How to pick the Right Term Life Insurance Policy

Buying a term life insurance policy seems like an intimidating process, right? It isn’t. Term life insurance is one of the safest and most cost-effective ways to protect your family and loved ones. And it’s never too early to start since you are never going to be younger or healthier than you are today. And as you may know, term life insurance only gets more expensive with age – even if you maintain perfect health, and in some cases, it can double every few years. So, the ideal time to get premium term life insurance is typically right now for most people.

But choices abound, both in terms of products, coverages, and features. This causes confusion and frustration, often leading to procrastination. So, let’s cut through the clutter and distil it down to three basic steps. 

But first, what is term life insurance? Simply put, it guarantees a certain amount of death benefit (coverage) for a specified period of time (term), at a fixed price (premium).

Step 1

There are two questions you need to ask yourself before buying a term life insurance policy

1. How much coverage do you need? 2. How long do you need your term to be?

The amount of coverage you need depends on your income, lifestyle, the number of dependents, and how much financial security they need (college tuition for kids, retirement fund, etc). The usual terms for life insurance are between 10 – 30 years, 20 being the most common one.

Step 2

Finding the right insurance provider. We’re going to be a little biased here–obviously.
Simply log into Bubble. Answer a few questions, while our AI guidance system finds you the ideal options for the best term life insurance plan. Choose the one that fits you best. Make your payment. Unless you need to go through a medical test, you can be insured in minutes.

Step 3

In case you need any assistance or want to understand more about your term life insurance policy, we’re going to be around even after you’ve bought the policy. Our experts are always going to be a call [(833) 900 BUBB] or an email [] away.

Things to keep in mind

Customize: You can add more coverage to your policy in the future as per your needs–a child on the way, kid’s college tuition, getting married, promotion or salary increase, any debt so your family can pay it off, and so on. Depending on the product you choose, you may be eligible to add coverage to your existing policy with absolutely NO additional medical exams or requirements at the time of layering term life insurance more coverage!

Health Rating: With some products, your health rating can also be locked in when you buy your term life policy, for decades. So, when you need to add more coverage in the future, you don’t have to worry about your premiums increasing due to worsening health. There will be no more health tests, ever!

Premium: If you buy your premium term life insurance policy at a young age, you can lock in a low premium for years to come–even into your 60s.

Riders: A rider is essentially an additional coverage on your term life insurance policy that provides you with extra benefits. With Bubble, you can get a living benefit from 2 riders given by both our providers. From both SBLI and Pacific Life Insurance, you can access a portion of the death benefit if the person insured is diagnosed with a terminal illness.  The terminal illness rider (PacLife) provides access to up to 75% of the policy’s death benefit if the insured is diagnosed with a terminal illness with less than 12 months to live at no extra charge!

We hope this short read on how to pick the right term insurance policy helps you provide the financial security your loved ones need.

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Pallavi Shastry
Articles: 29

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