The coverage you need, when you need it.

From time to time, or after a life change, it’s a great idea to review your term life insurance policy. You want to be sure that your personal details, like your address and billing information, are up to date. You also want to be sure that your policy reflects your current family and financial situation. Getting married, growing your family, buying a home, or changing jobs are all smart times to connect with your eFinancial agent about your coverage and beneficiary’s needs.

eFinancial’s resources section is full of information about term life insurance and other topics so you can feel better informed and confident.

An experienced eFinancial agent is available to help you understand and compare term life insurance quotes. To get started, give us a call today.

There’s no one perfect formula for every family. You’ll want to factor in immediate and recurring expenses, long-term financial obligations, and any assets you already have. A common rule of thumb is to plan for 7 to 10 times your income in life insurance coverage. Like any rule of thumb, that may not fit your situation. Use our term life calculator to help get started. Then, reach out for a quote.

Term life insurance is by far the most affordable choice for most young families since it covers only a specific period. Since your finances are probably stretched thin as you take care of young kids, shoulder a mortgage, and plan for the future, term life will help you to enjoy peace of mind without breaking the bank.

If you pass away during your policy’s term, your beneficiaries will file a claim. Typically benefits are paid after the insurance company receives the policyholder’s death certificate. Most people elect to have the death benefit paid as a single tax-free lump sum. If you choose to have the death benefit paid out in installments, the balance of these installments may gain interest, but the interest will likely be taxed.

If the term of your life insurance policy ends, you’ll no longer be covered, but that doesn’t have to be the case. Once coverage ends, some policies may allow you to:

• Extend your coverage for an increased premium
• Convert your coverage to a permanent life insurance policy
• Renew your coverage under a new term life insurance policy

It’s important to consider your life stage and needs when choosing a term length. Working with a trusted and knowledgeable life insurance agent can help simplify the process.

Term life insurance is the most affordable life insurance option. However, your actual payments could vary significantly based on:

• Your age and health: The younger and healthier you are, the less you’ll pay on your premiums.
• The term length: A short term length of 10 or 15 years will be more affordable than a longer-term length.
• Death benefits: The larger the amount you want to leave to your beneficiaries, the more your premium will be.
• Riders: If you want optional additional benefits like long-term medical care coverage, expect to pay higher premiums.

In some cases, term life insurance policies can be converted to permanent life insurance. Many plans allow you to convert to permanent life insurance at any time before your term expires.

Yes, you can cancel your term life insurance policy in one of two ways — write a letter of cancellation to your insurer or just stop paying your premiums. If you choose to cancel in writing, any unearned premium will be refunded to you if the requested termination date is prior to the paid-to date. If you choose to let the policy lapse, however, you won’t be refunded for any payments you’ve already made.

It depends. Insurance companies consider a variety of factors when determining whether you qualify for certain policies – and what premium to charge. In some cases, you may be asked to complete a medical exam. If the policy you select requires a medical exam, eFinancial will help you schedule the appointment and guide you through the process – there’s no cost or co-pays.

The insurance company will work with you to arrange for a certified medical professional, or paramed, to conduct the health exam at the location of your choice – typically at your home or office. Exams take about 20 or 30 minutes and often include questions about your medical history. The paramed will also record your blood pressure, pulse, height and weight. They may also collect a urine or blood sample.

eFinancial will guide you every step of the way, explaining the process and alleviating concerns. To learn more about how our team can support you through the search for term life insurance, call 855-780-9533 today.