Why should I choose TermMonster?
TermMonster is independent and uniquely positioned to provide unbiased recommendations for all your life insurance needs. Our only concern is delivering the most competitive term life insurance policy to you.
For more reasons why you should choose TermMonster for all your life insurance needs click here.
How do I know I’m getting the best prices with TermMonster?
While shopping at TermMonster, you know you’re getting the lowest price for term life insurance. Here’s a fact - all term life insurance rates are set by the carriers and published for all to see. TermMonster uses state-of-the-art technology to find the lowest price by matching the best carrier to your needs.
For instance, some carriers specialize in servicing individuals with high blood pressure or high cholesterol. TermMonster’s carrier expertise guarantees you the lowest price for the term life insurance.
How does TermMonster pick the companies it represents?
TermMonster only recommends policies from life insurance carriers that pass our extensive due diligence process. TermMonster considers financial ratings from four nationally recognized ratings agencies: A.M. Best, S&P, Moody’s, and Fitch . We have also associated with a leading insurance industry research and analysis firm to issue confidential, independent research on all the companies we recommend.
Is TermMonster licensed in my state?
TermMonster is licensed to provide term life insurance quotes and sell life insurance policies in every state in the US including the District of Columbia.
How confidential is my data?
Everything you submit, enter, or email from our site is completely confidential. In addition, the entire site is protected by McAfee Secure and the life insurance application is encrypted and certified secure by VeriSign.
Read our privacy policy
Do you just give price quotes?
TermMonster supports you from the time you request term life insurance quotes through the recipt of your life insurance policy! Step one is getting your Term Life Insurance Quotes. The application, where you’ll be required to fill out more information is step two. Step three is underwriting where the term life insurance carrier reviews your application and comes back with a contract proposal. Throughout the process, TermMonster keeps you informed about the status of your application.
How does TermMonster get paid?
TermMonster earns a commission on your policy once it’s issued to you. The insurance carrier pays us and you should know the price you pay for term life insurance is the same whether you buy it through TermMonster or directly from the carrier.
The rates people pay for policies are decided by insurance companies not agents. Policy premiums are fixed based on mortality tables, and different factors such as age, amount of insurance, and risk class.
What life insurance companies does TermMonster represent?
TermMonster actively monitors all major life insurance companies offering products in the United States. However, we only recommend policies from insurance companies that pass our rigorous due diligence process. Quite simply, we work exclusively with carriers who have the financial stability to pay the face value of your policy.
What is life insurance?
Life insurance is a legal contract between an insurance carrier and the individual buying the policy. The owner of the policy designates a beneficiary who will receive the face value of the policy upon the owner’s death. The policy is in force for a certain period of time or term. Upon the expiration of the term, the individual must purchase a new policy or convert to permanent life insurance. Term life insurance covers an individual for a period of time, usually 10, 20, or 30 years.
What are the main types of life insurance?
There are two main types of life insurance: Term and permanent. Term life insurance coverage is typically the least expensive and covers you during a period of time or term. Permanent life insurance covers you until you die as long as you pay the premium.
What type of life insurance should I buy?
Consider term life insurance if:
- You need life insurance for a specific period of time. Term life insurance enables you to match the length of the term policy to the length of your need. For example, if you have young children and want to ensure that there will be money available for their college education, you might buy 20-year term life insurance. Or if you want the insurance to repay a mortgage that comes due in 30 years, buy a 30-year term life insurance policy.
- You need a large amount of life insurance, but have a limited budget. In general, term life insurance is cheaper per thousand dollars than permanent life insurance. At the end of the term, coverage stops unless the policy is renewed and there is no cash savings component.
Consider permanent life insurance if:
- You need life insurance for as long as you live. A permanent life insurance policy pays a death benefit whether you die tomorrow or live to be 100.
- You want to accumulate a tax-deferred savings element that coudl be tapped for a variety of purposes. The savings element or cash value can be used to pay premiums or other purposes of your choosing.
Why should I buy life insurance?
Peace of mind and security for your loved ones are the primary reasons to buy life insurance. Other uses include ensuring business continuity, paying estate taxes, and legacy planning. Life insurance provides financial security in your absence.
Why should I buy life insurance from TermMonster?
Our products, service delivery, custom solutions, and caring team of life insurance professionals combine to create an enjoyable shopping experience. Yeah, ok – so what else? Here is how we are different.
Should I worry about the life insurance companies being around to pay claims?
Yes!
Rest assured, TermMonster’s due diligence process gives us the conviction to recommend the most competitive, financially sound insurance carriers.
Will term insurance rates increase as I get older?
No, your insurance policy’s premium is locked for the entire term of your policy. After the term expires, you will see an increase in your rates.
What do I do if the insured dies?
The death of a loved one is a difficult subject for everyone. We have prepared a very useful checklist of tasks to complete when someone dies. You may want to print the page and place it with your important papers for future reference.
How much insurance do I need?
Factors include but are not limited to current income, debts, children, age, potential estate tax burden, cash flow issues, etc. For a simple tool to give you a rough idea, click here!
You can do all your comparison shopping at our
web site. No need to engage pushy sales agents or scour other web sites that only quote a few insurance companies and sell your information to other agents.
How long do I need protection?
Most frequently, you need protection during your wealth accumulation years when loved ones depend on you to pay the mortgage, education expenses, and lifestyle essentials. If you’ve accumulated substantial wealth, your family may need a chunk of money to pay estate taxes.
Should I get coverage for my spouse?
Yes, especially if you have kids. Most commonly, families have coverage on both husband and wife. After the loss of a parent, there are many financial impacts even if the deceased spouse wasn't working. Often the surviving spouse will take time off work, or change jobs in order to spend more time with the children.
Should I get coverage for my children?
Our position is generally “no.” Btw, the owners of TermMonster don’t have life insurance on their children.
The only potential benefits of purchasing life insurance on your children is to have money to cover final expenses and to guarantee your child's coverage by purchasing a renewable policy.
Can I get a life insurance policy on anyone?
No, you must have “ insurable interest” in the covered individual. Basically, you have to be able to articulate why the passing of the insured would hurt you financially. The carrier makes a judgment.
What does “guaranteed” mean?
Guaranteed is a legal contract between you and the insurance company. Each term life insurance policy, if renewable, has a guaranteed maximum life insurance renewal premium. This amount is the most you'll have to pay to renew your policy when the term expires.
Remember, there is no guarantee of good health tomorrow. Don't be tempted to purchase a term policy with a lesser guaranteed rate period than you need. Look for a policy with guaranteed rates for as long as you need coverage to last.
Can I renew my policy?
Some term policies are renewable, which means the policy can be renewed at the end of the term without the insured proving evidence of insurability. Evidence of insurability generally consists of a medical exam or doctor’s statement regarding the insured’s satisfactory health status. The premium of the renewal is based on the insured’s age at the time of the renewal.
Can I convert my term life policy to permanent insurance?
Virtually all term life insurance policies allow you to convert some or all of your coverage to a permanent plan without evidence of insurability. In other words, you could have a terminal illness and still convert to permanent insurance. Keep in mind that permanent insurance is much more expensive than term. Please see specific policy details for additional information.
I've had some health issues - can I still get insurance?
Yes, you have a couple of options:
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There are guaranteed acceptance life insurance plans available from some carriers offering approval for people within a certain age range. However, the benefits are graded, which means full coverage is not provided until after 1-2 years.
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There are some insurance companies providing coverage excluding death resulting from a certain pre-existing condition for which they would not pay a claim.
How long does it take to get a life insurance policy?
Most policies are issued in 3-4 weeks. or longer which we know, seems painfully long. If your application has missing information, missing signatures, forms, or authorizations, the process is delayed. The most common holdup in the application process is your medical records and medical information.
In some cases, insurance companies do not require a medical exam. These companies often allow you to print your policy immediately after filling out the application. The premiums are higher so you pay handsomely for instant gratification.
How do I apply for a life insurance policy?
Applying and buying life insurance online is easy, fast, and confidential. Get instant term life insurance quotes and complete our secure online life insurance application. Start by clicking
here and filling in some basic information.
How do I get the best price on a life insurance policy?
You’re at the right place! Here’s a fact - all term insurance rates are set by the carriers and published for all to see. TermMonster delivers the best Term Life Insurance Quotes and finds the lowest price by matching carriers to meet your unique needs.
What are "standard", "preferred", and "preferred-plus" insurance rates ?
Only 5-40% of all applicants get a "preferred-plus" term life insurance rates. Typically, about 60% can qualify for the regular "preferred" term life insurance rate. The rest fall into the "standard" category.
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Preferred-Plus Term Life Insurance Rate: You must be in excellent overall health. You cannot use tobacco. You must have no history of drug or alcohol abuse, and you cannot engage in any hazardous activities. These term life insurance rates represent the lowest available premiums.
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Preferred Term Life Insurance Rate: Similar to Preferred-Plus, you must be in excellent overall health. There can be no participation in any hazardous activities and there must be no history of drug or alcohol abuse.
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Standard Term Life Insurance Rate: You have had some minor health impairments during your lifetime. Examples of someone that would qualify for a standard term life insurance rate would include persons who have cholesterol levels of over 260, or who are 50 pounds overweight.
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Substandard Term Life Insurance Rate: - You have more than minor health problems. Term life insurance rates will be higher than average.
The specific criteria for these term life insurance rate categories differ widely among insurance companies, and it is not uncommon for an individual to be classified as "standard" at one company and "preferred" at another.
Do I have any coverage while I'm waiting for my life insurance policy?
Temporary coverage during the life insurance application process is available. Many policies have a binding option which simply means you will be covered as of the application submittal date if you are ultimately approved for a policy. If this is a priority for you, please let us know.
What are my payment options for my term life insurance policy?
Your term life insurance policy can be paid monthly, quarterly, semi-annually, or annually. Each fractional mode varies by insurance company.
If I change my mind, can I get my money back?
If you change your mind before receiving your policy you will receive a full refund. Depending on your state, your policy, once issued, can be returned up to 30 days after delivery.
I already have a life insurance policy. What should I do with it?
Before replacing an existing term life insurance policy make sure you closely compare your existing term life insurance policy with the new one. Here are the main categories we think you should consider when requesting term life insurance quotes:
When you buy a new term life insurance policy, you should keep your existing coverage until the new policy has been approved, paid for, and delivered to you.
Why do I need a medical exam?
In most cases a life insurance medical exam is required in order to qualify for a term life insurance policy. It will be done at the expense of the insurance company, at a time and place convenient for you.
The life insurance medical exam is conducted by a licensed paramedic or medical doctor, and generally involves a blood test, urine specimen, blood pressure reading, height and weight measurement, sometimes an EKG, and a series of questions about your health history.
Do I have to take a medical exam?
No, however your premiums will likely be much lower if you do.
The medical exam helps the insurance company decide which “risk class” you deserve. The risk class determines the price of your policy.
Can I get life insurance without taking a medical exam?
If you want coverage without the physical exam, TermMonster’s knowledgeable team of life insurance professionals can find you the best policy. Your rates will be higher but, you can usually receive same day coverage by answering a few simple health questions.
How do I prepare for the medical exam?
You can find tips for getting ready for your life insurance medical exam by clicking here.
If you followed these exam tips you have nothing to worry about--you're on your way to qualifying for the lowest price term life insurance policy.
Can I quit smoking before the exam and qualify as a non-smoker?
In order to qualify for non-smoker rates, some term life insurance companies require that you be smoke-free for at least one year or longer. Through our extensive research, TermMonster has found certain carriers treat smokers much more favorably than others. Our knowledge and experience guarantees you get the best Term Life Insurance Quotes possible.
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