Types of Term Life Insurance – Three Options to Consider
Types of Term Life Insurance Three Options to Consider
Life insurance is important for anyone who supports a family to look into today. What if you were in an accident and left your family without any means of income? Life insurance addresses this possibility by offering your family a financial safety net in case of your loss of life. Term life insurance is one of two broad categories of life insurance that you can acquire today. Even if you decide that term life insurance is right for you, there are still more decisions to make. This is because there are three different types of term life insurance policies that you can choose from, each offering differences that may better suit your situation.
The first choice is annual renewable term life insurance. The rates with this option are guaranteed for one year. The rates you pay will increase each passing year. This is the simplest form of term life insurance offered today. Your plan will start out quite inexpensively if you take out your policy at a young age and as you grow olderthus increasing your chances of passing awayyour policy will go up in price. Your ability to renew can occur without resubmitting a new application or passing a physical examination.
Another option is decreasing term life insurance. This is a form of annual term life insurance because you renew your policy each year. When you do so, your premium remains the same, but the benefits you are entitled to decrease with each passing year. Individuals with financial obligations that are gradually decreasing, such as a mortgage or personal loan, are most likely to take out this kind of policy. Coverage lengths are similar to annual renewable term life insurance policies, such as a set period of time between 1 and 30 years.
Finally, there is a policy called level term life insurance. This provides death benefits at a fixed premium price for a set number of years. If you pass away sometime during the term of the policy, the agreed upon sum of money will be granted to your surviving family members. You can typically choose 10, 15, 20, 25, and 30-year policies. Some options, on the other hand, set the term to end at a certain age. If you change your mind, you can end your policy at any time. If you come to the end of your term, you can also choose to renew it.
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