10 Year Term Life Insurance Policy
10 Year Term Insurance Explained
The 10 year term life insurance policy would fit your need perfectly if you are in the market for
inexpensive life insurance.
in its simplest form. The 10 year term life insurance policy contains a
guaranteed death benefit from the outset and a guaranteed level
After the initial 10 years some
life insurance companies
allow you to renew the policy for an additional 10 years at an
increased premium. This 10 year term policy provides you with ample
insurance for small outlay over a fairly short period of time.
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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10 Year Term Life Insurance Policy Provisions
- Policy Death Benefit
If you are the proud owner of a 10 year term life policy and
if you should die within 10 years of your ownership of this policy the
full face amount is paid to your
either in a lump sum or in the form of a
The monthly income may take one of several different income options.
You may choose to take a life income with no certain period.
beneficiary begins receiving the income if s/he should die suddenly that
would be the end of the income. No one would get anything more from
that 10 year term policy.
It does not matter if the
income is paid only for one month. There are other options that would
assure you, however, that your beneficiaries would receive more of a pay
You could choose to pay them a life income for a 10 or 20 year certain period.
This would guarantee that the income is paid for 10 or 20 years
You could choose a fixed period option which would
guarantee that the income is paid out for a fixed period, example
20 years or you could use the interest option, which would keep your
principal in tact and pay only interest to beneficiaries for a specific
period of years. At the end of this period the principal would be paid.
- Term Insurance Conversion Privilege
Most term insurance policies have built in a conversion
privilege. The 10 year term life insurance policy is no exception. This
is because term insurance is temporary insurance and people usually have
a need for permanent for life insurance.
You can convert your policy
usually to any permanent policy within a specific period of time. Some
companies limit your conversion period to 8 years, whereas others may
allow the policy owner the full 10 years.
- Available Riders To Your Policy
There are certain riders that you can add to your 10 year term
life insurance policy which would tremendously increase it's value to
yourself and your beneficiaries. You may add the
waiver of premium
If you should become disabled, anytime after 6 months
of disability, the life insurance company will pay your premiums for
you even if it is for the entire duration of the policy. Now, isn't that
Another rider that you can add to your 10 year term life insurance policy is the
accidental death benefit
rider. This is sometimes referred as the double indemnity rider.
should die in an accident the life insurance company will pay double
the death benefit to your beneficiaries.
- Minimums And Maximums
There are certain minimum and maximum amounts of 10 year term
life insurance that insurance companies will be prepared to issue on an
applicants life. This may vary by age and medical history.
companies may be prepared to issue between $20,000 and $1,000,000,
others may start at 100,000 and go as high as $10,000,000 or
- Living Benefit Riders
The aids virus brought about a fairly new idea which many life
insurance companies have adopted. Because of a tremendous need for
additional cash terminally ill people may
sell their policy
to investors for a percentage of its value.
As an alternative you can
add a rider to your 10 year term life insurance policy which would allow
you to withdraw a portion of your death benefit during your lifetime.
This is called a
living benefit rider.
It would serve to ease the pressure on the terminally ill and their families.
- Spouse And Child Term Riders
Many insurance companies offer the opportunity for you to add
to your 10 year term life insurance policy...a comparatively small term
life insurance rider on the life of your spouse and children.
riders are usually 5 year term or 10 year term riders which work out to
be less expensive than had the policies been bought separately.
That is basically how your 10 year term life insurance policy would work for you.
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