Term life insurance questions

Term life insurance covers you for a set period, such as 10, 20 or 30 years. If you pass away during that term, the policy pays a death benefit to your beneficiaries. If the term ends while you're living, the coverage ends, unless you renew or convert it where the policy allows.

Term life is coverage only, for a set number of years, which is why it usually costs much less. Whole life and other permanent policies last for life and build cash value, but cost more for the same death benefit.

A common starting point is enough to replace several years of your income, pay off debts like a mortgage, and cover future costs such as your children's education. Brian can help you work through the numbers for your situation.

Many people pick a term that lasts until their kids are grown or their mortgage is paid off. For example, a 20- or 30-year term is common for young families with a new home.

With a level term policy, your premium is designed to stay the same for the level-premium period of the term. Details vary by product, so check the policy for specifics.

Your age, health, height and weight, tobacco use, coverage amount, and term length are the biggest factors. Carriers also look at medical history, family history, and sometimes driving record and lifestyle.

Carriers place applicants into rate classes based on health and lifestyle. Better classes pay less. The class you pick when quoting is an estimate; the carrier decides your actual class during underwriting.

Quotes are estimates based on what you enter. Your final premium is set by the carrier after it reviews your application and underwriting information.

You'll go to Brian's secure online application, powered by BackNine. You'll answer the carrier's questions, and the carrier will tell you what underwriting steps, if any, are needed.

It depends on the carrier, product, coverage amount and your answers. Some applicants are approved without an exam and others need one. Brian can tell you what to expect for the options you're considering.

Generally, yes. You can usually stop paying premiums and the coverage ends. Many policies also include a free-look period after delivery. Check your policy for its exact terms.