Term Life Insurance

 

 

Getting Term Insurance is now simple and easy.

 

Want to learn more about term insurance? Then you’ve come to the right place.

Term insurance is recommended for anyone who needs a life insurance for a certain period (5,10 or 15 years)

 

 

What We Offer

At Aha Life Insurance, we work with over 60 life insurance companies. Therefore, we offer our clients more than 500 policies. With a wide range of options, it’s always best to compare the rates and terms of each policy to ensure that you get exactly what you need. No more, no less. 

 

No More Waiting Period

We offer policies that do not require any medical exam. This means you can get approved in an instant. You can now fulfill your needs faster than the standard procedure with consistent monitoring and easy line of communication. Rest assured that we treat all our clients with VIP service. 

 

Why Buy Term Insurance?

With term insurance, you get the best protection and value for money. This policy grants you 20 times more coverage compared to permanent life insurance policies. Policyholders are also allowed to convert their term plan to a permanent policy later on.

 

At Aha Life Insurance, we’ve got you covered.

 

Let’s Get Started.

 

What is term life insurance?

 

With a term life insurance plan, a death benefit is provided for a certain period of time. It offers various options ranging from 5, 10, 15, 20, 25 to 30 years. There are some insurance providers that offer a 40-year plan. However, the maximum term period will depend on your age. Most term policies can cover a maximum of 90 years old. 

 

Is a term insurance policy guaranteed? 

 

We recommend term insurance policies are guaranteed. For example, a 20-year policy guarantees that the premium and death benefit stays the same. Our experts will steer you away from term policies that are non-guaranteed. Do not be deceived by cheaper policies. Otherwise, you’ll find yourself with a plan where the premiums will suddenly spike up or the death benefit will become less.

 

Does it have any cash value?

 

The answer is no. With term life insurance, you are getting what you paid for. This policy is just pure insurance. Unlike other types of insurance policies, this plan does not have any investment component that builds up cash value. 

 

What does renting vs. owning insurance really means?

 

Term insurance is often referred to by some agents as renting and not owning because they believe that at the end of the term, the insurance is forfeited. With owning and renting insurance, a policyholder shells out similar payment. However, a permanent policy costs 10 times more than a term policy. At Aha Insurance, we believe in the philosophy, “buy term and invest the difference.”

 

What happens after the term policy ends?

 

With a 20-year term policy, the premiums will begin to increase around 10 times more at the end of 20 years. Afterward, the premiums will continue to increase every year. This is what insurance companies refer to as guaranteed renewability. On the other hand, it also makes the policy too expensive.   

 

How much is a term life insurance policy?

 

The good news is a term life insurance is not expensive as many people initially think. It requires fewer administrative costs and if you outlive your term, the insurance company will not have to pay the death benefit. There is a higher competition among insurance companies offering term insurance. For example, a 25-year old can purchase a 20-year term policy of $500,000 and only pay $20 per month. 

 

How much of my income should I spend on term life insurance?

 

It will depend on how much you can afford. The general rule is to spend around 2-3% of your income on term life insurance. You can use our own calculator to get an estimated coverage. However, it may be best to seek the advice of a financial expert to help determine the right amount of coverage that will best suit your situation and needs.  

 

How much coverage do you need?

 

To determine how much life insurance you need, you need to know how much you can afford. We highly recommend you get insured first and decide to increase or decrease your coverage. Afterward, you have the option to modify your policy or we can also help look for another company with a better rate and policy. 

 

How does an insurance company determine the coverage?

 

Every insurance company has its own computation often derived from your yearly gross income and net worth. We recommend clients to get as much life insurance coverage a life insurance provider can offer as long as you can afford the policy. 

 

Can I convert term policy to permanent policy?

 

Yes. There are some term insurance policies commonly referred to as a conversion option. This allows you to convert part or the entire term policy to a permanent policy without requiring additional underwriting. However, not all insurance companies offer this.

 

Hence, before buying a term insurance plan, make sure you are aware of the conversion policy. We can help you find the insurance company that can provide you exactly what you are looking for.  

 

The Bottomline

 

Not all insurance companies are the same. Hence, the best way to get all the facts, including the pros and cons is to go through a third-party company for impartial reviews. At Aha Insurance, we offer this service for free. Our advantage is our unbiased expertise which can help guarantee that you are getting the best term insurance policy for your protection and needs.   

 

Quick links:

• What is term life insurance?

• Is a term insurance policy guaranteed? 

• Does it have any cash value?

• What does renting vs. owning insurance really means?

• What happens after the term policy ends?

• How much is a term life insurance policy?

• How much of my income should I spend on term life insurance?

• How much coverage do you need?

• How does an insurance company determine the coverage?

• Can I convert term policy to permanent policy?