Term Life Insurance Keeps Things Simple
October 20th, 2009
Of the different types of life insurance,term life insurance is the least complicated. Its limits are well defined up front ,so you know just what to expect. That can be a very real comfort for those you leave behind.
This is how it works
Term life insurance lasts for a specified period of time, as the name implies. Usually one to 30 years. Term life offers the most protection for your money, helping to guard your loved ones against financial stress and strain in the event of your death.
A 20 year term life insurance policy is the most popular and you can usually buy term life insurance up until your 80th birthday. The premium amount is based on your health and age at the time of purchase and remains level over the term of your policy. When the policy expires you can renew but the new policy rate will be based on your health and age at the time of renewal. That being case, youll want to buy a policy that keeps you covered long enough to reach your financial goals when the insurance will no longer be necessary.
Your premiums go only toward the cost of maintaining your insurance policy, with term insurance, therefore there is no cash value. The fact that there is no cash value is the reason it is much less expensive than other types of life insurance. For example a 35 year old male, non smoker, could get $300,000 of coverage for less than $40 a month.
Some Things To Think About
It’s important to decide how long you need coverage, and how much you need, when buying term life insurance. Before making your purchase think about such factors as:
The size of your family
Are you married or single?
Number of dependents
Income
Youll want to leave your loved ones with the resources they need to pay your final expenses, cover the income that has been lost, pay off loans or mortgages, or pay for their education, regardless what type life insurance you buy .
One of most cost effective and reliable ways to do that is with term life insurance.
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