Life Insurance Rates has added a specialized form of coverage, renewable term life, to its list of options on which visitors may request free quotes. The renewable term policies will be available from most of the carriers affiliated with LifeInsuranceRates.com.
Online PR News – 12-May-2011 – – LifeInsuranceRates.com, one of the largest free sites for life insurance quotes, has announced that it will now offer quotes on renewable term life policies in addition to traditional term life coverage. Most of the carriers participating in the Life Insurance Rates network already offer this specialized form of term life, but only recently have Life Insurance Rates visitors been able to access estimates on the policies’ premiums.
“The number-one drawback to term life insurance is that, one day, it will expire and you will be without life insurance coverage. When term policies expire, many policyholders find themselves still in need of life insurance protection, but they do not have the option of renewing their existing policy. As a result, they end up having to purchase a new, separate policy for a significantly higher cost,” explained Ronald Wilson, spokesman for the popular life insurance quote comparison site.
The new renewable term life insurance allows visitors to see the differences in cost between standard term and renewable term. While traditional term life may be cheaper in the short run, renewable term life tends to yield savings long term, and new quote options are designed to reflect that.
“It’s almost impossible to predict where your life will be in 20 or 30 years, so who knows if you will still need life insurance coverage at that time. Instead of trying to guess how long your coverage should last, you can use our new quote offering to purchase a renewable term life policy that leaves your options open. If you still need a policy when yours expires, take advantage of the renewal option. Otherwise, you can let the policy lapse just as you would with standard coverage. It’s the best of both worlds,” Mr. Wilson said.