How to Compare Term Life Insurance

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When comparing term life insurance policies you should always keep a few things in mind. Compare term life insurance with help from a member of the California Department of Insurance Curriculum Board and insurance professional in this free video clip.

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Video Transcript

Hi, I'm Tony Steuer, The Life Insurance Sage and this is my tip on how to compare term life insurance. Comparing term life insurance policies is at its basis, very easy when you have similar products. The difficulty can be come that there are many different types of term life insurance policies out there on the marketplace. The most commonly sold type of term life insurance in the marketplace is guaranteed level premium term life insurance. You obtain a term life insurance policy for a set period of years, let's say 10, 15 or 20 which are the most common periods available and you pay a guaranteed premium for that amount of time. You also have annually increasing term life insurance where the premium increases each year and gradually gets more and more expensive as you get older. You can also buy decreasing term life insurance often times called mortgage insurance which pays a decreasing death benefit as your mortgage decreases for the same level premium. That is one of the most expensive types of life insurance available. So when you're taking a look at term life insurance policies, it's very important to know whether or not the premium is guaranteed, whether it's going to increase or stay level or whether the death benefit is going to stay level or decrease as you age. I'm Tony Steuer, The Life Insurance Sage, and that's my tip on how to compare term life insurance. Thank you for watching.


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