InexpensiveTerm Life Insurance Explained
We all want to buy low cost term life insurance. It is just the wise thing to do. I was recently having a casual conversation with one of my neighbors about life insurance and was surprised to see the amount of premium he was paying for term insurance.
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I did some research for him and found the exact type of policy that he had for about half of the premium he was paying. This policy was from one of the better known life insurance giants…a company over 100 years old.
You can find low cost term life insurance from a reputable life insurance company if you take the time to do the research. Look for the carriers that are rated A+ or better by the A.M Best company. A.M. Best does the research, that is their function.
The most popular term life insurance policies are the 10 year term policy, the 15 year term policy, the 20 year term policy, the 25 year term policy and the 30 year term policy. Let us take a look at each and see how you could benefit from one or more of these low cost term life insurance policies.
- 10 Year Term Life Insurance10 year term has a very low premium cost per $1000 of death benefit. If you need a policy to protect your loved ones for a short period of time then this may be the right policy for you. Let us say your youngest child is 15 years old and you expect that this child will graduate college by age 25 all you need to do is to calculate the amount of income you will need each month for the next 10 years and buy a policy sufficient to provide this income. The death benefit remains level for the entire 10 year period. It never decreases.
- 15 Year Term Life InsuranceThe 15 year term policy can also be considered a low cost term life insurance policy. It is usually used in a similar manner to the 10 year term but for a longer period. If your youngest child is age 10 then you would need a 15 year term policy to do the job of protecting your dependent children. The death benefit remains level for the duration and so does the premium.
- 20 Year Term Life InsuranceLet us take a little time to look at the way to use the 20 year term policy. As it is a term policy the premiums are quite low. This policy is probably the most exciting of all term policies. The reason is because it is usually bought at an exciting time in your life. You just got married or are about to. You logical thing to do is to buy a 20 year term policy to protect your adorable spouse in the event of your death.You and your spouse have an addition to the family so you each buy a 20 year term policy to protect your newborn child.You start a business, whether it be a sole proprietorship, a partnership, or a corporation you know you need to buy some life insurance.This policy has a level death benefit as well as a level premium for the duration.
- 25 year term life insuranceYou may say 25 years is too far to look ahead. Well, let us look at the first situation we discussed. You expect your children to graduate college by age 25. If you are newlywed you likely don’t have any children as yet or if you have a new addition to the family the 25 year term policy will work just fine for you. Premiums are level and so is the death benefit.
- 30 Year Term Life InsuranceThe 30 year term policy is for people who look even further ahead. This is a low cost life insurance policy that can protect your family right up until you retire and get a pension, that is if you are age 35 or older at the time of purchase. This policy works just like the other policies.
When in the market for low cost term life insurance you should keep in mind that the longer the duration of the term policy the higher the cost. The 10 year policy will cost less in premiums than the 15 year term and so on.
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