Term Insurance Policies

Take A Look At Term Life Insurance Policies

Term insurance is temporary insurance. Term policies, in other words, offer coverage for specific periods of time. At the end of that period the policy ends, that is if you did not convert it to a permanent policy in the meantime.

Let us look at some of the term policies and see how they are applied to specific needs.

• Decreasing Term

  This policy was specifically designed to pay off ones mortgage at the death of the owner. The face amount decreases with the balance owed. The premiums are level throughout.

• Yearly Renewable Term

  The face amount of this policy is level throughout but the premium increases as the insured gets older. This policy is used for short term needs.

• 5 Year Term

  This policy is also used for short term needs. The face amount is level for the 5 year period and so is the premium.

• 10 Year Term

  Similar to the 5 year term but stays in force for twice the time. This policy is used for fairly short term needs.

• 15 Year Term

  This is sometimes used for family protection. Late starters find the 15 year policy ideal. If you have a 10 year old child and you want to be assured of his or her protection until the end of the college years this policy would be great, that is if you have no spouse or no need to protect your spouse.

• 20 Year Term

  This is the most loved and most bought term policy because it fits most family situations or business situations. 20 years seem to be a comfortable period to plan for.

• 25 Year Term

  If you want to have some life insurance after your children graduate then the 25 year term policy has some promise.

• 30 Year Term

  Thinking of your spouse after the children are on their own would cause you to buy the 30 year term policy.

Term insurance policies are generally less costly than permanent policies but they have their limitations.

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