Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post , The New York Times, The Independent and The Associated Press . Throughout her career, Georgia has written on a variety of subjects, including personal finance, government policy, science and technology. She enjoys researching complex topics and distilling the information for her readers. Before joining the international team, she wrote for the insurance vertical, specializing in life insurance.
Reviewed by Tony Steuer Life insurance expert Tony Steuer
Life insurance expert | Life Insurance
Tony Steuer is a financial wellness advocate, podcaster and speaker, and the author of "Questions and Answers on Life Insurance." His advice has been featured in media outlets including The New York Times, The Washington Post, Fast Company, Forbes and CNBC. He has a bachelor of science degree in finance from California State University and holds the following designations: Chartered Life Underwriter (CLU), Life and Disability Insurance Analyst (LA) and Certified Personal and Family Finance Educator (CPFFE).
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Assistant Assigning Editor Katia Iervasi
Assistant Assigning Editor | Life insurance, disability insurance, health care
Katia Iervasi is an assistant assigning editor at NerdWallet. An insurance authority, she previously spent over six years covering insurance topics as a writer, where she loved untangling complicated topics and answering readers’ burning money questions. She holds a Bachelor of Arts in communication and has studied writing, fact-checking and editing with Poynter. Her writing and analysis has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. Originally from Sydney, Australia, Katia currently lives in New York City.
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You can buy term life insurance in a variety of ways: directly from an insurance company, through an agent or a broker, or online.
Term life is a relatively simple form of coverage. It lasts for a set period of time, such as 10 or 20 years, and pays out a death benefit to your life insurance beneficiaries if you die within the term.
This type of coverage is generally cheaper and easier to apply for than permanent life insurance like whole life, which usually pays out regardless of when you die and typically includes a cash value account .
Learn more about how and where to buy term life before you start shopping.
The simplicity of term life means it can be sold from a variety of sources. Depending on your coverage needs and personal preferences, one method may appeal more than the others.
Many insurers, brokerage firms and agencies allow you to shop for and buy term life policies online or with an app.
Some of these companies use accelerated underwriting , which employs algorithms to calculate your life expectancy instead of relying on traditional medical exams. This means qualifying healthy applicants can skip the exam and get instant life insurance coverage.
Buying coverage online may take just minutes. Take the time to read through the terms of the policy before finalizing your purchase, and reach out to the seller if you have questions.
If you’re not sure which type of life insurance you need, a life insurance agent or broker can help you find the right policy.
A captive life insurance agent sells policies from one company only, which is useful if you want coverage from a particular insurer. In contrast, a broker or an independent agent can sell policies from various companies, so you can compare life insurance quotes from a range of insurers.
If you decide to work with a broker or an agent, you’ll want to find someone who’ll take the time to help you understand what kind of term policy you’re buying and answer any questions you have.
Insurance agents and brokers must be licensed by the state they do business in. You can check whether they’re licensed on your state’s department of insurance website.
Consider working with an agent or a broker who has the Chartered Life Underwriter (CLU) designation. This means they have demonstrated expertise with life insurance.
In many cases, you can go straight to an insurer and buy coverage through the company’s website, over the phone or in person. When choosing a company, check its financial strength rating . This rating indicates the insurer’s ability to pay out claims in the future. You can look up financial strength ratings through agencies like AM Best, Fitch, Moody's and S&P Global. All of the insurers on our best life insurance companies list have an AM Best rating of A+ or higher.
Did you know.Some companies sell products that are underwritten by other insurers. You'll want to check the financial strength of the company that issues the policy, not just the company that sells the coverage.
You can also check an insurer’s complaint history through the National Association of Insurance Commissioners . The NAIC keeps a record of complaints filed with state regulators, so you can see whether other customers had difficult experiences.
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When comparing insurers, provide thorough, updated information — particularly about your health — to get the most accurate term life quotes. Note that your quote may be different from the final price. The rule for life insurance is: The younger and healthier you are, the lower your premium. When you complete a life insurance application , you may have to get a medical exam to see the final price.
Term life coverage will usually lapse if you miss a payment. So once you get a quote, make sure the insurance premiums fit in your budget.
If you’re not sure how much life insurance you need , you can use online calculators to help you determine the best coverage amount for you and your family.
Learn more about term life insurance with these useful resources:
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Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The New York Times, The Washington Post, The Independent and ABC News. See full bio.
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