Term coverage can be purchased in 10, 15, 20, 25 and 30 year level terms. It can often be converted into permanent coverage at the end of the term. The other advantage of term life insurance is that it has lower premium rate as compared to whole life insurance. The lower premium rate is attractive as cheap insurance for the insured and gives you the ability to invest the difference in the cost of term life insurance and whole life insurance in something else for a better yield. An important fact to remember is that term life insurance expires without any maturity and the premium increases at the time of renewal.
A guaranteed renewability option and a convertibility option can both be very important features to have in a term policy. Renewable term can be renewed yearly or at the end of the term; though, at a higher rate. A convertible term policy can be converted into whole life at the end of the term or at some time when permanent insurance is a better choice for you. As in all financial planning consider where you are financially and what your family’s expenses are and will be and how best to protect your assets.
To learn about the benefits of term life insurance for the seniors, click here.
Free term life insurance quotes are a viable means to find affordable life insurance, looking to buy life insurance with quality options. Cheap term life insurance doesn’t necessarily mean poor quality, when selecting an insurance provider check the quality rating of the offering company.
The availability is another convenience with term life policy. You will always find one of your local insurance agents is offering term policy at affordable price. On the other hand, whole policy is not that available. Due to availability, there are competitions among the providers which results a better rate for the customers.