Affordable Life Insurance Protection for Your Family
A $30,000 term life insurance policy provides insurance coverage for a certain period of time, or a term.
The Term of a term insurance policy is the duration of time the coverage will last.
So, a 5-year Term Policy would provide you with five years of life insurance protection.
When shopping for rates on a $30,000 term life insurance policy, you must also consider which term length is best for your particular needs.
Keep in mind that the longer the term, the higher the rate will be, but you will also have continuous life insurance protection for a longer period of time.
Term Life Insurance
A term life policy is a type of temporary life insurance plan that provides coverage lasting for a specific number of years.
Your Policy Term is the length of time you have protection, as long as the premiums are paid on time.
If the Insured Person passes away during the policy term, the insurance company pays out the Death Benefit to the Beneficiary of the policy.
The Owner of the policy selects the beneficiary or beneficiaries when purchasing the coverage.
The Policy Owner may change beneficiaries by contacting the insurance company, requesting and completing the change of beneficiary forms, and sending them to the insurance carrier.
Usually, proceeds from a life insurance policy are paid out to the beneficiary free from federal income tax.
If the insured is alive when the policy term ends, the coverage expires, unless you choose to renew your policy for another term.
Should you choose to Renew your policy for another term, the new premium will be based on your age at the time of renewal.
Renewal of coverage is important, because you may decide you need your life insurance to last longer than you originally planned when you purchased your policy.
The flexibility to renew your life insurance is an important feature of term life policies.
How Much Does A $30,000 Term Life Insurance Policy Cost?
Rates for term life insurance are affordable compared to permanent life insurance because it is temporary coverage.
This type of coverage fits the budget and goals for many situations.
If you need life insurance guaranteed to last your entire lifetime, no matter how long you live, then whole life insurance would be better suited to accomplish that goal.
The first step is to get a free no obligation quote today and find out how much a $30,000 term life insurance policy may cost.
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