Term life insurance explained. Learn how popular term life policies work, get the details.
You may want to know what term life insurance is all about. You can read your term policy but this explanation simplifies what it tells you.
Why would you buy term insurance? There are two basic types of term life policies.
They both have level death benefits but one type has premiums that increase every year.
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The plan you choose will depend on your particular need. Do you want a policy to guarantee the payment of college cost? Do you want to replace the valuable contribution of a non working spouse or do you want to replace a spouses income in the event of his or her death?
Do you want to guarantee the continuation of a business? You could use life insurance to fund a buy sell agreement or you may want to buy a policy on a valuable employee.
The funds provided by the key employee life insurance policy would help the business readjust in the event of the employees death.
Term life insurance was designed to fulfill a temporary need. You should consider converting it to a policy that would last the rest of your life. The period for conversion is usually shorter than the term policy. This would be stated in the contract itself.
If you are strapped for cash and need the maximum coverage for your dollar term insurance is ideal.
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Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.
Deciding which life insurance types to look at depends on each individuals specific need. All life insurance does not fit everyone's situation.