Term Life Insurance - What It Is And Those It’s Best For
A term life insurance policy gives coverage for a specified period only. Following is a summary of the main features of a term life insurance policy...
1) If you compare the extent of coverage you get in your younger years (below 45) it gives you much more coverage per dollar paid as premium. However, your rates will increase at each renewal and it could become quite expensive for those who are 50 and above.
2) No benefit will be paid unless the policy holder dies within the term purchased. If he/she dies an hour later, not a dime will be paid.
3) It does not usually build any form of cash value nor give any room for investments.
Who should buy term life insurance?
1) It's best for younger persons (Below age 50) who need very extensive coverage for specific periods.
2) It's ideal for people who have huge financial obligations. A good example of such is a mortgage term.
3) It's also a good idea for parents of young children. Let's say the breadwinner is insured for a 20 year term, there's a guarantee that the family will get certain benefits if he/she passes away within this period. Such money can be used to offset bills, send the kids through college and so on. The basic idea is that the benefit guarantees that a certain quality of life is maintained or a certain goal is reached even if such a breadwinner passes on.
Please take note that once the specified term expires your coverage also ends. You can only renew again by going through the entire application process again. The only exception to this is if a term life insurance policy has a guaranteed renewal feature. This means that the policy holder can renew his/her policy without any proof of insurability. That is, they won't need any form of physical exam.
Also note that you have the option of buying a term life insurance policy that is convertible. With this feature you can switch to another life insurance type or variation without providing any evidence of good health before your current term expires. Switching will increase your life insurance rates but they'll remain consistent thereafter unless specifically indicated in the life insurance policy you switch to.
You can save on any life insurance policy by getting quotes. Savings of over $2,000 are not unheard of. You'll definitely pass less for better coverage if you take some time off to get and compare quotes from at least three insurance quotes.
Here are my favorite pages for life insurance quotes...
InsureMe Life Insurance Quotes
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Chimezirim Odimba writes on insurance.
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