Affordable Life Insurance Protection for Your Family
Buying a Term Life Insurance Policy - What You Should Know
What is Term Life Insurance?
Term Life insurance is a policy that you can enter into with your life insurance company, which promises to pay a certain amount to your beneficiary(ies) in the event of your death. Usually, the insured will name their spouse as well as their children as beneficiaries of their life insurance policy.
As part of the agreement with life insurance, your insurance policy will have a face amount of coverage for which you pay a monthly premium.
Premiums depend on several factors including: your age, gender, occupation, medical history, face amount of life insurance, and type of policy.
Term life insurance is the least expensive type of life insurance coverage, and at least at the beginning, the simplest. Term life insurance policies have no cash value, and are fixed over a period of time - usually 1 to 30 years, and they can be renewed.
A term life insurance policy pays the beneficiary of your policy a fixed amount in the event that you die in the period of time that your policy includes. The premiums of term life insurance are lowest when you are young and increase as you get older. That's why you should lock-in a lower rate while you are young.
Do I Need Term Life Insurance?
Earning an income allows you to pay for your mortgage, buy cars, food, clothing, vacations and many luxuries that you and your family enjoy. However, certain situations can cause you to lose your income, and loved ones who depend on you also depend on your income. If any of the following statements about you and your family are true, then it is probably a good idea for you to consider buying a term life insurance policy.
How Can I Save Money When Buying Term Life Insurance Policy?
Below you will find some suggestions on ways to save money while purchasing the term life insurance policy that is right for you.
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