Guaranteed Term Life Insurance
Policy Provisions Really Guaranteed
Guaranteed term life insurance. One of the more loosely used terms when
selling most any product is the word "guaranteed".
Sometimes there is a
measure of validity or worth of the product itself, sometimes not. On
occasion it is simply a "hook" used to get the prospective buyers
Fortunately for the life insurance buyer the phrase
"guaranteed term insurance" is for real. When a life insurance
company says that certain values are guaranteed they certainly are...
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A life insurance company depends a great deal on reputation and as a
result they try to write language in their policies that will stand up
to any type of legal scrutiny.
Some of the guaranteed provisions included in your term insurance policy are as follows:
- A guaranteed level or decreasing death benefit. This depends on the type of policy chosen.
- Guaranteed payment upon death, free of income
taxes. As long as the law remains as it is this is one of the more
attractive benefits of the so called "guaranteed term life insurance
- A guaranteed premium for a specific period of
time. Some premiums increase after a certain number of years but even
the increase is guaranteed.
- Your term life insurance policy also guarantees
that you can reinstate it should it end up in a state of lapse because
of nonpayment of premiums. If your health changes you may need to prove
insure-ability all over again. The policy must be reinstated within a
certain period of time as stated in the contract itself.
- Guaranteed term life policies cannot be taken
away from you as long as you pay the premiums. If you own a 10 year term
policy it can only be terminated by you within the 10 year period. The
insurance company cannot terminate it.
- Your term life insurance policy assures you that if you should die by suicide
within a certain number of years, usually two, the proceeds of the
policy will be limited to the premiums paid plus interest. After the 2
year period if you should die a suicide the full death benefit will be
paid. They force anyone thinking of this to wait at least 2 years. The
result is that a person thinking of suicide usually changes his or her
mind by that time.
- If you should elect that your family receive an income instead of a lump sum your life insurance policy can also guarantee this income for life or for a specific period of time.
- On the more personal side your life insurance policy
can guarantee that your loved ones will always have food to eat, a roof
over their heads and clothing to wear. The fact is that your term life
insurance policy can guarantee that the lifestyles of the ones you leave
behind will change very little, if any at all. This is the true power
of your guaranteed term life insurance policy.
- The businessman can be certain that if a key employee
died suddenly the company could go on with their daily business without
missing a beat. Your guaranteed term policy would be used as a kind of
buffer while the company readjusts.
- If a partner or stock holder
of a business should die your life insurance policy can be used to
provide sufficient cash to buy out the stock, or shares, from the
survivors of the deceased. The business will go on and everyone will be
Your guaranteed term life insurance policy can be an awesome tool. If
you own such a policy, for the right amount, you can relax. Examine policies issued by highly rated carriers.
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