Term Life Insurance Guide
Term Life Insurance Mechanics
It may be helpful to have a term life insurance guide, either in
the form of a person who knows these policies inside out or in the form
of written information on a website, if you are in the market for life
On the other hand, may be you just want to get a better
understanding of the term life insurance policies you already own.
would like to apply for the position as your term life insurance guide.
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Term Life Insurance Guide - Why Buy Term
- The Decreasing Term Life Insurance Policy
People find this policy very attractive as they more often
than not use this policy to pay off the balance owed on a mortgage in
the event of death. Here is how it works...
You buy a house for, let us say, $250,000. You pay down $75,000
at the point of purchase as you want to keep your monthly payments as
low as possible. You borrow $175,000 from your bank or mortgage company.
You agree to repay the loan over the next 20 years...
The monthly payment is no problem to make as you either have a
good job or you have a business that provides sufficient income to
afford you and your family a comfortably lifestyle. You are concerned
that if you died suddenly you would want them to have this house
completely paid off. The
decreasing term life insurance policy
was designed for that.
The very inexpensive premiums remain level for the entire 20 year
period. The death benefit decreases as the amount you owe decreases. So
upon your death, regardless of how you die, your family will have a
debt free home.
- The Yearly Renewable Term Life Insurance Policy
Your term life insurance guide is not particularly fond of
this policy even though the initial premiums are very inexpensive. You
see, even though you start out with a very cheap premium it increases
The premium cost is fair because the older you get the more
risk the life insurance company is taking but it doesn't take too many
years before these premiums get to a prohibitive level.
If you buy this
policy because of the initial low cost you should convert it to a
permanent policy as soon as possible or buy a
level term policy
for a longer period of time...if you can still qualify for it. The death benefit of
yearly renewable term
remains level for the duration.
- The 5 Year Level Term Life Insurance Policy
Like the yearly renewable term policy you buy this one to take
care of short term needs like covering an outstanding loan or may be
using it to guarantee that your child or grandchild can continue paying
the college costs you are now paying or plan to pay.
You want to know
that even if you died tomorrow this will be taken care of. Your term
life insurance guide likes this one. The premiums are fairly inexpensive
and the death benefit also remains level for as long as you own this
- The 10 Year Level Term Life Insurance Policy
As the name implies the death benefit is level and remains so
for 10 years. It is used for similar reasons as the 5 year term but
because you want to assure yourself that if you should need the policy
for a longer period of time you can keep it. Some people use this policy
as a kind of temporary problem solver.
You need life insurance now but
you cannot afford the policies for longer terms so you buy this with the
intention of converting it or buying a longer term policy later. This
is a level premium policy also favored by your term life insurance
- The 15 Year, 20 Year, 25 Year And 30 Year Term Life Insurance Policies
Now we are getting to the more popular policies. Your self
appointed term life insurance guide likes all these policies but has a
greater affection for the
20 year term policy. The premium seems just right and as many people tend to plan no
further ahead than 20 years this fits many a situation perfectly.
policies are used to provide lump sums or income for families in the
event of the death of a breadwinner.
tend to use them to fund
key employee insurance.
The death benefits remain level for the duration and so do the premiums
in most cases. Some companies start the premiums much lower and
increase it every 5 years or so. In some cases there is no increase
until after 10 years.
There are some life insurance companies that offer term life policies that last up until age 65, age 80 or age 90.
Life insurance companies also offer the
waiver of premium rider
as well as the
accidental death benefit riders
which you can attach to these policies.
I hope this term life insurance guide made the functions of term policies a little clearer to you.
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Term Life Insurance Guide
Term Life Insurance Quotes
5 Year Term Life Insurance
10 Year Term Life Insurance
15 Year Term Life Insurance
20 Year Term Life Insurance
25 Year Term Life Insurance
30 Year Term Life Insurance
Universal Life Insurance
Vanishing Premium Whole Life Insurance
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Return Of Premium Term Life Insurance
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