Term Life Insurance
If you are thinking about purchasing life insurance, probably the most popular life insurance product is term life insurance. Term life insurance pays a death benefit to the beneficiaries for a set term (period of time). Term life insurance can come in many different terms, usually from one year to thirty years. However the most popular term is for 20 years. Other popular terms are 5, 10, 15, 25 and 30. It should be noted that term life insurance can start at any age, but it usually will end at the age of 80. So if you are 55, the longest term you can purchase is usually 25.
With most term life insurance plans, you pay a set amount at regular intervals throughout the term. The price does not increase and the death benefit does not decrease. This type of term life insurance is called Level Term. There is also a term life product called Decreasing Term. In decreasing term life insurance, the death benefit decreases on a regular schedule, however the payments to the policy stay the same. The overwhelming majority of consumers choose Level Term life insurance.
There is also a product called Renewable Term Life Insurance. Renewable term life insurance means that if you have an existing term life insurance policy, you can renew it at the end of its term without having to get a medical examination. This means that a condition that would disqualify you from term life insurance would not be in affect under a renewable term life insurance policy.
The cost for term life insurance is relatively affordable and is based upon age, health and sometimes on other factors such as if you are a smoker. With most term life insurance, the rate stays the same (level term), however at the end of the term, lets say a 5 year term, when you renew the policy, you will be charged a new rate based upon your age. Before purchasing a policy, research your policy and ask if the rate will ever change or if the benefit will ever change during the term of the policy.
If you are researching term life insurance, before you purchase a policy, make sure you check out the many resources online that can help you compare and receive current quotes for term life insurance products.
Connie Barker is the owner of several financial websites including those that deal with Term Life Insurance
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