Features of term life insurance

Term life insurance policies typically only provide the benefit for death. You pay an insurance premium and if you die during the term of the policy, your beneficiaries receive the benefit for death. Term policies usually do not include a cash value or a savings component, and are not designed to provide coverage for your lifetime.

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Term life insurance is designed to provide economic coverage during a time in which many people need it most, as when they are starting a family, to pay a debt or saving for College.

Term life insurance can be a good choice for young families with children. You may only need coverage until their children are adults and have their own income.

Features of term life insurance

The two most common features of term life insurance policies most are the ability of conversion and renewal.

The conversion capability means that you can change the policy for a permanent life insurance of equal value without having to have a medical exam or without having to go through the process of assurance. For example, you can transfer a convertible $100,000 term policy to a permanent $100,000 life insurance policy without having to answer questions about your health or your medical history.

Developing a policy will make your insurance premium increase since permanent coverage policies typically cost more than term life insurance policies. The conversion capacity can be an important feature if:

his health worsens after purchasing the policy term
You may not qualify for another life insurance policy
you want to have a policy for life and which accumulate value in cash or savings.
Companies usually only allow members to convert term life insurance policies until they meet the 65 years of age.

The renewal capability means that you can extend the policy to obtain additional terms, regardless of their health, and without having to pass a medical examination. This may be another advantage of term life insurance coverage by increasing their age or if you get sick. Even if already it does not meet the criteria for assurance of the company, it should renew your policy. Please note that the majority of the companies offer insurance life term only up to a certain age, usually up to 70 or 80 years.

The terms are renewable each year, five, 10 or 20 years. Insurance premiums generally increase with each renewal term. Renewable premiums annually can be too high for major midlife policyholders. If you are paying high insurance premiums, which are renewable annually, it is possible to obtain another type of coverage, such as level term coverage.

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