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Term life insurance policy |
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Getting a term life insurance policy is the cheapest and the simplest way to protect the future of your family and allow them to surpass financially such a disastrous event.
Basically, the term life insurance policy is only for a certain number of years, typically ten or twenty, after which it will stop. You can choose either to pay for a fixed premium or to increase each year (which could be sometimes tricky, as any health problems you may have will also affect your premium). The term life insurance policy is much cheaper than any permanent insurance policies, but they have no "cash value": that is, after the term passed, the policy is void and you can't get any of the money you paid for the policy back. However, if you bought a term life insurance policy it is possible to convert it to a permanent policy under certain conditions. There is a great variety of term life insurance policy types, for different purposes. Some are just for a short period like five years (or the time needed to complete the payments for a mortgage), ten years (like assuring your children's college) or even up to age 90 (which guarantee you that for the first ten years, the premiums remain constant). |
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© 2007 Life Insurance Solution
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