Term insurance rate. You spent the last few years in college. It
took a lot of serious study to graduate.
You did not have it as easy as many people you know did. You had to work at a job while attending college.
You fell in love and got married while in college. You didn't really think you were ready for that as you couldn't afford to support a wife.
You were persuaded. Your wife never complained. In fact she even helped you with the expenses.
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You have landed a great job and have taken over all the living expenses.
You want to do more. You want to be certain that if you should die your
wife would be financially secure. You decide to buy some life
You think term insurance is the best type of policy to start off with. You need to find the best term insurance premium rate. You find that there are so many different types of term insurance and the term insurance rates differ greatly...
You have come to the conclusion that a 30 year term policy would be best for you. Because you are in your late 20's you find the premiums quite affordable . You made certain that you bought the type of policy where the premiums will remain level for the duration. Your term insurance rate will never increase.
10 years pass everything is going just fine. You now have 2
children and the eldest is now in school. You are in good health. 15 and
20 years pass. You and your family have had a great life. Everything
continues to be great. 10 more years go by and you are now in your 50's.
You know your policy will soon expire but fortunately you are still within the period where you can convert your policy or may be you can buy a new one. You decide to buy another policy because you want your family to continue to be protected...
You complete the forms and you set an appointment for the medical
examination. The doctor discovers that your blood pressure is elevated.
A second medical is recommended and the results are the same.
If the life insurance company issues the policy your term insurance rate will be more than you were quoted. Your policy will be rated. The life insurance company may even decline to issue a policy...
You decide to convert the policy you now own but the life insurance company advises you that you must convert to a permanent policy and the premiums are much higher than those you are now paying. You find the new premiums prohibitively high. What do you do now?
You see term insurance is temporary insurance. You should buy
these policies with the intent to convert within the earliest possible
period of time.
Had you bought a permanent policy with cash values from the outset you would have had to pay much higher premiums for the same policy but your dividends could have been used to reduce premiums after a while...
In fact, if the life insurance company performed well enough, your dividend may have been be used to keep your policy in force for a very long period of time without any additional premium outlay on your part. Together with the cash values the dividend may keep your policy in force for the rest of your life. This is called a paid up policy...
Your term insurance rate even though it much lower than a whole life or universal life insurance rate may be what you can afford at the time of purchase but you should buy the policy intending to convert at the earliest possible convenience.
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Should life insurance buying be seen as an urgent matter? There is something about some people that at times may cause them to procrastinate about matters that could end up being quite costly...
Let us talk affordable term insurance. You want a policy that can fit into your budget, right?
It can be a very satisfying feeling when you become aware of the advantages of whole life insurance for the first time.
The best term life insurance rate can be quite easily found on the internet today because web insurance companies have done intense research on behalf of the consumer.
I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.