Welcome to the QuickQuote Term Life Insurance Resource Center! Here you will find a variety of tools, guides and articles made available to assist you with learning more about life insurance and applying for life insurance through QuickQuote.

Term Life Insurance FAQs

What is life insurance?

Life insurance is a contract between an insurance company and the insurance policy owner(s). The insurance company pays a cash amount or death benefit to the beneficiary(s) named in the policy upon the death of the insured named in the policy.

Purposes of life insurance include providing financial security, funding business continuation and satisfying estate tax requirements among others.

The two main types of life insurance policies are term life insurance and permanent life insurance.

What is term life insurance?

Term life insurance is the most basic form of life insurance. It provides coverage for a specified period of time (e.g. 1, 5, 10, 15, 20, 25, or 30 years) in exchange for a specified premium. If the death of the insured individual occurs within this period of time or term period, the insurance company will pay the death benefit. If the term period expires while the insured individual is still living, the policy terminates and no death benefit will be paid.

The two main types of term life insurance policies are level premium term life insurance and yearly renewable term life insurance.

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QuickQuote Insurance Blog

Q: What is the minimum amount of term life insurance I can purchase?

A: Most 'major' life insurance companies offer their term life insurance products at a minimum coverage amount of $100,000. A few will go as low as $50,000 (e.g. AIG American General Life Insurance Company and Genworth Life Insurance Company). Premium rates for these smaller coverage amounts tend to be higher per unit than those of larger coverage amounts (a unit equals $1,000 of coverage). Therefore, consumers interested in smaller policies should also review quotes for policies at the $100,000 coverage amount. The premium rates may be similar despite the difference in coverage amounts.

RBC Liberty Life Insurance Company and Garden State Life Insurance Company offer term life insurance coverage amounts as low as $25,000. This nice thing about these small policies is consumers can apply online or by telephone without having to take a paramedical exam. Coverage is usually approved or declined on the spot and the policy can be paid for and put in force within minutes. This type of term life insurance is commonly referred to as Instant Issue Term or Simplified Issue Term.

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Life Insurance Underwriting Process

The Underwriting Process

The application process is generally referred to as underwriting. For the most part, these two terms are used interchangeably. In its broadest sense, underwriting involves the collection and analysis of applicant information and ultimately results in an underwriting decision and offer made by the insurance company.

QuickQuote is unique in the Internet brokerage world in that we stay actively involved throughout the underwriting process. Our Case Management and Customer Service teams work with you and the insurance company to obtain outstanding requirements, facilitate exams, clarify answers, answer questions and much more. We keep you posted on the progress of your application and any important developments.

Once an underwriting decision is made, we will contact you with the terms of the offer and work with you to place your policy in force.
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