Getting term life insurance quotes online has become common practice
with people in search of life insurance protection for their families
and in many cases for their business. Term policies are the policies of
choice in most instances because they are less costly and also because
they are easier to understand.
Most people request term life insurance quotes on the 10 year term policies or the 20 year term policies. These are very good policies to own but there are many other options to choose from which may better fit an individuals need...if they only knew about them. I am going to attempt to leave no stone unturned in my description of each type of policy. We will look at the following policies.
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Here are the details. As this page is a fairly long one if you want to skip to the actual quotes click on the link after the first paragraph or at the end of the page to do so.
Most well thinking people plan to own a home for themselves
and their families. Pride of ownership is a very powerful thing but home
ownership is much more than that. It means security for the ones we
love. We want our spouses and children to know that regardless of what
they will always have a home to come to each day.
We buy homeowners insurance to protect this piece of property from fire, a possible hurricane or flood or any other natural disaster but we sometimes give insufficient thought to what would happen if we should die. Our incomes also die with us and if we have a mortgage we run the risk of losing the home...
Decreasing term life insurance was specifically designed to take care of this eventuality. The face amount of the policy decreases with, or close to, the mortgage balance. Upon your death the mortgage is paid off and your family will own the house free and clear. Another great feature is that it is very inexpensive insurance. If you own a home you should take the time to examine several different term insurance quotes on this policy...in order to get the lowest premium.
You may have in mind to do something special for your teenage grandchild like paying for his or her college education or you may have an outstanding loan that you don't want to leave for someone else to pay. You should request term life insurance quotes on yearly renewable term life insurance as this policy could come in handy to take care of these things upon your death.
Yearly renewable term is a one year level death benefit policy which is renewable each year at a higher premium. The premium charged is based on the cost to protect a person at a given age for a given amount of insurance. The actuaries can determine before hand how many people at any age are likely to die in a particular year. They take this into consideration when calculating premiums...
There is a minimal premium load in order to ensure that the insurance company does not lose money. Because the premium increases each year it should be purchased only for short term needs. In latter years the cost can be prohibitive. Get term life insurance quotes for this policy if you have a short term insurance need.
You would use this policy for needs similar to those of the yearly renewable term policy. You would use it to cover outstanding short term loans or to guarantee the fulfillment of a short term commitment. The premium for this policy is a little higher than that of the initial premium of the yearly renewable term policy but it remains level for the entire 5 year period...
What the actuaries have done here is to average out the cost for insurance over the five years and added a minimal premium load for the protection of the company. The death benefit remains level for the duration. You should examine term life insurance quotes for the 5 year term policy and compare it with the yearly renewable term...you should find that quite interesting.
Just about every life insurance company will give you term life insurance quotes. This policy is among the top for which quotes are requested. You may be aware by now that term insurance is temporary insurance. The time for which you can keep the policy is limited. Many people intend, when able, to convert their term policy to a permanent policy like universal life insurance or variable universal life insurance You will find the 10 year term policy is quite inexpensive and it provides the owners a reasonable period of time to convert the policy...10 years.
The premiums are usually guaranteed level for the ten year period and so is the death benefit. Some life insurance companies start out with a lower than usual premium which is guaranteed for the first 5 years and is then increased to a higher level for the second 5 years. I suggest you get term life insurance quotes on the policy with the level premium. The death benefit remains level for the life of the policy.
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One of the often ignored term life insurance policies is the 15 Year term policy. It does fulfill a worthy need though. Let us suppose you have a 10 year old child and you want to guarantee his or her security until age 25. You are concerned not only about everyday needs but also the cost of a college education. The 15 year term policy might fit the bill as this premium is also quite inexpensive.
You should look at term life insurance quotes for the 15 year term policy. The death benefit remains level for the duration and so does the premium.
When you take the time to examine term life insurance quotes you just should not ignore the 20 year term policy ...especially if you are a young person with a family or if you have just started out in business. If you were to ask a friend what type of life insurance policy he or she has you would probably be told a 20 year term policy...
The reasons may be quite obvious to you. If you buy the policy to protect your new family 20 years is a reasonable to initially consider. If you own a business and you are using the policy to fund a buy sell agreement or for key employee insurance again 20 years is a reasonable period of time to look ahead.
The premiums are reasonably inexpensive and are guaranteed to remain level for the 20 year period. The death benefit is also guaranteed to remain level. You definitely should get term life insurance quotes on the 20 year term policy.
Because term insurance is usually considered temporary insurance the policies described above were considered sufficient an offering by the life insurance companies for a very long time. I guess it occurred to them that a person just getting married may want to consider a policy that lasts long enough to see their children through college. The 25 year term life policy would be good for such a situation. The businessman may want to make 25 year projections. His life insurance needs may also be covered by a 25 year term policy.
Upon reviewing your term life insurance quotes you will notice that the premiums are a little more costly than the 20 year term policy but it may well be worth it to you. The death benefit is guaranteed to remain level for the life of the policy.
When you look at 30 year term it may come to mind that this term policy is almost as long lasting as a permanent life insurance policy. Think of it this way. If you are age 30 or 35 when you buy the policy you would have guaranteed insurance until you get to age 60 or 65. By then your children will likely be all grown and on their own doing their own thing. You should consider also that you need to maintain some insurance to cover your last expenses upon your death...
Even though you may have completely paid for the house and your
spouse may have his or her own pension the additional money from a life
insurance policy would still be welcome. It may be used to give a
grandchild a head start...may be a college fund.
Bear in mind that because of inflation the premium will be considered negligible at that time so it would be wise to keep the policy. So if you bought a 30 year term policy 30 years is not too long a period of time. When examining term life insurance quotes you should look at this policy.
The premiums are surprisingly inexpensive and this policy also maintains a guaranteed level death benefit.
Because the public seems quite taken by the idea of owning a term life insurance policy life insurance companies have recently introduced a policy called a return of premium term life insurance policy. The premiums are higher than the other term policies for the same period of time but at the end of the term period it is all returned to the owner of the policy if he or she does not die...
The death benefit is level for the duration. You may check out term life insurance quotes on this policy but in my humble opinion it is not a good investment. It would be better to put your money in a policy like universal life insurance where you are allowed to determine how much of your premium goes toward saving and how much to life insurance protection.
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