At this time low cost term life insurance is worth your consideration…as premiums are at it’s least costly level in years and can save you some money.
Term life insurance is the cheapest available life insurance policy. With term life insurance you pay premiums for certain periods of time…or certain terms.
The longer the term the higher the term insurance premium.
The reason for this is that once the life insurance company issues a policy it cannot withdraw it regardless of the state of your health as you get older. Let us now take a look at some low cost term life insurance policies.
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Low Cost Term Life Insurance Policies
- Yearly Renewable Term
The lowest cost, low cost term life insurance policy is yearly renewable term insurance otherwise known as annual renewable term life insurance or increasing premium life insurance.
As the name implies the policy is renewed each and every year by just paying the premium. The premium, however, increases each year by a predetermined amount.
Although this type of insurance starts out as the lowest premium low cost life insurance it can end up being quite expensive depending on how long it takes the insured to die.
In fact with the premium increasing every year it can end up not being a low cost term life insurance policy at all but the most expensive term life insurance policy you can buy.
If you think about it if your premiums increase for 20 or 30 years you cannot avoid paying a very high premium eventually.
The yearly renewable term policy should be used for very short term needs. If you have to start out with this policy because of it’s low cost you should be converted at your earliest convenience.
A young married person accumulating cash to purchase a house or for an upcoming baby could find this type of insurance very useful and cost effective.
- 5 Year Level Term
Next to the yearly renewable term, as far as low cost term life insurance is concerned, is the 5 year level term policy. Here again, as the name implies the premium is paid for 5 years and remains level for the entire 5 year period.
The death benefit also remains level for 5 years. After the initial 5 years some 5 year term policies are renewable.
Like the yearly renewable term policy this policy can be used by young people who are working to accumulate large amounts of cash in a short period of time…thus leaving limited cash for insurance premium payments.
Business people who need a policy to cover a loan in case of that persons death would find this type of insurance very helpful. It can also be used for partnership insurance on a temporary basis.
This policy should be converted to a more permanent type of life insurance.
- 10 Year Term Insurance
10 year term insurance can also be considered low cost term life insurance. Although the premiums are a little higher than the 5 year term policy they can still be considered low cost.
The policy remains in force for ten years as long as premiums are paid. The death benefit remains level for the entire 10 year period and the premiums also remain level.
This type of term life insurance can be ideally used by young married people, small business owners in the infancy of the business and to cover an outstanding loan in the event that the owner should die before paying off that loan.
It can also be used to fund partnership buy sell agreements, on a temporary basis, and to fund buy sell agreements in a corporation.
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