Term Life Insurance

A Term Life policy will clearly define a set of guidelines that the insurance company will adhere to upon your death. Once you purchase a term life policy, you must always pay the premiums. The amount of the premium will be clearly defined by the insurance company at the time of purchase. If you fail to pay your term life insurance premiums the insurance policy will go inactive, and the beneficiaries will not be due any payout apon the policy holders death.

Term Life insurance is coverage for a specefied amount of time. This is not a life long insurance policy.

The preferred age to purchase life insurance is at age 35 years old or under. Some people wait to buy them at around 45 years old. Some purchase this type of insurance in their 20s because this type of insurance will often pay off any debts for the deceased person. This may include college debts or medical bills. A person in the 20 year-old age range will often have very low premiums. There are several factors that an insurance company will need to determine before the final premiums are determined. If you are 30 years of age or older, it is a good idea to consider buying this type of policy.

When an average person buys a term life policy, they can expect to pay a monthly premium payment. This type of payment will be set for a certain amount of time. Usually a younger person will have smaller payments. When the average person dies, their chosen beneficiary will receive the determined amount of money from the insurance company.

There are different types of term life policies available. Each type will be designed to meet the specific goals and needs of the policyholder. Include the following Term Life Insurance:
* Guaranteed Level
* Return of Premium
* Annual Renewable
* Decreasing

Term Life Insurance is often more affordable than Whole Life Insurance, but is less permanent. It involves protection for a predetermined time. There is more flexibility with term life policies. It works well for younger families and the simplicity offers added appeal.