Learn About Term Insurance
Want some term insurance help?
Not certain which term policy to buy?
Unsure about how much to buy?
If you want to know more about term life insurance and how it would work for you we can help.
When This site was set up it was with the express purpose of telling the buying public the truth about life insurance, all the truth.
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Term Insurance Help – Better Understand Policies
Some sites give you a little here and others give you some help in other areas. Life Insurance Hub strives to give you all the info you need here on this site. Let us get into term insurance and give you some information.
We will guide you to other pages for more complete details where necessary. So, allow us to give you some term insurance help.
- Term Insurance Defined
Let us use this opportunity to first define term life insurance. Term insurance provides death benefit coverage for a specific period of time.
If you buy a 10 year term policy, for example, and you died within 10 years the life insurance company will pay the full face amount of the policy to your named beneficiary.
- Types Of Term Policies
There are several different types of term policies. Each is purchased to fulfill one or more specific needs. You buy a 20 year policy to protect you family while they are totally dependent on you, for example.
You would buy a 5 year or 10 year term if you want to guarantee that a child or grandchild you are paying college tuition fees for graduates even if you are not here to enjoy the event.
You buy these policies also to guarantee the repayment of uninsured loans in case you died before payment is complete. You may buy a 30 year term to protect your spouse in the event of your sudden death.
You can purchase term insurance for 5, 10, 15, 20, 25 or 30 years. You can also buy term policies to specific ages, age 65 or age 80 for example. The type you select depends on how long you want to keep your policy.
- Term Insurance Cost
All term policies don’t cost the same. The longer the period you buy your policy for the more it cost. Health is one of the major factors in determining the cost of life insurance.
The older you are the more life insurance costs. Most term policies have level premiums.
If a company is going to be at risk for 10 years a policy for that period would cost less than one for 15 years as the life insurance company would be at risk for a shorter period of time.
Term life policies have become quite popular over the past 20 or 30 years. This is simply because people have become more aware of the minimal cost of these policies.
There is one disadvantage to buying term insurance and that is the limited period for which you can keep your policy. You must die within a specific period of time. There is nothing to get back if you don’t.
The satisfying thing about owning a term policy is that you know your family or your business is protected.
Term insurance is constantly evolving. In recent years life insurance carriers have seen fit to allow people to buy term policies up until age 65 without the necessity of a medical exam.
You can buy up to $400,000 coverage. You do need to answer a few medical questions to qualify.
I hope this term insurance help offered on this page assists you in making a more educated decision when you buy your policy.
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