There are many types of insurance that can be categorized as temporary insurance. The one I want to discuss in this article is term life insurance and why it is known as temporary insurance.
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Life insurance was designed with the express purpose of providing permanent
protection for a family
or loved one in the event of the death of the primary income earner.
The designers intended to fulfill this important need regardless of how
and when this person died...other than by his or her own hand.
Whole life insurance filled the bill perfectly but the cost of owning such a policy was so great that insurance companies had to think of ways of providing coverage until an individual could earn sufficient income to purchase this policy ...
term life insurance policy
was born. It provided the same coverage as the whole life policy but
for a much lower premium. There was one problem though, the policies
only lasted for a specific period of time.
Thus they were, and still are, known as temporary life insurance policies. The insurance companies built into these policies the very important conversion privilege...
Within a specific period of time these policies could could be converted to permanent insurance. Let us assume you owned a
10 year level term policy;
the life insurance company limit the conversion period to 7 or 8 years,
That means you must convert the policy within the period set or you would be required to provide proof that you are still in good health. If the insured fails to convert the policy it terminates at the end of the term period...10 years in this case.
In recent years it has become much easier for a person to own a
universal life insurance
policy and the
variable universal life insurance
policy are a lot more flexible and a lot less costly than whole life
It is also important to note that temporary insurance policies...term policies also last much longer than they used to and because of this people may not need to convert them at all. Available today are 20 year term , 25 year term and 30 year term policies.
I have even seen some that last until age 80 or 90. Yes they are still temporary insurance policies. This, of course, depends on the longevity of the person who owns the policy.
There is nothing more important than your family's security. What
would happen to your family if you died? Would they be provided for?
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.