Term Insurance Policy

The term insurance policy is favored by a good chunk of the population. You use it to protect your family in the event of your premature death.

If you are single and have no dependents your only need for life insurance is to bury yourself and to pay off outstanding debts.

If you, however, have children you need some life insurance to provide an income for them so they can go on living in the same manner after your death.

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If you are married you need life insurance whether or not you have children. You must provide for your spouse.

You may have other specific needs for life insurance. As life insurance proceeds are usually free from Federal Income Taxes you may buy a policy to pay Federal Estate Taxes. If you make the policy part of your estate it becomes taxable. Find out from your attorney or your accountant how much you will be required to pay in Estate Taxes. The amount is based on the size of your estate.

You may have been assisting a relative to pay college expenses or you may have an outstanding debt not covered by life insurance, you can use a term life insurance policy to cover these things.

The most bought term policies are:

10 Year Term Insurance

15 Year Term Insurance

20 Year Term Insurance

30 Year term Insurance

Keep in mind that term insurance is temporary insurance. You will always have a need for coverage. As time passes you may want to convert your term policy to permanent insurance.

Life insurance is always evolving. There are new variations of permanent plans every day. When you are ready to convert your policy talk with your company. They will be more than willing to let you know about whatever their newest plans are.

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