If you are searching for life insurance, you have more than likely heard a lot about term life insurance. Furthermore you have probably even asked the question, “What is Term Life Insurance?”
This is a kind of insurance policy that gives insurance for insures a person for a certain time or specified term. The term is the length or period of time the policy is active. Terms can vary in time spans. You can purchase terms for 5, 10, or 30 years.
During that term if the insured party dies and the policy is up to date and current, then a payout or death benefit will be paid. An up to date policy is one in which all of the requirements have been met: the term insurance rates are paid and up to date.
Term insurance rates, in the beginning, are cheaper in comparison to permanent life insurance. Term insurance is different from most types of permanent insurance. It does not have any cash value. Term insurance has many different policies available. Many policy rates are level for the duration of the policy, like 30, 20, or 10 years. These policies are often called “level term” policies.
While rates remain the same for a certain number of years, after this period the life term insurance rates increase substantially. This makes the policy cost prohibitive. If the insured party dies after the term is reached, there is no payout. In other words, it is very similar to auto insurance. You can only reap the benefits of auto insurance if you are within coverage.
Most of these policies have a rider or option to convert the policy to a permanent policy. This conversion is optional regardless to changes in the insured person’s health. A permanent policy is one where the amount assured is paid out at the maturation or the end of the policy. In permanent policies it does accrue a cash value.
Term life insurance was the first and original insurance. It is not useful for estate planning or charitable giving. This is it does not pay out side of the permanent life insurance term. Several different insurance providers give free term life insurance quotes, and you can compare the top providers here absolutely free by simply entering your Zip Code on top of this page.
Life Insurance Facts : Good & Bad Term Life Insurance Policies
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