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Life Term Insurance – The Knight in Shining Armor

Wednesday, July 24th, 2013

Henry A. Maslow presented the concept of the kinds of needs a person has. The needs included the basic needs (food, shelter, air), security needs (the need for insurance), and other needs like need for self esteem and self actualization. The reason why these needs are mentioned here is to show the importance of the security needs. The security needs were being presented as the second most important requirement for any person. Thus, the importance of security can be judged from the fact that every living person needs to be insured. And, what is it actually that makes an individual insured? Well, it may be a danger related to an accident or even death, which is totally unanticipated. To meet such startling occurrence in your life, you need to get insured. But this insurance is linked with many important factors that you need to keep in your mind before opting a particular insurance policy.

What is Term Life Insurance?

The first kind of a policy is named as a Term Insurance. By term insurance, we mean an insurance policy which would be availed for a specific period, i.e. 1, 5, 10, 20 years or even longer. This definite phase, in a general sense, is called a term. When we comment that a term insurance plan would be available for an individual, only for an explicit phase, we are actually limiting its scope. So, what factors constitute a term life insurance? It is important to note that a term insurance plan is exclusively applicable for a death cover. Now, you may wonder what could be the utility of such a policy, only meant to cover the damages as a result of an individual’s death.

Benefits:

Well, a term life insurance plan provides you with the advantage of paying the minimalistic premium amount for availing it, as compared to any other policy that exists for providing the death covers to the individuals. It is the easiest and simple form of protection against unanticipated perils and dangers faced by an individual in their lives. So, what does a term life insurance plan protect us from? By paying an annual or a monthly premium, this insurance plan helps you to run your household in lieu of income loss, due to death, accident, or a joblessness.  The policy covers your short-term financial goals and debts, if any. Meanwhile, it offers a long-term assistance to pay off your mortgage, or fund for your children’s college education. Last but not the least, a term life insurance offers additional insurance coverage, during the critical years of raising a family.

Features:

Renewability and convertibility form the backbone of a term insurance plan.

Convertibility allows you to exchange this policy for a permanent life insurance plan of an equal financial cover, without undergoing a medical examination. Thus, you can easily convert a $50,000 term insurance plan into a policy worth $50,000 cash, without responding to your medical history, or ailing health, and make great savings. You can convert your policy before the age of 65 years.

Renewability allows you to expand your coverage for additional policy terms, without undergoing medical check up. It serves you well in your golden years, or when you fail to meet the company’s new policy rules. You can renew your term after crossing 5, 10, or 20 years of policy life.

OTHER TERM LIFE INSURANCE news

September 19th, 2014

Look for more options than simplicity of term life insurance

We all need life insurance and the one that we usually choose is term life. All pools and studies say that this is the number one life insurance sold in USA. The reasons behind this are – its simplicity (it provides basic coverage) and its price (cheapest form of life insurance). This may be news to some, but there are other insurance products that can offer more and are also adjustable and flexible to suit all our needs and changes throughout the life. Whole, universal and variable policies can provide more than just basics.

November 11th, 2013

Washington Firm to Offer Multiple Channels for Funding Long-Term Care

In a major change from the traditional approach, a major Washington firm is asking its carrier and captive agencies to increase payment options for their long-term care clients. This is not only for regular long-term care but is also set to encompass reverse mortgages, life insurance plans, annuities, riders related to long-term care, and critical illness cover. Even life settlements and pre-payment contract for services related to home care are to come under this client friendly payment option.

March 13th, 2013

Is term life insurance policy the right choice?

Most people don’t go and buy a life insurance policy just like that; they look for options. Well, this is the right way to go about because, the 1st step in buying an insurance policy is to decide on the sort of policy that suits both your coverage needs and also easy on your wallet.

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