Term life Insurance Quote. You may find it a valuable experience as well as enlightening if you took some time to get a term life insurance quote on your favorite term policy.
There are some changes made recently in the structure of the policy itself but these would not have any dramatic effect on the term life insurance buyer.
The change that would be an eye opener is the lower premium for many policies…
Life insurance companies are jockeying for position. Business has been good with them and most are financially strong. They not only want to continue making a profit they also each want a larger share of the pie.
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Since a large sector of the population feel that term life insurance is the best buy many companies have been forced to rethink their policy and pay more attention to bettering the term insurance policies.
Get a term life insurance quote for the major term policies and you will see that they are more affordable than ever before.The most sold term life insurance policies are the decreasing term life insurance policy, the yearly renewable term policy, 5 year term policy, the 10 year term policy, the 20 year term policy and the 30 year term policy.
Though they function differently the consumer can’t seem to wait to own one or the other. These are the policies for which most people request a term life insurance quote.
Let us look at them again and try to figure out why there is so much interest. Why would they want a term life insurance quote on these specific policies.
- The Decreasing Term Life Insurance Policy
This can be considered a champion of a policy for the homeowner. Buying a house is for most people the largest investment they will make in their lifetime.
It would be sad to see this investment go down the drain because of the death of the homeowner. It would certainly be more satisfying a solution to see the house end up free and clear in the hands of loved ones. Wouldn’t it?
Although many of the popular term policies can do the trick the decreasing term policy was designed for this purpose and would do a great job in paying off the mortgage. The face amount of the policy decreases each year while the premium remains level.
That is why when people think mortgage they think decreasing term. If you have a mortgage it is advisable to get a term life insurance quote or two on this one.
- The Increasing Premium Term Life Insurance Policy
If you have a short term need for life insurance you should look at a term life insurance quote for the increasing premium term life insurance policy. It is also known as the yearly renewable term policy or the annual renewable term policy.
This policy is in reality a one year term policy for an individual at a specific age. The premiums charged are for a person in a specific state of health at that particular age. They are surprisingly low cost …
The following year that same person would pay a higher premium. Why you say? The fact is that the insurance company has charged rock bottom premiums for the first year.
Because the insured will be one year older the likelihood of that person dying is greater than it was the previous year. The insurance company is again charging rock bottom premiums but for a person one year older…
The year after that the premium again increases. There is an increase every year thereafter. Through all this the death benefit remains level. Why would people buy this policy?
They do because in the initial few years the premiums are as low as a life insurance policy premium can get. If you are strapped for cash and need some life insurance get a term life insurance quote and check it out for yourself.
- The 5 Year Level Term Life Insurance Policy
Another inexpensive term life insurance policy that is worth the effort, on your part, to get a term life insurance quote for is the 5 year term policy. The reason people buy this policy is again for it’s very low premiums. The problem it only lasts for 5 years.
At the end of 5 years that is the end of it. You do, however, have the option of converting to a permanent type of life insurance if you still have the need for life insurance at that time.
As it is likely that you will still need life insurance you should make certain that you convert before the 5 year period is up. The death benefit remains level and so do the premiums.
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- The 10 Year Level Term Life Insurance Policy
It used to be when you just had to have some life insurance but did not have the money to pay for permanent life insurance you would buy a 10 year term policy intending to convert it later on. This is, in true form, very cheap term life insurance.
If you need some life insurance to protect your family in the event of your death you buy some 10 year term. The businessman who needs a floating debt policy in case he should die before the bank is repaid often use a 10 year term policy. This policy has a level death benefit as well as a very low level premium.
- The 20 Year Level Term Life Insurance Policy
You know when something is just right, don’t you? Many people who buy life insurance think the 20 year term insurance policy is just right. When they see their term life insurance quote they realize that the guaranteed level face amount which lasts for 20 years is just right. The low premium is more often than not just right for them…
This policy is used to provide an income or a lump sum for a family in the event of the death of the breadwinner. It is many times used to fund a buy-sell agreement should a business partner or shareholder of a corporation die prematurely.
- The 30 Year Level Term Life Insurance Policy
Even though the 30 year term policy is a little more costly than the 20 year term it is still quite popular because you get an extra 10 years of level death benefit as well as, in some cases, a level premium. You are 25 years old, you have a good job, you own a house and are about to get married. You have been fairly successful with your investments…
As there is a likelihood you will also have children in the near future you buy a 30 year term policy and lock in the low premiums because of your young age. It has a level death benefit and your premiums also remain level for the duration.
Would it not be wise to get a term life insurance quote on the 30 year policy?
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