Examine Cheap Term Insurance
Are you looking for a cheap term life insurance quote?
If you are that is great because you have found the best place to get it.
When people search for a cheap term life insurance quote they have a tendency to focus on the lowest premium. As you will see on this page what appears to be low cost may not necessarily be so.
Cheap Term Life Insurance Quote Comparison
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- The Increasing Premium Term Policy
If you were to ask for a cheap term life insurance quote one of the first policies that you probably would be directed to would be the yearly renewable term life insurance policy, or the increasing premium term life insurance policy.
This policy, as you are about to learn, may not be as cheap as it initially appears. Yes you do start out with low payments…but the premium increases every year and after a few years the cost may be so high that it would be prohibitive to many people.
If you, however, want life insurance for a short period of time, say less than five years, then this policy may fill the bill. The death benefit remains level.
- The 5 Year Level Term Policy
The next cheap term life insurance quote you would likely be shown is a quote for the 5 year term life insurance policy. It is evident from the outset that this policy can be kept for a maximum of 5 years.
The death benefit is level from the start and remains that way throughout. This is truly cheap term life insurance. The premium is very low and stays that way for the life of the policy.
If you need life insurance for the short term I would recommend the 5 year term policy.
You may use it to cover an outstanding loan or, may be, to guarantee that a certain project that you started will be completed even if you are not alive to see it come to fruition.
- The 10 Year Level Term Policy
Another policy for which you can get a quote, a cheap term life insurance quote, is the 10 year term life insurance policy. The face amount of this policy remains level for the duration and so does the premium.
Some life insurance companies do it a little differently. They keep the premium very low for 5 years and increase it after that…sometimes every year starting with the sixth year.
Again, this is used for short term needs. Buyers of this policy are sometimes quite creative. Let us say you have a 13 year old child or grandchild who has great academic promise.
You have taken care of your other life insurance needs but you know you want to pay for a college education for this child. What if you die before s/he finishes school? You buy a 10 year term policy and earmark the proceeds to pay college costs.
- The 20 Year Term Policy
You can get a cheap term life insurance quote even for a 20 year term life insurance policy. The premium for the 20 year term policy is more than that of those unique policies mentioned above but it is still cheap.
20 year term has a level death benefit and in most cases a level premium also. Some companies start off the policy with a much lower than usual premium which may last for 10 years but increases it in the 11th year.
This policy is often used for family protection. Business people sometimes use it to fund buy-sell agreements if a partner or shareholder should die. They also use it for key employee insurance.
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