Term Life Insurance

When considering the idea of life insurance, most people tend to think only about whole life insurance plans, omitting the fact that there are several favorable alternatives, such as term life insurance. The difference between term life insurance and a whole life insurance plans is that term life insurance provides coverage for only a specific period of time, varying from 5 to 30 years.  Also, buyers have to keep in mind the fact that term life insurance is a death benefit policy only and it has no cash value, meaning that usually the only way you can collect any money is to pass away before the insurance expires.

The advantages of this type of insurance includes the fact that it is very affordable and is ideal for families with young children or with other financial needs that will probably diminish over time.  Also, the earlier and the healthier you are when you apply, the cheaper will the premiums be throughout the term of the policy. However, the monthly premiums may increase as you get older over the period of the term or if you need to renew the policy after expiration.  The length of the contract is entirely up to you, therefore you should try to be as realistic as you can and think it through very carefully. Check term life insurance quotes for different terms, and pick the one that is right for you. You don’t have to purchase more than you might need.

There are several types of term life insurance:term life insurance

  1. Return of Premium term life insurance, which implies a refund of the insurance premiums at the end of the term, if the client is still living. The minimum length of the contract should be of 15 years, and it may be a bit more expensive.
  2. Guaranteed level term life insurance, which is the most common and affordable. The value of the premiums remains the same throughout the term.
  3. Annually renewable term life insurance, which are purchased year by year and usually have increasing premiums. They are somewhat popular in the business world.

If you have your mind set on purchasing a term life insurance policy, don’t forget that our website can help you find the perfect life insurance that fits your specific needs and budget. Also, do not hesitate to call us, where you will be connected with a licensed insurance agent.