term life insurance that fits all of your individual needs. The world of life insurance doesn't have to be difficult. With the right advisor you can give your family the protection they need and have peace of mind. "> Term life insurance provides cover for the insured party over a fixed time period or ‘term’. This insurance is valid for the period set, and payments are made during that time up to the level of the premium, and if the insured party should die during that term a death beneficiary payment will be paid out. The length of term generally ranges from one up to twenty. |
One of the main advantages to this type of life insurance is that the premium is usually much lower to begin with than with full life insurance and is therefore more affordable to those who need it. It may be difficult for younger persons to be able to pay for full life insurance, and this is especially dangerous financially for those who do not have a high level of job security. Agreeing to a long length of contractual payouts can be a bad option for those who cannot guarantee their future income. This is why it is safer for those in such circumstances to choose term life insurance.
The premiums start at a much lower price and this makes it affordable to younger persons who are usually most in need of the coverage. This is a time when people often have more financial obligations such as mortgages and car loans etc. This is also the time in someone’s life when they have the least amount of personal savings to fall back on if something did happen. The premiums on this type of insurance increase with each renewal as the clients become older and the likely hood of claim increases.
The premium starts at a lower price as the likely hood of a claim is very low. Most companies will require some form of medical examination prior to the life insurance being taken out. This is so that they can base the cost of the premium around the individual’s situation and health condition. If you are in good health, then it is good news as it means that the premium should be low. One problem that can occur though is that should you become seriously or terminally ill during the fixed term, when it comes to renew the policy the premium may be too high to afford, or may even not be available. In cases such as this it is often necessary to switch over to a full life cover.
The fact that in agreeing to a fixed term only ties the client into a contract for a certain amount of time means that if your financial situation has significantly changed from the time the term began to the time it ended, you then have more options available to you. For example, if you started a 10 year term life insurance, and at the end of that 10 years you had a significant amount of personal savings, you may not feel the need to take out any further coverage. However, if you still require coverage you ca arrange the next term based on your current and foreseeable financial situation.
My Insurance Expert will help you find term life insurance that fits all of your individual needs. The world of life insurance doesn't have to be difficult. With the right advisor you can give your family the protection they need and have peace of mind.
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