Least Costly Term Insurance Plan
Owning a term life insurance policy or any type of life insurance can provide the buyer with a comforting and secure feeling that only those who have been there can appreciate.
Term life insurance was designed for the individual who has a need for coverage but is unable to pay the premiums for a permanent policy.
Businesses in their infancy that have little additional cash to put into premiums will also buy a term life insurance policy.
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About Your Term Life Insurance Policy
- Term Premiums
The premium you pay for term life policies can be level or increasing depending on the type of term policy you choose and the company you select.
- Face Amount
The death benefit of a term life policy usually remains level for the duration except for one type…the decreasing term life insurance plan.
Usually if you buy a term policy for a specific number of years and the time expires you will no longer have a policy unless you buy a new one. In many a case because you are older and are no longer in perfect health you may not be able to get this new policy you want or at the least you have to pay extra for it. Being very aware of this some life insurance companies give you the option of continuing your term policy for an additional period of tears but with an increase in premium. In some cases this works out to be quite a good deal for the policy owner.
If you choose to purchase a term life policy you have the option of adding additional riders that you find to be beneficial. You can add the waiver of premium rider which would keep the policy in force if you should become disabled. You can also add the accidental death benefit rider. If you should die in an accident the life insurance company would pay your beneficiaries double the death benefit as stated in the base term life insurance policy.
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