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30 Year Term Life Insurance

                     Protect your family and business                           Get Life Quotes from the most respected companies here
         

 

How long a term should you purchase?

  1. You have a home mortgage that will be paid up in 30 years. When you want to be sure the family you love will not be left in dire straights, should you die, it is wise to take a look here.

  2. You have young children that you want to make sure  they will have finances to care for them until their education years are over.
    .
  3. If you are a money borrower for your business, your bank will probably require some security and might well require a life insurance policy on your life for the term of the loan with the bank as the beneficiary in case of your death. You can get the price of the life insurance right here......

    "Life Happens" Get the coverage you need Today!

For Agent Help Call: (209) 918-4016

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Coverage amounts range from
$100,000 to $5,000,000

At Wequote.com, you can compare affordable term life insurance rates from over 20 of the top Insurance Companies.

Just complete the life insurance quote form above and then click the "Compare Now"  It is that easy to receive your free no strings attached quote. No personal information is required. You will not be contacted unless you request.

Your affordable 30 term life insurance quotes will be shown from the least to the more expensive  company rates with the ratings of each company attached.

  Yours for Life,
Louis Hammond


When you want to assure the family you love, they will not be left in financial straights should you die, then it is wise to take at our affordable term life insurance here.

Things to consider......How many $$$ would my family need to complete the plans in the future without me?

  • Look at your age
  • Are you married?
  • Do you have children? How many?  What ages?
  • How long will you be responsible for their care?
  • Do have a mortgage on your home? How Long?
  • What is your net worth? 

Some planners suggest a life insuraance poicy to cover 3 to 5 times your annual salary.

Then there is the question. How long a term should you purchase? You could get an answer by considering the items outlined in the bullets above.

The Buy and Buy Again Problem

Some insurance agents will tell you not to worry. Just buy the cheaper 10 year term product and buy another 10 year term product when the first one runs out. Some companies even offer this strategy as a policy option they call "re-entry". The problem with this re-entry logic is that you face all the medical and insurability issues over again. If your health changes you may not get a new 10 year policy for the price you think.

And how much would you save anyway? Is it really worth taking a chance? Using the same health status as we did for the 35 year old, a 45 year old can buy a 10 year policy for $400 and a 55 year old can buy a 10 year policy for $985. Let's compare that with the 20 and 30 year premiums:

Age 10 + 10 + 10 20 Year 30 year
35 $165 $345 $529
45 $400 $345 $529
55 $985   $529


But let's take another look. Let's assume that during the first 10 years you gained some weight. We'll assume that you're still insurable but that companies are no longer willing to give you the cheaper preferred rates that were available to you when you were 35. What would a standard health 10 year policy cost at age 45? Instead of a premium of $400 the premium would be $630. And what would a 55 year old pay for a standard health policy? Instead of a premium of $985 the premium would be $1,450. Let's look at the same chart again: 

Age 10 + 10 + 10 20 Year 30 year
35 $165 $345 $529
45 $630 $345 $529
55 $1,450   $529


What would happen if you developed a more serious problem than weight gain? What if you became diabetic? The standard premiums could be increased with medical extras. Suddenly you could be looking at premiums that are double standard health.


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Continued...
I remember when grandpa used to say, "when I was your age...". While I hate sounding like grandpa I remember the first 10 year level term policy that I ever purchased. I was 25 years old and the policy was for $100,000. The non-smoking premium was $205 per year guaranteed for 10 years. Compared to the decreasing term that I had been buying before, $205 was a bargain.

Compare that to our 35 year old non-smoker. For $529 per year he can buy $500,000 of 30 year guaranteed coverage. I have to tell you, in the strongest language possible, that it makes absolutely no sense trying to save money buying a 10 year policy. The added risk just isn't worth it. And if our 35 year old buys that 30 year term policy, they can throw the policy in the top drawer and forget about it because the coverage and the premium are guaranteed for 30 years.

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Most people purchase Life insurance to provide their family with financial security at the time of their death.

But what if you experienced a chronic,critical or terminal illness?

Would your insurance policy allow you to accelerate your death benefit to cover the associated costs while you are still alive?

Welcome to Hammond Insurance, where we believe life insurance should be there when you and your family need it most, whether that means accessing your benefits while living--should you experience a chronic, critical or terminal illness or at the time of death.

Protect yourself and your family with more than just a death benefit......

Purchase Life Insurance for LIFE!

Some chronic, critical and terminal illnesses include:

  • Heart attack
  • Stroke
  • Cancer
  • Amyotrophic lateral sclerosis
  • Major organ transplan
  • Inability to perform 2 out of 6 activities of daily living (toileting, transferring, bathing, eating. etc.)

To learn more about the protection living benefits can provide Call our office:

(209) 918-4016

Most life insurance agents would agree that term life insurance is the best way of protecting your family. Many folks purchased life insurance when their family was young and often bought the term that fit their budgets, with policy coveage that lasted 10,15, or 20 years. But when the policy period ends what do you do?  Good planning is in order when you buy. What will happen when the term runs out and you want or need coverage for a longer time?  Maybe choosing a longer plan would often be better down life’s road, such as a 30 year term life policy.  Making the right decision could save you a lot of money down the road..

In theory, you might assume that you won’t need insurance after 20 years. Your kids will be grown and you’ll have enough savings to support your spouse if you die prematurely. In practice (and after a lost investment decade), not many people fit that imaginary profile.

For example, maybe you married late, or remarried, and have young children. Maybe you lost your pension or part of your savings through bad luck or bad investments. Maybe you didn’t save at all.

Plan on buying new insurance when your term policy runs out. You have three choices—two of them affordable and one for desperation only:

(1) If you’re in good health (or good enough), shop for new level term insurance. You’ll have to pass a medical exam – which the majority of buyers can — and pay the appropriate premium for someone of your age. You probably won’t need as large a policy as the one you bought when you were young, which helps hold down the price.

Don’t automatically buy from the same company that insures you now. Another insurer might be offering something cheaper. A good place for comparison shopping is the website www.wequote.com

But don’t convert any earlier than you have to. Say, for example, that you have a heart attack half way through a 20-year term policy. Your agent might urge you to switch to cash-value coverage right away. But why? If you die, your heirs will collect on your current term policy. If you live, you might be considered a better risk 10 years from now than you are today. 

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(2) If you’re in poor health, convert your existing term policy to permanent insurance. You’ll be offered whatever types of conversion policies the company has on its shelf at the time. There’s no medical exam. You’ll pay much more than you were paying for term insurance but can limit the cost by buying a smaller policy. That should work, because you’re older and don’t need as many years of protection as you did before.

Good timing is important! You must convert within the time period that the term policy allows. Some 20-year policies keep the window open only for the first 10 years. Check this with your insurance agent or read the policy yourself. If you wait too long, you lose your chance.

But don’t convert any earlier than you have to. Say, for example, that you have a heart attack half way through a 20-year term policy. Your agent might urge you to switch to cash-value coverage right away. But why? If you die, your heirs will collect on your current term policy. If you live, you might be considered a better risk 10 years from now than you are today. 

(3) If you’re in poor health and missed the deadline for switching to permanent insurance, you’ve got trouble. You can renew your expiring level-term coverage without a health exam but only at incredibly high premiums. Worse, the cost will jump every year, by large amounts. This is worth doing only at death’s door. You probably won’t be able to sustain the cost of the policy for very long.

So think about future coverage well before the end of the term. If you suspect that you won’t be able to pass a health exam, convert your term policy to cash-value coverage while you still can.

Caution when choosing term:

You might be leaning toward purchasing a 10-year term policy, even though you’ll need coverage for 20 years or more. The premiums will be less now, but you will have to buy a new policy based on your “then” age for the second policy.  If you need 20 years of coverage, buy 20-year term. If you expect to need coverage for 30 years, buy 30 year term.