30 Year Term Life Insurance Quotes
When purchasing life insurance there are a number of factors which need to be considered prior to settling on one type of policy over another. Term life insurance is almost always the least expensive type of life insurance product on the market so most people seriously consider term life prior to looking at whole life or permanent life. However, when getting 30 year term life insurance quotes there are several things which need to be understood.
Typical Reasons for Purchasing 30 Term Life Insurance
One of the main reasons for purchasing 30 year term life insurance would be to protect a 30 year mortgage. When raising a family or leaving behind dependents, term life insurance can be purchased to cover the amount of the loan should the policy holder pass away before satisfying that loan. The second biggest reason why 30 year term life insurance is preferred is because of level premiums throughout the term. When a policy is renewed the premiums almost always increase considerably due to the advancing age of the insured. As we get older, life insurance costs more. That’s a fact.
Qualifying for 30 Year Term Life Insurance
Another thing to understand about 30 year term life insurance quotes is that not everyone will qualify for that length of policy. For example, if you look at the State Farm’s Select Term policy that can be written for 10, 20 or 30 year terms, no one over the age of 45 will qualify for a 30 year Select Term Life Policy. State Farm’s age limits on 30 Year Select Life are 20 to 45 years of age and they do not write this policy in Montana, Wisconsin or New York. The same holds true for their Mortgage Term Life and their Return of Premium Term Life policies. However, MetLife does write policies in those states but does not write them in Washington State. It is imperative that you consider 30 year term life insurance quotes from a number of insurance companies before getting discouraged. Terms, premiums and insurability will vary from company to company as well as from state to state.
Advantages of 30 Year Term Life Insurance
Besides the fact that a 30 year policy will cover the entire length of a 30 year mortgage and the fact that premiums will not increase if you have a level term life policy, there are other advantages as well. Consider being in your early 40’s and needing life insurance. By purchasing a 30 year level term life insurance policy you would be locked into those rates until your early 70’s. However, if you purchased a 5 or 10 year term life policy you probably wouldn’t qualify for a 30 year policy when it is time to renew or the rates would be astronomical in comparison. Therefore, if you need death benefits to cover a specific amount of money for a longer period of time, this policy would be the most advantageous.
It can’t be reiterated enough to get several 30 year term life insurance quotes from different insurance companies prior to binding a policy. Not only can prices vary by as much as forty or fifty percent from company to company, some companies just won’t write that type of policy due to age, the state in which you live, the state of your health, and whether or not you are a smoker or nonsmoker. Term life is almost always the least expensive type of life insurance and you can lock in your premiums for a longer period of time with a 30 year term life policy.