Term Life Insurance - A Short Guide

By Chinecherem Odimba

A term life insurance policy gives protection for a prearranged term alone. A death benefit is only paid if the insured dies in a specified period. This variety of life insurance lasts just for the specified term. It could also be annulled if the insured defaults in paying premiums.

For people who truly want to protect their loved ones from avoidable hardship but find themselves in challenging financial positions, term life insurance gives a viable alternative. However, there are good sides and bad sides to it. The bad sides first...

1. It does not have any investment options and does not build any form of cash value.

2. Premiums increase at the end of each term. It can become rather expensive above the age of fifty.

3. A person runs the risk of being without life insurance if they become uninsurable at the time of reapplication. However, this disadvantage can be nullified easily with a guaranteed renewal feature.

Now to the advantages...

1. It is more affordable than other life insurance policies for people under fifty years.

2. You can quickly convert to a different life policy if you choose one that has convertibility as a feature. This makes you capable of taking advantage of the selling points of any type of life insurance at various points in your life.

If you're less than forty, you can use it when you need substantial protection but have little money to spare and then switch to permanent life insurance as your finance gets better.

You can save much money on term life insurance if you get and compare quotes from insurance quotes sites. A quotes site can present quotes that have a range of $2,000 or more between the highest quote and the lowest.

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