Best Term Life Insurance 15 years
Best Term Life Insurance 15 years
Life is uncertain and we try everything we can to minimize this uncertainty.
Every day, we are exposed to countless risks of death and disability due to natural and accidental forces.
We try not to talk about the inevitable – talking about the eventuality of death forces us to confront the transience of life.
But it is important to stay prepared for all uncertainties like death, disability, accident, etc.
If something were to happen to you, how will your family deal with it?
The loss of life has massive emotional consequences, but it also has implications for the lifestyle of your family and everyone you leave behind.
One way you can make provision for the well-being of your family and dependents is by buying term life insurance.
Any financial loss coming their way due to the loss of the earning member of the family is alleviated by the amount received by the beneficiaries under the term insurance policy.
At an affordable price paid in the form of term insurance premium, a reasonable financial shield can be provided to your kids, dependents and family.
This brings us to the question of the ‘term’ or duration of a term plan.
What is life insurance? Best Term Life Insurance 15 years
A life insurance policy is a contract between you and an insurance company which ensures your family or loved ones are financially secure if you were to die.
Having life insurance will give you peace of mind that should the worst happen, your family will be taken care of and not end up financially destitute.
How does life insurance work?
You pay monthly or annual premiums and the insurance company promises to pay out a cash sum if you were to die while the policy is active.
That is provided that all of their terms and conditions are met.
Every company and policy provider has its own conditions and indeed exclusions, so it is vital to read the small print of your policy documents.
For example, many providers won’t pay out if death occurs due to suicide, a drug overdose or a risky or reckless act.
If you have any questions or concerns about the policy you are thinking of taking out, be sure to speak to the insurance company and get clarification.
Do you need life insurance?
Unless you’re single and don’t care what happens to your body and debts when you die, then you probably need some and possibly quite a lot of insurance cover.
Life insurance is generally something that comes up because of an event, such as getting a mortgage or having children.
Not buying it at all can leave your loved ones in the proverbial.
Putting it off means that when you finally do want insurance, you may not be able to get it because of your unhealthy lifestyle or you may find you’re saddled with numerous exclusions.
Procrastination can be an expensive choice when applied to the decision-making process around our health and lifestyle protection requirements.
People seem to forget one of the basic facts of life: as we age our health deteriorates and our options for making good [insurance] decisions decrease accordingly.
As with many other life necessities, it’s better to have insurance and not need it, than to need it and not have it.
How much Life Insurance do I need?
It’s common to take a stab in the dark when deciding what level of cover to buy.
Or we base it on what we can afford to pay.
A good test is will you keep the house [in the event of needing to make a claim]?
Losing the family home is the worst-case scenario that must be avoided.
You probably want more cover than that, but at least pass that baseline.
Most insurance plans will fail this test either because there isn’t enough insurance, or it doesn’t cover not being able to work.
Get out pen and paper and check your sum insured. The most commonly bought sum today is $200,000.
If you died, and that was paid to your partner, once they took that off your mortgage, if they still can’t keep the house, it isn’t enough.
A rule of thumb is to cover 10 times the main breadwinner’s income; this is meant only as a guide though, and everyone’s circumstances will be different.
It may sound like a lot of money, but you need to bear in mind that inflation will eat into the value of any payout over time.
The quotes you receive for life insurance will vary dramatically based on the amount of cover you would like.
So when you compare life insurance companies and policies it’s vital to always use the same details of how much cover you would like and for how long.
Term Life Insurance – Best Instant Term Life Insurance Quote
Term life insurance, whether it’s level term or decreasing, can often offer the best value for those looking for a cheap life insurance policy.
Term insurance insures you for the term of the policy, paying out if you die before the policy ends.
If you don’t die before the policy ends, the premiums you’ve paid won’t be returned.
What is Term Life Insurance
Term Life Insurance offers financial protection to the policyholder’s family when she/ he is no longer with them.
Term Life Insurance Plans are available with low cost premiums, flexible options.
A term plan provides protection in the form of financial assistance on death but only for a given time period.
The time period is decided during the inception of the policy.
It applies only to the policyholder, and the death benefit is paid to your family members/nominee/beneficiary.
The death benefit is the payout that the policy will provide to your family once you have passed away.
How much is Life Insurance
Price is important when choosing an insurer and you can almost always save money by shopping around.
But there are other things to consider, too.
A person choosing an insurer should also look at financial strength, policy quality and customer service, including the insurer’s reputation at claim time.
Things you should consider when you decide to Buy Term Life Insurance
Purchasing Term Life Insurance seems like the simplest of insurance buying tasks.
Determine the amount you need for how many years and push the button, the cheapest is best…. not necessarily.
What you should consider when you decide to Buy Term Life Insurance
Does the policy offer living benefits?
Some NEW Term Life Insurance policies offer Living Benefits. This great new feature can help protect against serious illness by allowing you to access a portion of your death benefit while you are living if you diagnosed with a qualifying illness. Why purchase a policy that only provides for loved ones at your death when you can purchase a policy that provides for you while you are living… at little or no additional cost.
What are the conversion options?
Most Term Life Insurance policies allow the policyholder to convert the policy to a permanent type of life insurance policy without proof of insurability.
This may not seem important when you are young and are thinking you will not need life insurance when this policy expires.
However, many people have found that they still need some protection for their family much longer than they expected and there is no guarantee you will be insurable after your 20 or 30-year term policy expires.
Make sure the policy you choose allows conversion to multiple types of permanent life policies for the length of the policy term.
Best Term Life Insurance Instant Quotes
Life Insurance, when bought correctly, leaves you with more options and more financial security – it does not leave you teetering on the edge of paycheck to paycheck.
It is a misconception that Life Insurance is expensive and it is hard to maintain.
Life Insurance is all about preparing for a better tomorrow – no matter what tomorrow might bring. Which is why the most celebrated war leader of all time had these immemorial words to describe Life Insurance:
If I had my way, I would write the word “insure” upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever. – Winston Churchill
Life Insurance is that foundation upon the pyramid of personal finance is constructed. Once you have secured a rock solid foundation for yourself, you are then free to pursue the path to financial freedom if you so choose.
Starting a business? Investing in a start-up? Taking positions in the stock market? Planning to end world hunger? All these endeavors can be taken once you are secure in your foundations.
When you pursue big dreams and lofty ideals, doesn’t that make you more likely to contribute to society, rather than playing it safe?