The major advantage of term life insurance is initial cost.
With term life insurance you can get the most life insurance coverage today for your premium dollar. Since life insurance's primary purpose is to create cash at death, that is important.
Term insurance typical starts low and the renews for a higher premium at the end of a term (10 or 20 years for example) and that continues until the policy's expiry date. The renewal rates can be quite large in later years, which is why term insurance is suited for short term needs.
Term policies typically include the ability to convert to a level premium permanent policy before a stated date.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
The major advantage of Term Life Insurance is it's low cost per thousand dollars of coverage. Of course, this price goes up drastically when the term ends, so that is only an advantage if you no longer need the policy after the term expires.
Another advantage of Term insurance is that it usually does ensure that you are insurable the rest of your life. If you get a policy that can be converted to permanent insurance for a number of years after the policy was issued, you can change it to Whole or Universal Life with no health questions asked. The price will be high, because it is permanent insurance and will be issued at the older age you are when you do the conversion. But that still is a major advantage, if you would happen to be diagnosed with a serious illness and are unable to get a new policy.
That is an excellent question! There are a couple of advantages to owning a term policy over a whole life policy. The first, and most obvious, is the lower cost. As a rule, the companies rarely have to pay off on these, so they are cheaper. The second is that you can use them to cover for specific needs, for a specific time period, and be done with them. For example, I can take out a 5 year term policy to cover the cost of my child's college expenses, and in 5 years when I no longer need it, it has ended. There are some drawbacks to these policies also, so please be sure to consult with an agent to be sure that this is the type of policy that will best suit your need, okay? Thanks for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
When you think of term insurance, think of “temporary.” A term policy can provide the maximum amount of coverage for the least premium for a short period of time. That means that if you were to die prematurely those that you love would have money to ease the pain and economic loss that they would experience. When it expires it does so without any value.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
The major advantage of term Life Insurance is that you can obtain the coverage you may need at a lower expense when compared to permanent plans. This is in part because the risk to the insurer is not as great and because Term coverage does not include a lot of the long term benefits that permanent polices have such as tax deferred cash accumulation.
.JPG){kind=avatar}
With term life insurance you can get the most life insurance coverage today for your premium dollar. Since life insurance's primary purpose is to create cash at death, that is important.
Term insurance typical starts low and the renews for a higher premium at the end of a term (10 or 20 years for example) and that continues until the policy's expiry date. The renewal rates can be quite large in later years, which is why term insurance is suited for short term needs.
Term policies typically include the ability to convert to a level premium permanent policy before a stated date.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Another advantage of Term insurance is that it usually does ensure that you are insurable the rest of your life. If you get a policy that can be converted to permanent insurance for a number of years after the policy was issued, you can change it to Whole or Universal Life with no health questions asked. The price will be high, because it is permanent insurance and will be issued at the older age you are when you do the conversion. But that still is a major advantage, if you would happen to be diagnosed with a serious illness and are unable to get a new policy.