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WHAT IS TERM LIFE INSURANCE and is that an insurance you must pay premiums on for 5 or even 10 years before it

January 28th, 2010 | | Tags: , , , | 3 Comments | |

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3 Responses to “WHAT IS TERM LIFE INSURANCE and is that an insurance you must pay premiums on for 5 or even 10 years before it”

  1. Hadley Says:
     January 28th, 2010 at 3:02 pm

    Term life insurance is a form of life insurance that provides protection for a specific number of years.

    Usually, term life insurance is issued for 5, 10, 15, 20 or 30 years.

    You do not have to own the policy for 5 or 10 years before your beneficiaries can receive a death benefit.

    Term life insurance builds no cash value within the policy. It is pure protection. You pay only for the life insurance protection.

    Level term life insurance is the most common form of term insurance purchased. Level term means your premiums and year death benefit will remain level for the entire term of the policy.

    Term life insurance policies may come with an option of convertibility, which means you may be able to convert your policy to whole life insurance within a certain period of time after purchasing the term insurance policy.

    Term life insurance is the most common form of life insurance purchased by young families, because it provides the maximum amount of life insurance protection at the most affordable rates.

    There is also term life insurance with no medical exam required for people who do not want to take a physical exam or blood tests.

    I hope that helps.

  2. fr_chuck Says:
     January 28th, 2010 at 3:02 pm

    I don’t think you understand it properly.

    Term insurance is just that life insurance you buy for a specific number of years. You can get 1 year, or 5 year or 10 year or 15 year.

    for that you pay amonthly or yearly price. They price stays the same for the entire time you are insured. If you die during that time period, your benificiary gets the payout of the insurnace.

    If you don’t die at the end of the term, your insurance stops and you don’t get any money.

    The term insurance is much cheaper than other forms and allows you to have alot of life insurance during the period of time you are buying a house, or raising a family.

  3. MostChoice.com Says:
     January 28th, 2010 at 3:02 pm

    Term life insurance is life insurance with an expiration date. It can be for 1 year or about any length of time after that or it can end when you reach a certain age. There are three main types of term life insurance, depending on how the death benefit is handled: level term, decreasing term, and increasing term. The death benefit is the value of the policy – what the insurance company will pay out upon your death. Level term has the same death benefit throughout the length of the policy, decreasing term gradually lowers the death benefit, and increasing term raises the death benefit until the end of the contract.

    Most term policies will pay out, except in certain pre-defined situations, when you begin making premium payments. Unlike whole life plans, most term policies do not have a savings component built into the policy. Most term plans do give you the option to convert the term policy into a whole, or permanent, policy. Most term plans also come with the opportunity to extend the length of the contract without having to provide further proof of insurability – medical exams, etc.

    If you want to discuss term life plans, or any other type of insurance, with local area insurance agents, try MostChoice.com. You can also review online rates and policy details on plans from more than 100 insurance companies.

    You can find MostChoice.com here:
    http://www.mostchoice.com/life-insurance.cfm

    Hope this helps,
    Barnes@MostChoice

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