One of the most common term life insurance questions shoppers have been asking us is, “Do I have to take a medical exam?” The most important things underwriters look for in term life applicants are health and age. If term life insurance rates are high because you’re considered unhealthy, then term life quotes won’t be cheap no matter how good your credit score is.
However, if term life premiums aren’t too expensive, it’s likely that underwriters don’t care about your health or age, at least not as much as they used to. That means there’s more than enough room in the term life underwriting guidelines for term policies on people who would normally get turned down by some insurers.
The definition of “term” is critical when shopping for a policy in Massachusetts. Term policies guarantees coverage for a term of years, provided premiums are paid on time. Term life insurance is pure term life insurance, but term life isn’t always term life. That’s because most term life policies don’t start coverage until the term has begun. The company will have an option period it uses to review your health and age before starting your term policy — which means you could be declined if they find something wrong with you. But since term life quotes are available without needing medical exams in some cases, underwriters look at other things to determine term premium prices when issuing term policies to applicants who don’t have to have medicals done.
There are three factors that affect how much you pay for your term policy’s term:
- The term you choose for your term policy is important, because it affects the term length of time you’re insured. Your policy can also affect term policy rates, since they’ll determine whether or not to provide coverage based on their own assessment of your health and age (for auto-renewable policies).
- How much you pay per month. The amount of money you spend each month on premiums has a significant impact on how much it costs to buy term life insurance in Massachusetts at any age — standard premium prices are determined by this one factor. However, term life insurance shoppers can save up to 15% through Insure because our system allows us to compare term rates at different companies.
- The term length of your term policy. This is the number of years you have term life insurance coverage for, which comes after the term option period, if you choose one — an option not all companies offer. Term policies always begin on a specific day in time, but that date can be any time during or after the term option period has begun.
What Are The Term Choices
There are three terms available for most policy quotes: 10-year term policy 20-year term policy 30-year term life insurance quote Premiums vary depending on how long your term policy lasts. If you want to compare term lengths before deciding what’s best, make sure to use our free comparison tool. Here are some pros and cons associated with the policies:
Many policies are available without medicals, which can be a term life advantage. For Boston, Worcester, Cambridge, Lowell, Methuen, Lawrence, Wilmington, Woburn, and Tewksbury MA residents who do not have to take medical exams, term life premium rates are more affordable than whole or universal term policies. There is no health or medical questionnaire involved for term policies with no exam required. Term policies make the most sense for people who need coverage on an as-needed basis – since it’s guaranteed to begin immediately after you purchase your policy, but only last for the number of years you choose. If you buy term and don’t renew it when your base term expires (or if you let it lapse), then another medical will likely be necessary to get another 3-5 year term life insurance policy.
Minimum term life amounts are another policy advantage. If you’re buying the policy for a short-term need, whether it’s temporary coverage until you age into another policy or if you’re between jobs and need term insurance to bridge the gap before your employer provides coverage, then minimum term policies will provide enough protection at minimum price points. Premiums can be much lower than they are for whole or universal coverage — but only if you find the right insurer. Most insurers base their core premiums on risk factors like health status and age, so that means that people who fit within certain ranges of those factors pay lower premium rates. It also means that term life companies have different pricing term life for the same insurance policy.
Our policies are guaranteed to begin almost immediately — even if your health status changes after you buy term life coverage. If your term plan starts but then ends more quickly than expected, it’s because of an unavoidable or unpreventable circumstance. Your term coverage is good for one year following any change in insurability, which means you have time to apply for another term policy. That means that there are no gaps between your current and future coverage with our top-quality companies, so you can have peace of mind knowing you won’t lose protection due to a medical condition that might be expensive to treat without insurance.
Let us do all the work for you by comparing term life rates from top-rated term life companies in one place. We want to make term life insurance simple for you, so we compare the best term life quotes from all of the most reputable providers in our network. When you buy term insurance, your coverage won’t begin until a specific date and time that’s stated in your quote — and only if it falls within your chosen policy option period. Here are some things you should know about starting up your term policy:
- Your family doesn’t need any pre-existing conditions to be eligible for a term life plan with Insure. That means that anyone can apply for a new term plan without worrying about being denied due to their medical history. Our online application is quick and easy, and term life insurance that begins in an hour or less is possible with our top term life coverage providers.
- The sooner you start your term insurance policy, the more term life coverage you’ll be able to get at a lower price. That’s because term life insurance premiums increase as you age, which means if you’re older when you apply for a new plan it may not provide enough coverage or there could be higher rates due to medical underwriting. Since every insurer has slightly different minimums for term life policies that decline in value with age, there isn’t one specific cutoff birthday where it becomes more expensive — but some companies have stricter minimums than others so Insure recommends getting quotes from us sooner rather than later.
- Even if you have term life insurance from a different policy, your new plan will begin as soon as the coverage from your previous plan ends — no matter how far into the future that might be. From family member to family member, an individual can get a term insurance policy so long as their current health status qualifies them for one of our term rates. Every insurer has slightly different additional benefits included in its plans. If you have a pre-existing condition or two and want to pay less for term life coverage, look for a company that provides guaranteed issue policies — which means if you apply now and you’re approved, even with those conditions, any small increase due to underwriting won’t affect your term rates.
If you’re looking for term life coverage but don’t need it to last indefinitely, term life insurance is a smart choice. For people who are healthy today and want to lock in low rates that won’t change over the course of their lives, term policies are available to anyone regardless of past or current health status.
What Are My Options?
Looking for affordable term life insurance quotes? You’ve come to the right place! With our top-notch providers, we can help you get fast term rates from companies you can trust. In less than 10 minutes, we’ll match you to term life insurance quotes from our network of carriers so you can compare term life rates from top providers side-by-side! We have term insurance coverage for all sorts of different scenarios, including a standalone plan that builds cash value, a renewable option that lets you lock in low prices as time goes on and whole life coverage that provides lifelong protection at a fixed rate. Whether you’re looking for level term or decreasing term, we’ve got the best plans for your family.