Low Cost Term Life Insurance
At this time low cost term life insurance is worth your consideration...as premiums are at it's least costly level in years and can save you some money.
Term life insurance
is the cheapest available
life insurance policy.
With term life insurance you pay premiums for certain periods of time...or certain terms.
The longer the term the higher the
term insurance premium.
The reason for this is that once the
life insurance company
issues a policy it cannot withdraw it regardless of the state of your
health as you get older. Let us now take a look at some low cost term
life insurance policies.
There is nothing more important than your family's security. What would
happen to your family if you died? Would they be provided for? Compare
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Low Cost Term Life Insurance Policies
- Yearly Renewable Term
The lowest cost, low cost term life insurance policy is
yearly renewable term insurance
otherwise known as
annual renewable term life insurance
increasing premium life insurance.
As the name implies the policy is renewed each and every year by just
paying the premium. The premium, however, increases each year by a
type of insurance
starts out as the lowest premium low cost life insurance it can end up
being quite expensive depending on how long it takes the insured to die.
In fact with the premium increasing every year it can end up not being a
low cost term life insurance policy at all but the most expensive term
life insurance policy you can buy.
If you think about it if your
premiums increase for 20 or 30 years you cannot avoid paying a very high
The yearly renewable term policy should be used for very short
term needs. If you have to start out with this policy because of it's
you should be converted at your earliest convenience.
A young married
person accumulating cash to purchase a house or for an upcoming baby
could find this type of insurance very useful and cost effective.
- 5 Year Level Term
Next to the yearly renewable term, as far as low cost term life insurance is concerned, is the
5 year level term policy.
Here again, as the name implies the premium is paid for 5 years and
remains level for the entire 5 year period.
The death benefit also
remains level for 5 years. After the initial 5 years some 5 year term
policies are renewable.
Like the yearly renewable term policy this policy can be used by
young people who are working to accumulate large amounts of cash in a
short period of time...thus leaving limited cash for
who need a policy to cover a loan in case of that persons death would
find this type of insurance very helpful. It can also be used for
on a temporary basis.
This policy should be converted to a more
permanent type of life insurance.
- 10 Year Term Insurance
10 year term insurance
can also be considered low cost term life insurance. Although the
premiums are a little higher than the 5 year term policy they can still
be considered low cost.
The policy remains in force for ten years as
long as premiums are paid. The death benefit remains level for the
entire 10 year period and the premiums also remain level.
This type of term life insurance can be ideally used by young married people,
small business owners
in the infancy of the business and to cover an outstanding loan in the
event that the owner should die before paying off that loan.
It can also
be used to fund partnership
buy sell agreements,
on a temporary basis, and to fund buy sell agreements in a
Some consideration should also be given to the
15 year term
20 year term
25 year term
30 year term
as these are also low cost term life insurance policies.
What will happen to your family when you die? Would they be provided
for? Life Insurance is the solution and we can help. Compare Multiple
Quotes from Highly Ranked Carriers and Save up to 70%! Getting your
quote is easy and FREE.
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