declined.
Call the Hinerman Group toll free at 866-539-7914 today and discuss what term length is the most appropriate for your needs and remember, you can always drop it with no penalty, but you may not always be able to get it.
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