Temporary Insurance

Term Life Insurance...

There are many types of insurance that can be categorized as temporary insurance. The one I want to discuss in this article is term life insurance and why it is known as temporary insurance.

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Term Insurance Is Temporary Insurance

Life insurance was designed with the express purpose of providing permanent protection for a family or loved one in the event of the death of the primary income earner. The designers intended to fulfill this important need regardless of how and when this person died...other than by his or her own hand.

Whole life insurance filled the bill perfectly but the cost of owning such a policy was so great that insurance companies had to think of ways of providing coverage until an individual could earn sufficient income to purchase this policy ...

The term life insurance policy was born. It provided the same coverage as the whole life policy but for a much lower premium. There was one problem though, the policies only lasted for a specific period of time.

Thus they were, and still are, known as temporary life insurance policies. The insurance companies built into these policies the very important conversion privilege...

Within a specific period of time these policies could could be converted to permanent insurance. Let us assume you owned a 10 year level term policy; the life insurance company limit the conversion period to 7 or 8 years, for example.

That means you must convert the policy within the period set or you would be required to provide proof that you are still in good health. If the insured fails to convert the policy it terminates at the end of the term period...10 years in this case.

In recent years it has become much easier for a person to own a permanent policy. The universal life insurance policy and the variable universal life insurance policy are a lot more flexible and a lot less costly than whole life insurance.

It is also important to note that temporary insurance policies...term policies also last much longer than they used to and because of this people may not need to convert them at all. Available today are 20 year term , 25 year term and 30 year term policies.

I have even seen some that last until age 80 or 90. Yes they are still temporary insurance policies. This, of course, depends on the longevity of the person who owns the policy.

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