Affordable Life Insurance Protection for Your Family
Are you shopping for life insurance coverage to provide financial security for the future of your loved ones?
If so, you may want to learn about term life insurance, and how it can provide your family with the features and benefits needed, to provide the financial security your family deserves.
Features of Term Life Insurance Policies
The common features of a term life insurance policy may include the following:
Lower pricing in comparison to other types of life insurance policies. Term life premiums are much lower than premiums for a permanent insurance policy. This is due to term policies providing temporary coverage for a specific period of time, while permanent policies provide lifetime protection.
You may choose to pay your premiums monthly, quarterly, semi-annual, or on an annual basis.
Flexible Coverage Term Options
The most term life policies provide life insurance for a period of 10, 20, or 30 years.
However, term policies do offer the option of coverage for a duration of 10, 15, 20, 25, or 30 years.
Level or decreasing premiums available depending on the type of term life plan.
Level Coverage Amount
Level term or decreasing life insurance coverage amount depending on the type of term life plan.
In addition, other features may be available with a term life policy, including the following:
Return of Premiums
Some term life insurance policies offer a return of premium if you outlive the duration of your policy term. Premiums are higher for return of premium term life insurance compared to the cost of a regular term life policy.
Some term life plans offer the option to renew your term life insurance for another term when your current policy expires. However, you will be charged a higher premium based on your age at renewal when you renew your term life insurance for another term. This option allows you to renew your current term policy for an additional term without having to provide evidence of good health.
Some term life plans offer you the option of being able to convert your term insurance into a permanent life insurance policy by a specified date stated in your policy. There is an increase in premium to convert to permanent insurance
This option allows you to convert your term coverage to permanent insurance without having to undergo a medical examination.
NOTE: When selecting a policy it is important to consider your needs and what goals you want your insurance plan to accomplish.
Although term life plans are much less costly, they provide temporary coverage.
It you need your life insurance policy to last your entire lifetime, regardless of how long you live, then permanent life insurance may be the right option for you to consider.
Benefits of Term Life Insurance Policies
Differences Between Permanent Life vs Term Life Insurance
Permanent, also known as Whole Life, provides lifetime coverage, while term insurance provides coverage usually for a period of up to 30 years.
Whole life insurance is much more expensive than term policies.
Permanent life builds cash value inside the policy over time, which is a savings account you may take a loan from, if needed. Term life does not offer any cash value, it only provides a death benefit.
Whole life provides a guaranteed death benefit, while term policies do not provide a guaranteed death benefit, since you may outlive the duration of your life insurance coverage.
Term Life Insurance Quotes
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