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Copyright © 2007 All Rights Reserved
Dedicated to Protecting and Preserving The Lives, Hopes And Dreams of Today's Baby Boomers.
Term Life Insurance
Term life insurance is sometimes referred to as pure insurance, for it
provides pure insurance protection only, the policy's death benefit.
Unlike cash value policies like whole life, universal life and variable life,
there is no cash value accumulation within a term life policy.
Term life insurance remains in force for a predetermined period of time
and at the end of the stated period the coverage expires. You may
choose terms of one, five, ten years or even longer and many may be
renewed at the end of each stated policy term, with a new premium
based on your current age. Often these guaranteed renewable provisions
do not require proof of the current medical condition, protecting the
insured from an uninsurability issue due to a decline in health.
Term life insurance is less costly than permanent life insurance in the
early years, but in the later years of the policy the premiums can often
become quite prohibitive due to increased age.
To combat the ever increasing premium, many companies offer a level
premium where the insured pays the same premium throughout length
the term. By simply paying a slightly higher premium during the early
years the insured avoids the sharply higher premiums of the latter years.
In a level term policy, protection can be set to meet your needs and
keeps the amount of insurance protection level throughout the term. A
decreasing term policy reduces gradually throughout the term and may
be used to protect a declining need such as a home mortgage or another
financial commitment that shrinks over a period of time. In order to
keep the level of protection up with inflation a increasing term policy
may be just the thing.
Combination policies are quite common today. With a combination of
term and permanent insurance, more immediate protection can be
acquired at a considerable savings in premium. In order to accomplish
this goal the term insurance is added to the permanent insurance policy
as a rider.
Often term insurance policies include a conversion option witch allows
the policy holder to convert the existing term coverage to permanent
insurance thereby gaining a level premium for life based usually upon
the attained age of the insured at the time of conversion. This not only
stops the premium increases but also now provides a savings element to
enjoy a build up of cash value within the policy.
Young persons just setting out in their chosen career and families with
growing children, often find term insurance an attractive choice to obtain
valuable coverage sooner than might otherwise be possible. They know
it will also provide them priceless protection against the possibility of
becoming uninsurable later in life due to poor health.
provides pure insurance protection only, the policy's death benefit.
Unlike cash value policies like whole life, universal life and variable life,
there is no cash value accumulation within a term life policy.
Term life insurance remains in force for a predetermined period of time
and at the end of the stated period the coverage expires. You may
choose terms of one, five, ten years or even longer and many may be
renewed at the end of each stated policy term, with a new premium
based on your current age. Often these guaranteed renewable provisions
do not require proof of the current medical condition, protecting the
insured from an uninsurability issue due to a decline in health.
Term life insurance is less costly than permanent life insurance in the
early years, but in the later years of the policy the premiums can often
become quite prohibitive due to increased age.
To combat the ever increasing premium, many companies offer a level
premium where the insured pays the same premium throughout length
the term. By simply paying a slightly higher premium during the early
years the insured avoids the sharply higher premiums of the latter years.
In a level term policy, protection can be set to meet your needs and
keeps the amount of insurance protection level throughout the term. A
decreasing term policy reduces gradually throughout the term and may
be used to protect a declining need such as a home mortgage or another
financial commitment that shrinks over a period of time. In order to
keep the level of protection up with inflation a increasing term policy
may be just the thing.
Combination policies are quite common today. With a combination of
term and permanent insurance, more immediate protection can be
acquired at a considerable savings in premium. In order to accomplish
this goal the term insurance is added to the permanent insurance policy
as a rider.
Often term insurance policies include a conversion option witch allows
the policy holder to convert the existing term coverage to permanent
insurance thereby gaining a level premium for life based usually upon
the attained age of the insured at the time of conversion. This not only
stops the premium increases but also now provides a savings element to
enjoy a build up of cash value within the policy.
Young persons just setting out in their chosen career and families with
growing children, often find term insurance an attractive choice to obtain
valuable coverage sooner than might otherwise be possible. They know
it will also provide them priceless protection against the possibility of
becoming uninsurable later in life due to poor health.
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