UPDATED: Mar 26, 2020
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I’ll occasionally peek in on Quora (a question and answer website) to see what users are asking about the topics I write about. It’s both interesting and entertaining. You’d be surprised at what some people ask—and at the answers they get from others!
Another thing that might catch you by surprise is the number of questions people post about term life insurance. While some answers they receive are spot on, others are…well…let’s just say, the information is somewhat questionable.
Here are a few of the term life-related questions people posted on Quora with answers you won’t have to second guess:
What is Term Life Insurance?
Term life provides protection for a set period or “term”—usually 10, 15, 20, 25, or 30 years. If you should die while the term is in effect, the policy pays a death benefit to your beneficiary(s).
What Are the Advantages, if Any, of Term Life Insurance Over Regular Life Insurance?
Term life insurance is the most basic and inexpensive form of life insurance. You can purchase the greatest amount of coverage for the lowest premium compared to other forms of life insurance (such as whole and universal). You get flexibility with term life, too. Some policies can be converted into whole life insurance policies within a certain amount of time. Plus, there are various riders you can add to your basic term life policy. For example, a waiver of premium rider would cover payment of your future premiums if you’d become seriously ill or disabled and cannot work.
What is the Minimum Amount of Term Life Insurance Coverage One Should Have?
That depends. Everyone’s needs are different. Before you decide on a term life insurance company and a policy, you should assess your needs. It’s important to take stock of your current savings, retirement funds, and the financial obligations your family has now and will have in the future. With that information, you’ll be better able to determine how much coverage you’ll need and the term length that will best protect your loved ones.
What’s the Best Way to Research and Determine Which Term Life Insurance Company and Plan to Go With?
You can find a lot of information online about life insurance companies and the types of plans out there. Asking for guidance from a trusted insurance professional or financial planner is a great way to gain insight as well. Earlier this year, I wrote a post about what to keep in mind as you compare life insurance companies. Not only should you put careful thought into the policy that you choose, but also the company that you choose to provide it. When researching and buying life insurance online, make sure you think twice if the site you’re searching exhibits any of these six warning signs.
Get the Right Answers to Your Questions About Term Life Insurance
The questions here are just a small sampling of what people want to know before they buy term life insurance. See the QuickQuote Financial website’s FAQs page for answers to some of the most important questions you can ask. And if you’re wondering how much a term life policy might cost you, you can get a no-obligation ballpark quote quickly and easily online.