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Term Life Insurance policies comparisons for: 1 year term, 5 year term, 10 year term, 15 year term, 20 year term, 25 year term, 30 year term or 35 year term.
No Lapse Universal Life policies with guaranteed level premiums to age 65, 70, 75, 80, 85, 90, 95, 100, 105 and 110.
Return of Premium No Lapse Universal Plans to age 121 with premium payments to age 65 or pay to age 100. Return of Premium No Lapse policies to age 121 with single pay option, 10 year pay or 20 year pay.
See quotes for life insurance policy with face amounts of $10,000 to $10,000,000.
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What is Term Life Insurance?
Term insurance is a policy with a set duration limit on the coverage period. Once the policy is expired, it is up to you the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. Term Life Insurance policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period. However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation. Term insurance is best suited for people who know for certain their need for life insurance coverage will be temporary — in other words, they feel their surviving family members will no longer have a need for the extra protection that life insurance provides or that they will have accumulated enough liquid assets to self-insure.
Types of Term Life Insurance:
Level Term: Level term life insurance provides the insured with coverage for a specified period of time, typically 10, 15, 20, 25, 30 or 35 years. The premium is calculated based on the age and health of the insured. The insurer levels out the premium payments by charging more at the beginning of the policy than mortality costs require, so the premium payments are fixed and guaranteed for the term.
Yearly Renewable Term: A yearly renewable term (YRT) policy has no specified term and is renewable every year without evidence of insurability. The premiums on a YRT policy start off low and increase each year because they are based on the insured’s attained age. Although there is no specified term with a YRT policy, premiums can become prohibitively expense for those at later ages, making it difficult to maintain.
When is Term Life Insurance the Best Policy Option:
Term insurance can be useful for persons with low incomes and high insurance needs, often occurring because of family obligations. Good risk management principles suggest that the family unit should be protected against catastrophic loses. If the current income level does not permit the individual the option of purchasing whole life or other, higher-premium forms of cash value life insurance in sufficient amounts, the individual arguably has no choice but to purchase term if he or she is to provide adequate financial protection. Term life insurance can also prove useful for persons who have placed substantially all their resources in the assets of a new business that is still in its formative stages, and where death would result in serious loss to, if not destruction of the invested capital. New enterprises are particularly speculative and become more settled only as time elapses. Term insurance can serve a useful purpose, because of its low early dollar outlay in the initial stages of such undertakings. Many persons use term insurance as a supplement to an existing life insurance program during the existing child-rearing period. It has been suggested that term insurance is particularly appropriate to use as a hedge against a financial loss already sustained and where a little time is required to repair the damage. A Term life insurance policy is naturally suited for ensuring that mortgage and other loans are paid off on the debtor/insured’s death and as a vehicle for ensuring that educational or other desired funds will be available if death were to cut short the period needed for the provider/insured to earn the needed funds. Term insurance is also a natural for all situations that call for temporary income protection needs.
Term Life Insurance Policy Features:
Accelerated Death Benefit: Allows a terminally ill insured to access their policy death benefit while still alive. This will allow you access to monies help with medical bills and health care services.
Disability Wavier of Premium: If the insured suffers a long term disability lasting more than 6 months the premiums are waived.
Accidental Death Benefit: If death occurs by accident the policy will pay double or triple the original face amount.
When Comparing term policies be sure what features are included in the base premium and what companies charge an extra premium.
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