Explanation Of Term Life Insurance
Here is a detailed explanation of term life insurance policies.
Term life insurance provides a guaranteed death benefit
for a specific number of years.
The death benefit is usually paid in one
lump sum but it can be paid in the form of a monthly income.
but the premiums are much lower than those of cash value policies like
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Detailed Explanation Of Term Life Insurance
Note that if you click the links for each type of policy you will get a
more detailed explanation of term insurance...each policy
- Increasing Premium Term Life Insurance
In this explanation of term life insurance the
increasing premium term
policy is a good one to begin with.
This policy is sometimes referred to as the
yearly renewable term
policy or the
annual renewable term.
This is a one year term policy designed for people who have a short term
need for life insurance.
You have the option of renewing this policy at
the end of the year but at a higher premium.
You do not need to
re-qualify for your policy. If you keep renewing each year the death
benefit does not change...you renew with the same amount of life
As this is a term policy there is no cash value. You do have the option to convert to
permanent life insurance.
- Level Term Life Insurance
In our explanation of term life insurance we can group the other
level term policies
together as the only differences are the number of years they last and the differences in the amounts of premium.
5 Year Term
5 year term policy
has a level death benefit for the entire 5 year period in which the
policy remains in force. The premiums never change...they too remain
You also have the option of converting the policy to permanent
life insurance such as universal life insurance, variable universal life
insurance, variable life insurance or whole life insurance.
10 Year Term
10 year level term
lasts for 10 years with a level premium and a level death benefit. The
owner of this policy also enjoys the conversion privilege.
15 Year Term
This policy also has a level death benefit and a level premium plus a conversion privilege.
20 Year Term
20 year term policy
is one of the most popular term policies available. In any explanation
of term life insurance special attention must be paid to this one as it
is probably the most liked term policy available.
It has a guaranteed level death benefit for 20 years and also a
guaranteed level premium more often than not.
Some companies begin with a
lower than usual premium which is maintained for 5 or 10 years and
increase the premiums thereafter.
Usually you can, if you would, convert this policy to
permanent life insurance
at any time during the life of the policy, however, because of the length of the term period some
limit the conversion period to less than 20 years.
You may have to convert the policy, if you wish to do so, within 15 years.
30 Year Term
30 year term policy
is similar to the 20 year term but it lasts 10 years longer and the premium is slightly higher.
- Decreasing Term Life Insurance
One of the
least expensive term life insurance
policies is the
decreasing term life insurance policy.
The premiums are level for the life of the policy but the face amount
decreases every year in a uniformed manner.
This policy is used a lot to
pay off the mortgage balance owed on a house in the event of the death
of the home owner.
I hope this explanation of term life insurance will be of some help.
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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Explanation Of Term Life Insurance
Term Life Insurance Policies
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Yearly Renewable Term Insurance
5 Year Term Life Insurance Policy
10 Year Term Life Insurance Policy
20 Year Term Insurance Policy
30 Year Term Life Insurance Policy
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