The importance of a life insurance policy cannot be overstated. A policy can make all the difference between a secure financial future and an uncertain one for the ones you love. So what is life insurance? Very simply, it is a contract between an insurance company and you in which you pay premiums or payments so that upon your death, the insurance company makes a lump sum payment to the beneficiaries of your policy.
Term life insurance is insurance provided for a specific amount of time during which the cost of insurance will not change. As such, not only is term life insurance cost-effective but also flexible. You may even get the option of converting your term life insurance to a permanent one till you turn 71. This can be done without going through medical exams or answering any questions about your health. If you die during the term of the policy, the beneficiaries get the death benefit tax-free. The money can help your loved ones in many ways including paying for funeral costs, dealing with every day expenditures, paying the children’s tuition fees and even paying off loans.
The most common terms are Term 10 and Term 20.
Term life insurance is insurance provided for a specific amount of time during which the cost of insurance will not change. As such, not only is term life insurance cost-effective but also flexible. You may even get the option of converting your term life insurance to a permanent one till you turn 71. This can be done without going through medical exams or answering any questions about your health. If you die during the term of the policy, the beneficiaries get the death benefit tax-free. The money can help your loved ones in many ways including paying for funeral costs, dealing with every day expenditures, paying the children’s tuition fees and even paying off loans.
The most common terms are Term 10 and Term 20.
Another type of term life insurance is to pick a term. You can look for coverage between 10 and 40 years. The coverage renews automatically every year till you are 100 years old, after which you no longer have to pay premiums, although the coverage continues.
Term life insurance can be a good financial decision for you if you are looking for something that is practical, need to get cover for a loan or a mortgage or run a business and need key person protection and/or need to fund buy/sell agreements.
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