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What makes term life insurance so popular?

Thursday, September 4th, 2014

Term life insurance is very popular since it provides good coverage to your family or people dependent on you in case of your premature death. They are also relatively cheap and can be customized to suit all your needs, and also can contain additional clauses to provide extra coverage for your family members. The main goal is to provide financial security in case of your premature death.

The real advantage of term life insurance policy is that it can be fully customized – you can have one or more beneficiaries and you can specifically define the sums that will be paid to them. For example, you can have 50% of the insurance sum paid to your spouse and split the remaining half to your children. You can also define longevity of insurance policy – it’s usually suggested to buy this type of insurance on 10, 15 or 20 years period, but you are not obligated to do this, your policy may last for shorter or longer time period if you wish, as long as it ends at the age of 65. The shortest time frame for this type of insurance is 5 years.

With most insurance companies you’ll be able to add some additional coverage options to your term life insurance. Those can cover for death of your family members (usually children to a certain age) or can provide additional benefits (such as double insurance sums) in case of your death in an accident. Also you can add bonus coverage for certain types of illness (cancer, heart attack, liver or kidney failure etc.), or coverage for injuries, to be more specific – disability that may be caused by an injury. In some cases even surgical procedures may be covered, usually if they are caused by an injury. As already stated this type of life insurance can be fully customized to your wishes.

The price of term life insurance is considerably lower than with permanent life insurance and premium sums are always the same. This is based on the fact that your policy will end at the age of 65, therefore your chances of dying are low. If you chose to add more coverage to your life insurance (as described above) the price will go up, but you can also define all the details, especially those concerning insurance sums related to injuries. Some other options you can only chose to either include or not include in coverage (death in accident, illness or surgical procedures).

When thinking about price, always check if the insurance company has a discount based on your payment dynamics – companies usually have more than a few options to offer. You can pay yearly premium or split it in two, four parts or pay monthly. If you choose last option, you surely won’t be given any discount, but if you choose to pay quarterly or yearly you should be entitled to have one. This discount may not seem as much but if you have added any extra options to your policy it may turn out to be a hefty sum especially if your life insurance will last for 20 years or more.

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Facts about Term Life Insurance You Need To Know

Are you searching for the best insurance coverage? Do you want to leverage insurance policy but confused about the right one to leverage? Have you heard of term life coverage but do not know what you will stand to gain? If these are your worries and questions, then you have come to the right place as this article is about to intimate you on some facts about term insurance coverage you need to know. The term life insurance is a policy made with stipulated period for its coverage and expiration. If this type of insurance expires the policy holder will decide whether to renew it and continue enjoying the coverage or to stop it.

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