Best Term Life Insurance Quotes
Life insurance is a way to ensure your family has a lump sum to pay any debts and provide some financial cushioning in your absence.
Term Insurance
- Term Life Insurance is much simpler to understand than permanent life insurance. It is designed to provide life insurance coverage for a limited period of time. Coverage might be for one year, five years, 10 years or longer, but the face amount of the policy is payable only if the insured dies during the “term” specified in the policy. If the insured lives beyond the term of the policy, the insurance company has fulfilled its part of the contract and no benefit is paid.
- There is no cash value accumulation in most term policies. When the term ends, the coverage ends and the insurance company keeps all the money it received in premium payments. In addition, should the policyowner stop paying premiums on a term policy before the term ends, the coverage ends and the insurance company likewise gets to keep the premium payments without having to return them.
- Term Life Insurance policies may include a renewability provision that allows the policyowner to renew coverage at the end of the term for the same coverage or less without having to prove insurability. There are, however, conditions attached to renewability.
- First, when a term life policy is renewed, the premium increases.
- Term Life Insurance policies may also contain a convertibility provision that allows the policyowner to convert to permanent coverage without having to prove insurability. Not all term life policies offer this provision, and those that do may charge an extra premium for the right to convert to permanent coverage.
Why Life Insurance provided by an employer is NOT Sufficient
Many people believe that the life insurance policy (usually term life) provided by an employer is sufficient.
However, this is not always the case. Indeed, if you are just starting out with a young family, the term life coverage you get through your employer may not be enough as it is usually based on a multiple of salary.
Carefully consider the likely future needs of your family. Then, double check your life insurance benefits. You may decide to purchase additional life insurance.
Sometimes all you need to do is buy an additional term policy that will give cover until your youngest child is of age.
You should also make sure you understand the rules of retaining the life insurance coverage in the event that you change employers. It is vital that you understand how your coverage works so that you are able to properly plan for possible eventualities.
Best Term Life Insurance Quotes Online
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