As all term insurance is cheap term insurance it would be easier to write a page on which term policy is cheaper than the other.
I guess I will give you a brief description of some of the cheap term insurance policies and what they are used for.
There are many good policies to choose from, let us examine what they are all about and what they can do for you.
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Cheap Term Insurance Policies Described
- Decreasing Term Insurance
Perhaps the cheapest of all the policies is the decreasing term life insurance policy. You would buy this policy for mortgage protection.
If your mortgage is for 15 years you would buy a mortgage protection, decreasing term, policy for 15 years. If your mortgage is for 20 years you buy your policy for 20 years and so on.
The face amount of the policy decreases with, or close to, the mortgage itself. When you die the mortgage is paid off. The premiums are quite affordable.
This is really cheap term insurance. I can’t conceive why any intelligent person who owns a house wouldn’t buy this policy.
- Yearly Renewable Term Insurance
One of the more deceptive policies you can buy is the yearly renewable term life insurance policy. You are looking for cheap term life insurance so you are given a quote on the yearly renewable term or increasing premium term policy.
This policy is really a one year term policy that you are allowed to renew each year. At the beginning of the second year you choose to renew. The only problem is that the premium is a little more than you paid for the first.
It is fair because you are now older and the life insurance company is charging you a premium for your attained age. The premium is still cheap however.
The same thing happens again in the third, fourth and fifth year. The premium inches up little by little. Eventually the premium gets prohibitive.
If you, therefore, want a cheap term insurance policy for 2, 3 or may be 4 years then this policy could be right for you but if you need coverage for a longer period it may be best to buy a level term policy.
The death benefit is level for the duration. The life insurance company gives you the option of converting to a permanent type policy within a given period of time.
- 5 Year Term And 10 Year Term Insurance
If you need cheap term life insurance for a short period of time the 5 year term or 10 year term policy would be better for you than the yearly renewable term.
These policies have level premiums for the duration as well as level death benefits. You also have the option of converting either policy to permanent insurance.
- 15 Year, 20 Year, 25 Year And 30 Year Term Insurance
These level term insurance policies can also be considered cheap term insurance even though the premiums are higher than the above-mentioned policies.
They all have level premiums as well as level death benefits for the duration.
If you want cheap life insurance click the link below and check out the rates.
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