Term Life Insurance Policies
Interested in term insurance policies? Want to know how they work?
Take a quick look and see which one best fits your needs.
Term insurance is temporary insurance. Term policies, in other words, offer coverage for specific periods of time. There is always a limit to the number of years you remain covered. At the time of purchase you need to be in fairly good health, you need to qualify.
At the end of that period the policy ends, that is if you did not convert it to a permanent policy in the meantime.
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Term Insurance Policies
Let us look at some of the term policies and see how they are applied to specific needs.
- Decreasing Term
This policy was specifically designed to pay off ones mortgage at the death of the owner. The face amount decreases with the balance owed. The premiums are level throughout.
- Yearly Renewable Term
The face amount of this policy is level throughout but the premium increases as the insured gets older. This policy is used for short term needs.
- 5 Year Term
This policy is also used for short term needs. The face amount is level for the 5 year period and so is the premium.
- 10 Year Term
Similar to the 5 year term but stays in force for twice the time. This policy is used for fairly short term needs.
- 15 Year Term
This is sometimes used for family protection. Late starters find the 15 year policy ideal. If you have a 10 year old child and you want to be assured of his or her protection until the end of the college years this policy would be great, that is if you have no spouse or no need to protect your spouse.
- 20 Year Term
This is the most loved and most bought term policy because it fits most family situations or business situations. 20 years seem to be a comfortable period to plan for.
- 25 Year Term
If you want to have some life insurance after your children graduate then the 25 year term policy has some promise.
- 30 Year Term
Thinking of your spouse after the children are on their own would cause you to buy the 30 year term policy.
Some carriers let you renew these policies up until age 95. In other cases you may need to convert them to a permanent type policy to remain covered to age 65 and beyond.
Term insurance policies are generally less costly than permanent policies but they have their limitations.
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