How long does it take to get a quarter million dollars of life insurance put into place? With SimplyTerm by Prudential, the answer is literally three minutes to get a rate quote on your insurance. I was shocked by how quick and easy it was to apply for a brand-new term life insurance policy.
But despite the incredible ease of use, SimplyTerm may not be the right life insurance solution for you. Here’s what you need to know about SimplyTerm.
See how Prudential compares to the best online term life insurance companies here.
- Online level term life insurance from a major company
- High minimum and low maximum that can be purchased
- Some cases qualify for no medical exam
What Type of Life Insurance Does SimplyTerm by Prudential Offer?
SimplyTerm by Prudential offers level term life insurance. The premiums on these policies remain the same the entire time you hold the policy. You can buy $50,000 to $250,000 of insurance with terms ranging from 10 to 30 years.
If you want to buy more life insurance (or a different type of policy), you’ll have to work directly with a life insurance agent from Prudential.
In some cases, you may qualify for no-medical-exam insurance. However, that is only the case if you have no risk factors. People with risk factors may have to complete an exam before gaining coverage.
Can I Get the Right Kind of Insurance Through SimplyTerm?
SimplyTerm is well-named. The insurance is simple, level term life insurance which is the kind that most young people need.
Even if you don’t have dependents, putting a reasonable life insurance policy in place can be a good move. Paying for a $250,000 30-year term policy won’t break the bank today. Plus, it will allow you to have a good amount of insurance in place if you become uninsurable later on.
Since SimplyTerm only offers up to $250,000 in insurance, it’s not a good solution for people with large insurance needs. For example, most parents with young children will want around $1 million or more in coverage (depending on spending, the cost of childcare, etc.). That said, it is a good solution if your parents co-signed $100,000 on your student loans, and you don’t want them to be on the hook if you die before paying them off.
Another thing to consider is that SimplyTerm policies aren’t convertible. That means you’ll have a term policy until you stop paying or until the term ends. You cannot choose to convert it to a whole life policy.
Although many people balk at whole life insurance, it’s useful to have a convertible policy. That way, if you become uninsurable at age 40, you can convert to a whole life policy until you want to cancel it.
Final Take on SimplyTerm
Getting a quote through SimplyTerm was incredibly easy. It took just a minute or two, which I think is a minute well-spent if you don’t have life insurance in place. While many people need more than $250,000 in life insurance, I think SimplyTerm is a good first step in life insurance.
If you’re a recent college grad (or still a student), and you don’t have life insurance, visit SimplyTerm and put a small policy in place. You won’t miss the $20 to $30 per month, and if the worst happens, someone else will be thankful that you had the foresight to buy the policy.
Prudential SimplyTerm Life Insurance
Pricing - 70
Ease of Use - 80
Products and Services - 60
Customer Service - 80
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.