There are times when you are concerned about a financial liability and its repayment in case of your accidental death. This is where term life insurance proves to be a valuable arrangement. You can go for this policy with a term of 10, 20 or 30 years to cover yourself for accidental death or for inability to earn. You can apply for free term life insurance quotes to find out the premium that you need to pay for a fixed coverage that will cover your liability.
When you purchase this kind of a policy, you will get death benefits for accidental death during the time when you have coverage. However, it must be noted that there is no payout once the term for the coverage has expired. You can get cheap term life insurance because there is no guaranteed payout for this kind of a policy. There are coverage benefits only until the term period has still not expired. This is the ideal case for those who want to be insured in order to avoid leaving their debt or liability on their dependents, especially when they are the only earning member of the family.
There are two common types of term life insurance. The term life insurance rates for the level term life policy remain constant for the entire duration. For example, if you purchase it for a period of 30 years the premium would be calculated in a way as to keep it constant over the entire timeframe of 30 years. This is ideal for those who would love to stay covered without being affected by future market vagaries. The other type of term life insurance is the annual renewable policy, where the premium is adjusted after every year depending upon the market conditions. While the payout is not guaranteed, the premium is definitely lower than permanent life insurance.
Mortgage life insurance is a type of term life policy that offers coverage in case you either fall prey to any terminal illness or die before paying off the mortgage on your home.
Term life insurance no medical exam is a policy that is exclusively for people who want to avail term life insurance without undergoing the a complete medical examination, albeit at slightly higher premiums.
The level term life insurance is a type of term life insurance policy that provide you the assurance of fixed premiums every year over a specific predetermined term, which usually ranges from five to twenty years.
A decreasing term life insurance policy is a type of term life insurance coverage where the cash benefits offered to the policy holder decreases annually, while the premiums remain unchanged.
The accidental death life insurance is a special type of term life insurance coverage that offer cash benefits to the family in case of the death of the policy holder in a fatal accident.
Critical illness life insurance policy is a type of coverage that offers financial protection to the policy holder in case they fall prey to any terminal illness that is listed under the insurance policy.