What is SelectQuote Term Life Insurance?
SelectQuote is a company that offers a range of insurance products, including term life insurance. Term life insurance is a type of policy that provides coverage for a specific period of time, such as 10 or 20 years.
SelectQuote's term life insurance policy is designed to provide affordable coverage for families and individuals who want to protect their loved ones in the event of an unexpected death. The policy offers a range of benefits, including flexibility in choosing the term length, coverage amounts, and beneficiaries.
One of the key features of SelectQuote's term life insurance policy is its affordability. Customers can choose from a range of coverage amounts based on their individual needs and budget. This makes it easy for customers to get the coverage they need without breaking the bank.
SelectQuote also offers an easy and convenient online application process for their term life insurance policy. Customers can quickly and easily apply for a policy from the comfort of their own home, without the need for lengthy paperwork or phone calls.
In addition, SelectQuote's term life insurance policy includes a variety of additional benefits and features, such as the ability to convert to a permanent policy and optional riders for added coverage.
Overall, SelectQuote's term life insurance policy is an excellent option for individuals and families who want affordable, flexible coverage that can be tailored to their specific needs. With its easy online application process, additional benefits, and competitive pricing, it's a top choice for those looking for peace of mind and financial protection.
Frequently Asked Questions about selectquote term life insurance
Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during the specified term. These policies have no value other than the guaranteed death benefit and don't feature a savings component (as is found in permanent life insurance products).
Founded in 1985, SelectQuote is an insurance sales agency that helps customers find the best rates on life insurance policies. Along with life insurance, customers can also use SelectQuote to purchase auto and home insurance.
Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable.
Term insurance is most appropriate for young and healthy families with significant, temporary financial needs that must be covered should the family's breadwinner pass away. However, anyone with a temporary financial need for life insurance protection can benefit from term life coverage.
Types of Term Insurance
- Renewable Term. Renewable term plans give you the right to renew for another period when a term ends, regardless of the state of your health.
- Convertible Term. Convertible term policies often permit you to exchange the policy for a permanent plan.
- Level or Decreasing Term.
- Adjustable Premium.
Policy Term: Term insurance provides coverage for a specified number of years, known as the policy term. In case of an unfortunate event during this period, your nominee will receive the sum assured in your policy.
Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation costs, medical bills not covered by health insurance, estate settlement costs and other unpaid obligations.
SelectQuote, Inc. operates a technology-enabled, direct-to-consumer distribution platform that sells a range of insurance products and healthcare services in the United States. The company operates through three segments: Senior; Life; and Auto & Home.
On one hand, the life insurance plans provide lifetime coverage, flexible premium payment terms, assured maturity benefits, flexible income payout options at a higher premium cost. On the other hand, term plan is a pure life cover which offers only death benefit at a very lost cost and affordable premium range.
Term Life Insurance Pros: It's customizable, specific to your timeline, and usually costs less than whole life insurance. Term Life insurance Cons: If you outlive the term length, your coverage will end and you won't receive any benefits.
On one hand, the life insurance plans provide lifetime coverage, flexible premium payment terms, assured maturity benefits, flexible income payout options at a higher premium cost. On the other hand, term plan is a pure life cover which offers only death benefit at a very lost cost and affordable premium range.
Term coverage is cheaper because it pays out only if the insured person dies during the term of the policy. Whole life insurance costs more because it pays a survivor benefit regardless of when the individual passes and also accrues cash value over time.
Types of Term Insurance
- Renewable Term. Renewable term plans give you the right to renew for another period when a term ends, regardless of the state of your health.
- Convertible Term. Convertible term policies often permit you to exchange the policy for a permanent plan.
- Level or Decreasing Term.
- Adjustable Premium.
Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term coverage only protects you for a limited number of years, while whole life provides lifelong protection - if you can keep up with the premium payments.
A: Term plans cover all health-related and natural deaths. If a medical condition or critical illness claims the life of the policyholder, the beneficiary receives the sum assured as per the policy terms. Additionally, term plans cover accidental deaths, including fatalities caused by vehicular accidents, drowning etc.
Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have.
