It is important to know that purchasing life insurance is not a quick process . Insurers require that you take a para-medical exam above a certain policy size. Almost all providers will request medical records from your doctors, often pull driving records, and sometimes request financial information. Therefore, we suggest you work with an insurance agent or advisor you trust . It costs you no more than buying online, and can save you lots of time and money.
Term life requires paying a premium each year for a specified death benefit.
The financial strength of the provider is quite important, as are some policy details. Riders can be added to life insurance that change the death benefit, or even the nature of the insurance itself. Recently, riders have been added that pay in events other than death, like disability, specific diseases, or terminal illnesses preceding death. However, most of these newer riders are not available in group life policies.