Arizona term life insurance, it is obviously a term life insurance policy and it’s going to be something that has an expiration date. Now, there’s a common misnomer about term life insurance policies.
A lot of people, they get them in place and 10 years later, 20 years later, 25 years later. They think they have a whole life insurance policy that’s never going to expire or at least goes until they’re 90 or 110 or 120 years old. And the reason why people have this feeling, and you may want to check yours, if you’re someone that has a policy and you think it could possibly be a term, look in your paperwork, look for payment schedule, and what you’re looking for does the payment go up.
Now, there are exceptions to this rule. Universal life policies will increase in costs and increase in coverage, uh, as the policy gets older, but most policies are not universal whole life. Most people don’t. Don’t like the idea of that cost going up. And it goes up a lot with universal life policies.
But with term policies, it may show for 10, 15, 20, 25 or 30 years. It’s the same price, and then all of a sudden it goes up 10 fold and then either a year later, or maybe it’s a five year increment every five years or every year from that point forward, the price will continue to go up. So what you’re looking for is a payment schedule that shows either total annual premiums, um, total monthly premiums.
It may be laid out, lined out in different ways, but what you’re looking for is something that’s going to show. That, that pricing, the premiums and how it’s going to change year to year, and so, um, yeah, they’re not all term life insurance policies are the same. Some of them, you cannot renew at all. Some of them you can only renew for five years.
Some of them you can renew in five year increments up to when you’re. Half robot and then some of them, they will increase in price every year. Um, and it’s one year renewal. And just bear in mind that that might be sustainable maybe four, five years, 10 years, something like that maybe. But again, that’s common for those prices to go up 10 fold or more.
I have clients in Prescott, Arizona. And I took care of them with a, with an Arizona term life insurance policy. Um, and they already had term life insurance. And the reason why I took care of them and we moved them out of their term into another term, um, is because their term was just about to expire.
They could keep it, but they didn’t realize their price, which was just over $800 a year. I was going to go to $10,000 per year in the first five years, and that it was going to increase beyond that to the point where it was going to be $100,000 a year down the road as the costs continued to go up.
Crazy. I mean, it’s not sustainable. They didn’t even know. So that may have been fault on their agent’s side from back in the day, or it might’ve just been that they forgot, and that’s okay. It’s a real common thing. I mean, you know, we’ve got life to live, so we’re going to forget these things. Um, but yeah, Arizona term life insurance, um, it’s good to just kind of take note best.
You can just understand. It does truly have a date that it’s designed for length of time between 10 and 30 years. And once you get. Past that end time, it’s always less expensive to get a shorter term life insurance policy. But, uh, once you get to the end of that length, the price is going to change on you and sometimes the insurance company is going to require a ParaMed visit.
So it depends on the terms of the contract. If they have to give you a five year minimum. Then they can’t require any kind of paramedic visit until that five years is over. And then they can, um, sometimes there’s no five year guarantee or one year guarantee or even renewal guarantee. And, um, so just bear in mind that a lot of insurance companies, they’d love to take your money.
They’d love to keep you on. Um, but these, uh, companies that are gonna protect themselves. So when you get to the end there. The price is going up, no matter what. That’s going to happen with your term life insurance policy. Um, but they’re not required. Once you satisfy the obligations of the contract both ways, um, then they’re not required to keep going.
And they may want to have you checked out before you keep going as well. And even with a guaranteed renewal. Term life insurance policy, you may find that the policy, um, gets very, very expensive. There’s no guarantee on what the price is going to be unless it’s in a payment schedule, in which case that type of policy, it’s already outlined and you already know what is.
It’s going to cost. Okay. So I hope that’s been helpful. Um, and just know that with your Arizona term life insurance policies, um, they are, they are the way generally to get large coverage protection, unless you go with a, a jumbo whole life policy, which you have to be an exceptional health. For jumbo health a whole life, and you have to be an exceptional health to get most term life policies as well.
The other option, if you’re looking for big coverage and you’re not healthy, you’ve got some major health issues or lots of minor health issues or more than three prescription medicines, which a lot of people do, frankly. Then there’s also an option. You can go with what’s called a, uh, it’s an accidental only policy, and those can be fantastic.
You can start one up to the age of 70. Once you turn 71, generally you cannot start an accidental on the policy. There are some exceptions to all of these, but this is mainstream. So, um, I’m talking 99% of cases you can get an accident only policy until age 70. Um, those go and tell, uh, depending on the company that you go with, the insurance company, you pay go until 75.
They go until 80. They’ve stopped. The companies I pull from the go until 80, which is a long term for an accidental. Um, and it’s, it’s priced really well. I’ve never found a company that prices better, but this kind of policy that I’m talking about is different because it’s. It’s not full coverage. It’s not going to cover medical issues, a death that results from medical issues.
It’s going to cover a nonmedical everything on medical, pretty much so. I hope this has been helpful. Please click the button below. Click the link. If I can provide a free consultation for you, answer your specific direct questions. I’m happy to do that. Take care of you and your family. Anything I can do for you.
If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don’t hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.