The reason that term life insurance has its name is because it can get purchased for a variety of different terms. Very short terms, for 6 months to a year, are less common but available. Typically, people purchase 10, 20, 15, or 30 year term life insurance. In general, the price for a specific amount of coverage increases as the term increases. However, applicants get the chance to lock in rates when they are younger, and insurers tend to increase rates as people age. This one reason cheap life insurance is so popular for young people.
Who Buys 30 Year Term Life Insurance?
Typically, 30 year term life insurance is popular with younger adults who are buying a home or starting a family. For example, many people get 30-year mortgages to finance homes, and they might want to be sure that their family has adequate life insurance to cover the payments until the home gets paid off. Also, parents might plan ahead and hope to purchase plenty of coverage to take care of children until they have gotten their educations and left home. Since level term policies lock in rates, it makes sense to buy coverage for young people that will last for several decades.
While adults up to about 50 should find pretty cheap life insurance quotes, it might get tougher to find 30 year term life insurance in middle age. However, relatively healthy people in their fifties, sixties, and even seventies may find that 10- or 20-year term policies are still common and affordable.
To get cheap life insurance for seniors over 80, you will probably need to consider another type of coverage called a burial policy. These are actually whole life policies with pretty modest death benefits, and they are mostly intended to help pay for a funeral and other final expenses. Most of the time, you will see life insurance for seniors marketed to people from their fifties up to their eighties.
Is it Hard to Qualify for 30 Year Term Life Insurance?
It is easy than ever before to apply for a new life policy. You can even find no exam life insurance that you can apply for online or over the phone by answering a few questions on an application. Typically, online and phone insurance companies offer 10, 20, and 30 year term life insurance, and they may also offer small whole life insurance policies.
Even though these insurers offer cheap life insurance with no exam, they still may ask health questions. These are some things to note about no exam life insurance:
Can You Buy Life Insurance with Pre-Existing Conditions?
Of course, really cheap life insurance rates are for younger people in very good health. However, many people with managed health conditions may still qualify for affordable life insurance. Controlled health conditions like high blood pressure or even diabetes should not keep people from applying for coverage.
If you are concerned about a specific preexisting condition you might speak with an insurance company representative or experienced local life insurance agent before you apply. These professionals can tell you which policies will be likely to accept you for life insurance with affordable rates. That should keep you from wasting your time, and it might help you save money.
How to Find the Cheapest 30 Year Term Life Insurance
If you compare quotes from several local insurance companies, you might find a fairly large price difference for the same type and amount of coverage. If you plan to buy 30 year term life insurance, even a small difference can add up over time. For example, a $20 a month difference adds up to over $7,000 over three decades. That is why it is important to shop around for the best term insurance rates.
In the old days, it was pretty tough to compare term life insurance rates because companies were not very transparent. You might have to call several different insurers or agents. Some might ask you to set an appointment or even visit them at their office. This took up a lot of time. Since each agent would try hard to sell you coverage, the entire process of getting quotes might even be stressful. That might be why many people paid more than they should have for their 30 year term life insurance.
These days, comparing term life insurance rates is a lot simpler and faster. You can find free online life insurance quotes on credible website. By answering a few questions, you are able to see a list of insurers, plans, and premiums right on your personal computer, tablet device, or even your smart phone. This has to be a better way to start shopping for affordable life insurance!
What if You Have 30 Year Term Life Insurance Questions?
Of course, you should not totally shop by price. After you have some term life insurance rates to compare, you might also want to spend some time checking out each insurer’s reputation for customer service and financial stability. You can find out a lot by checking the company’s websites and looking for reviews online.
Also, if you know an independent agent, who can represent multiple insurance companies, he or she should be able to help you select the best company. In some cases, subtle benefits that are included with your policy, might make some coverage more expensive but also more valuable.
In any case, buying cheap term life insurance is a great way to ensure your family’s security and peace of mind. By comparing prices, benefits, and insurance companies, you should be able to find the best life insurance for your needs and budget.
If you have any other questions, feel free to contact one of our licensed agents. They’ll be happy to answer and questions you may have.