Low Cost Term Insurance
Finding an affordable life insurance rate is not as difficult as it used to be.
Most life insurance buyers today seem to focus on the purchase of term life insurance to start their life insurance portfolios.
Because of this demand for term insurance over the past 20 years the life insurance companies have lowered their premiums considerably.
The consumer therefore gains with a more affordable life insurance rate.
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Find An Affordable Life Insurance Rate
Although the main term life insurance policies have always existed there is a new interest in decreasing term life insurance, increasing premium life insurance, and all the level term life insurance policies.
Even the fairly new return of premium life insurance policy has gathered to itself a great following. Each policy has its good points and it is fairly easy to find an affordable rate on either of them if you know where to look.
The birth of several new new internet companies allow you to find a low rate with the click of a mouse on your computer.
It seems, however, that most internet companies represent the same companies. There is a good reason for this. These companies have the best available life insurance policies.
You want the most affordable rate but what do you want your policy to do. How many years do you want to keep the policy for? Have you considered disability or accidental death?
How about a spousal rider, is this something you are interested in? What about a small policy on the children, have you given that some thought? If you haven’t you should.
- 5 Year Term Life Insurance
5 year term life insurance provides a level death benefit for an initial period of 5 years. The premium is also level for 5 years.
Some 5 year term life insurance policies are renewable after the initial 5 year period, but with a higher premium. This increase in premium is still an affordable life insurance rate. - 10 Year Term Life Insurance
The 10 year term life insurance policy is similar to the 5 year term policy. You buy it is for 10 years instead of 5 years.
In some cases it can also be renewed at a higher premium. Some companies may require additional evidence to prove that you qualify to do so depending on the size of the policy.
When searching for an affordable life insurance rate you should take a look at this one. - 15 Year Term Life Insurance
The death benefit of the 15 year term life insurance policy remains level for the entire 15 year period. The premiums are level depending on the company issuing the policy.
Most insurance companies increase the premium every 5 years and some require additional evidence that you are in acceptable health at each renewal date.
The rate for this policy, even after the renewal increases, is an affordable life insurance rate. - 20 Year Term Life Insurance
The sale of the 20 year term life insurance policy has gone through the ceiling over the past 20 years. The consumer see this as a cheap alternative to the more expensive whole life insurance policy.
The face amount remains level for 20 years. The premiums may or may not be increased after 10 years depending on the life insurance company.
The 20 year term life insurance policy has an affordable life insurance rate and is an intelligent temporary alternative to the whole life insurance policy.
There is built in the right to convert this policy at any time in the future. The consumer should be mindful of this as their need for life insurance may extend way beyond the 20 year period.
There are other affordable term life insurance policies that should be also considered such as the term life insurance policy to age 65 and the term to age 80 or age 90.
Not many life insurance companies offer these policies although each have an affordable life insurance rate.
Most life insurance companies allow you to add the waiver of premium benefit to these policies.
If you should become disabled any time after six months of disability the life insurance company will pay the premiums for you, for as long as you are disabled, even if it is for the rest of your life.
You can also add the accidental death benefit rider which states that if you should die in an accident the company will pay twice the death benefit of the policy.This is also referred to as the double indemnity rider.
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