Are you shopping for affordable term life insurance? Here are some questions to ask life insurance companies when you shop around for a term life insurance quote.
- Are insurance rates fixed or variable? Variable rates on a term life insurance policy can give you a nasty surprise with your budget. If the policy does have variable rates, find out the exact terms and amounts.
- Is the policy renewable at the end of your term? You’ve paid a lot of money into a life insurance plan. Make sure you can renew it at the end of the term to continue your coverage uninterrupted. You may also want to find out if a medical examination is required at the end of the term before renewal.
- What exclusions exist with the policy? Many term life insurance plans have reasonable exclusions—but you’ll want to find out what they are so your loved ones don’t find themselves without term life insurance coverage if something happens to you.
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