Less Costly Term Insurance Policies
Before we get into the the details of inexpensive term life insurance and which would be best for you it is important that you ask yourself some questions.
These questions will help you determine what type of life insurance is best for you and how much you should buy.
As far as cost is concerned all term life insurance is inexpensive term life insurance. Some cost less than others but there is usually a reason why.
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Inexpensive Term Life Insurance
Here are the questions…
- Why do you want to buy life insurance? Do you want it to protect your family in case you died too soon?
- Do you want a policy that you would use to pay off your mortgage upon your death?
- How about funeral expenses ? Is that why you want low cost term life insurance?
- How about life insurance on your spouse; do you think that is a good idea?
- Do you think it is a good thing to put a term life insurance policy on your children? Is it necessary?
- How about retirement; do you think a policy to top up your pension would be a good thing? This may be something like a variable life insurance policy.
- Do you think life insurance is a good instrument through which you can save some money? How about the returns on your investment? Do you believe a money market account or may be a mutual fund would be better?
- Are you now in business for yourself or do you intend to go into business in the near future? If you are just starting and need life insurance you would likely be looking for the least costly term life insurance.
- Is this business a sole proprietorship ? You may need life insurance to help protect your personal assets from business liabilities.
- How about a partnership ; is this your type of business? Suppose your partner had died last night what would happen to the business?
Would you buy out your partners shares? Where is the money to come from? Inexpensive term life insurance can certainly solve this problem.
- Are you a major shareholder in an s corporation , a c corporation or a limited liability company? Do you think it would be a good idea to buy an inexpensive term life insurance policy on the life of a key person?
This would help the corporation adjust while you find a replacement if that person died.
What if one of the major stockholders died; do you have an agreement that would force the surviving shareholders to buy the deceased stock? Where is the money going to come from to do that?
- Suppose you were that shareholder or partner that died would you not want your family to receive full value for your shares?
Answer these questions then put a dollar value on the particular need then find the least expensive term life insurance policy you can buy that would fit that particular need.
If your need is for cash values during your lifetime variable life insurance, universal life insurance or whole life insurance may fit the bill.
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Let me give You a description of some of the inexpensive term insurance policies available.
- The decreasing term policy has a death benefit that decreases in a uniform manner each year. The premiums are level. This policy is used to pay off mortgage balance in the event of your death. This is very inexpensive term life insurance.
- Increasing premium term is a renewable one year term policy used for short term life insurance needs. This is also inexpensive term life insurance.
- 5 year level term is also used for short term needs. The premium is level for the 5 year period and so is the death benefit.
- 10 year term is similar to the above but for a longer period. Used for short term needs and sometimes temporarily for family security needs.
The 10 year term policy as well as the 5 year term policy described above are also quite inexpensive term life insurance policies.
- 20 year term is the mother of all inexpensive term life insurance policies. With most companies the premium remains level for 20 years and so does the death benefit.
This policy is more often than not used in family situations because of the length of time you can keep the policy. Business people also use it to fund buy sell agreements or for key person insurance.
- The 30 year term is used in a similar manner as the 20 year term and works in the same way. The policy lasts 10 years longer.
- Even though permanent life insurance policies differ quite a bit from inexpensive term life insurance you may want to look at how they work.
Descriptions for variable life insurance, universal life insurance and whole life insurance can be found here:
Permanent Life Insurance
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