how much term life insurance do i need

Term insurance, also known simply as pure life insurance is a type of insurance that guarantees death benefits if the policyholder dies within a certain time frame. After the term ends, policyholders have the option of renewing the policy for another term, converting the policy to permanent coverage, and/or allowing the term insurance policy to end.

A simplified issue policy requires you to answer a detailed questionnaire about your health, your medical history, and your family medical history. You will also need to provide access to your previous medical records. You will not have to undergo a medical exam; the answers to your questionnaire and medical records are all needed.

You may be eligible for guaranteed universal life insurance policies, which have low rates for elderly people, if your age is below 80. For those with pre-existing diseases, guaranteed wholelife insurance could be the best option.

Life insurance rates for term policies are generally more affordable than for whole life insurance. This is because term policies provide coverage for a predetermined period. The policy's death benefit is not paid to beneficiaries if you live beyond the expiration date. Whole life insurance premiums are, however, higher as the policies pay no matter what time you die. Term life is offered by all the top life insurance companies.

These policies carry higher premiums that traditional policies without a health examination. You may have coverage that is between $25,000 and $300,000. This depends on what your evaluation revealed. You may have simplified issue insurance written, depending on whether you have term or whole life coverage.