Cheapest Term Life Insurance
Cheapest Term Insurance Policies
It is pretty understandable why you would want the cheapest term life insurance.
You are interested in buying term life insurance rather than what is
considered permanent life insurance because you are more interested in
providing protection for your family or your business than you are in
accumulating money through life insurance.
You want the cheapest term
life insurance available to fulfill your desires. Let us look at some of
the most inexpensive term policies. This will help you decide which is
best for your specific situation.
Take a look at the mechanics of the available term life policies, this should help you decide which is cheapest and which is more likely to fit your situation.
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The Cheapest Term Life Insurance For Your Need
- Term Life Insurance For Family Protection.
If you have a
you need sufficient life insurance to protect your spouse and children
at least until the children are able to fend for themselves. If your
estate is not too large that together with last expenses like attorneys
fees, probate costs and the actual cost of the funeral are just about
the only things you really have to concern yourself about. One more
thing...if you have any uninsured debts you need to take care of those
If on the other hand you have been very successful with your career or with investments you would need to think about
in addition to the aforementioned needs for life insurance.
5 year level term
is probably the cheapest term life policy that you could buy
to take care of those needs but you would probably find that the life of
the policy is too short. May be the
10 year term
would be the cheapest term life insurance policy that could be applied
to your need. Of course that would depend on the ages of your
You have to figure out how long they would need to depend on you. The
15 year term
probably would work but most people think it best to use the
20 year term
policy or may be the
25 year level term
policy to be on the safe side. The shorter the life of the policy the
lower the premium...so the cheapest term life insurance policies are the
5 year term and the 10 year term policies...
These may not work for you though if your situation is similar to
our example. If you are short of cash and you need to start off with
either of these that is fine but you may need to convert to a
later on when you have more available cash or buy a new policy...if you are still in good health.
- The Business Persons Point Of View.
The business person tends to look at things in a little
different way. They look for the cheapest term life insurance policy
initially knowing full well that they will need to convert the policy to
a permanent policy later on. Initially they need every bit of cash that
they can put their hands on to build the business whether it be a sole
proprietorship, a partnership or a corporation...
They intend to be in business for a long time and they would like
to know that their heirs can continue the business after they die. If
the family is not interested business people want to still be assured
that the family wont be in need. They may consider the 10 year term
policy the cheapest term life insurance policy for their need but some
business people prefer to go ahead and use the 20 year term policy to
start. The 20 year term policy may not be the cheapest term life
insurance policy they can buy but this is the most popular one.
The following links will lead to pages that will give you details of life insurance needs for business people.
The Sole Proprietorship.
The Business Partnership.
The S Corporation.
The C Corporation.
The Limited Liability Company.
- Short Term Needs.
A policy that you would buy for short term needs is really
cheaper than one that you plan to keep for a while. Let us suppose that
you have a short term loan, may be for 5 years, and you don't want
someone else saddled with these payments if you should die in the
interim you could use a 5 year term policy to take care of that problem
yearly renewable term
policy may work out to be the cheapest term life insurance policy in
this type of situation. This policy could also be used to guarantee the
payments of college costs for a child or grand about to enter college or
who has already started his or her higher education.
- Mortgage Protection.
Some people prefer to buy a special policy to protect their mortgage in the event of their premature death. The cheapest term life insurance policy for this need is the
decreasing term policy.
The face amount of the policy decreases as the mortgage decreases.
There is nothing more important than your family's security. What would
happen to your family if you died? Would they be provided for? Get
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