Term Life Insurance

Term life insurance is a type of policy that is in place for a specified period of time and does not build any equity or cash value.  Simply out, you pay an annual premium (1, 5 or 10 years) for a term life insurance policy and if you die during that period., the insurance company will pay your family the agreed-upon value of your policy.  With term life insurance, the death benefit and policy limits are the same.  In other words, if the insured dies during the period of the term life insurance policy, the face value of the policy is paid out.

As with any form of life insurance, many factors are used to calculate your premiums:

• Medical historyget_free_insurance_quote
• Age
• Motor Vehicle History
• Risk Assessment
• Life History

 Before deciding on whether a term life insurance policy is best for you, consider what you need for the following:

• Having enough money to pay for final expenses (i.e. funeral costs)
• Having enough money to cover outstanding debts
• Having enough money to cover children’s education
• Having enough money to compensate for lost income

Term life insurance is great for those who do not want to spend too much money on their premium.   When the identified term has expired, there is the probability for the premiums to go up as well.   To avoid the rise in insurance premiums at the end of the policy, one can choose to pay higher premiums at the start of the policy to ensure that the premiums remain the same at the time of renewal.  A term life insurance policy may also be converted into a permanent life policy at a later date.

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