post Category: Life Insurance post postFebruary 4, 2008

Term life insurance is simply, as the name implies, life insurance designed to remain in effect for a certain period of time or “term”. This term period may be 1 year, 10 years, 20 years or 30 years and with some insurance companies, different term periods may be available.

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Term Life Insurance Is Classified In Two Different Categories:

Level Term Insurance
With level term life insurance, the premium and the face amount (death benefit) are designed to remain the same or “level” for the duration of the policy term. If you intend to purchase level term life insurance make sure the policy is “guaranteed level term”.

Decreasing Term Insurance
With decreasing term life insurance, the premium remains the same for the duration of the policy term, but the face amount (death benefit) will decrease, usually each policy year.

Common Situations Where Term Life Insurance May Be Appropriate

  • Budget Concerns
    Term life insurance can provide the most life insurance protection for the least amount of premium dollars, at least initially.
  • Retire the Mortgage
    Term life insurance would be appropriate if the only reason to buy is to pay off the mortgage.
  • Just Starting Career
    Many college students who are just starting their careers have a lot of debt and a low cost term policy might be the right choice.

 

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