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Bread, Milk & Car Insurance
With increased competition between supermarkets to gain market share and improve profitability, the range of products on offer is getting ever diverse. Now, the big three chains, Tesco, Sainsbury’s and Asda have caught on to the fact that their...
Canada’s Aging Baby Boomers: Planning Health Insurance for the Future
The first of Canada’s aging baby boomers are poised to turn 65, and with this milestone birthday comes a variety of new health care concerns. In response to these changing medical needs, the Canadian health care system is preparing to handle some 10...
Facts about Renters Insurance
If you rent an apartment or house, you might consider purchasing renters insurance. Renters insurance provides coverage for damage or loss of personal property for people in rental housing. It's to insure the renter's belongings from theft or...
Keyman Insurance - Protect Yourself Against Some Of Your Biggest Businesses Risks.
As a businessman you might have public liability insurance and
you insure your buildings, stock and vehicles. You may even have
professional indemnity insurance and legal cost insurance. Is
that all? What about your other primary assets - your...
Memo To Myself - I Need Keyman Insurance
Last month I had to drive down to London. I don't like driving
at the best of times but the rain, spray and heavy traffic on
the M1 made conditions difficult. Radio 2 kept me company and
the heater kept me warm. Then I hit that queue - six miles...
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Term Life Insurance Explained
Term life insurance does not build any kind of cash value, which
makes it an original type of life insurance and considered pure
insurance protection. Unlike whole life insurance, term life
insurance is only temporary and only covers a specific term, or
a specific period of time in a person's life. Benefits will go
to a beneficiary only if the insured person dies during that
specific window of time.
Term life insurance is usually the cheapest way for people to
purchase a death benefit package on a per dollar basis. The
reason for this is because the term will expire and the insurer
will not have to pay out.
It is recommended that people should purchase term life
insurance with the Theory of Decreasing responsibility in mind.
The Decreasing responsibility theory is provided that the
insured person or persons realizes and understands that any and
all financial responsibilities are only temporary and that they
should purchase insurance to compensate for these
responsibilities.
The easiest and simplest way to purchase term life insurance is
on an annual basis. The premium to be paid is only the expected
probability of the person dying within that period plus a few
extra fees, such as a cost and profit component. Because
insurers are able to choose whom they decide to ensure, the
probability of someone they choose to insure dying within the
next year is extremely low, most people opt not to purchase
one-year terms. An annual policy is not very
cost-effective
either. Many people choose to go with annual renewable terms
(ART). In ART, a premium is paid for the coverage of one year
and then is guaranteed to be continued each for so an X number
of years, which could be anywhere from ten to fifteen to twenty
years or more, whatever the insured person decides on. Even
though this direction will cause the insured to pay a higher
premium, they are more likely to have the benefits paid.
A level term is a very popular form of term life insurance that
is a renewable annual term with a constant premium for an X
number of years. The years in a term are usually 10, 15, 20, and
30 years. A level term charges a higher premium for a longer
amount of time simply because as people get older they are more
expensive to ensure, and their age is averaged into the equation
for the premium.
Even though they are more likely to be paid the benefits in the
end, many people are uncomfortable with regular life insurance
for one reason or another. For those types of people, term life
insurance is an excellent choice. It gives people the option of
having life insurance for a certain period and can be renewed
annually or in larger periods.
For more information about term life insurance, visit
http://www.terminsuranceinfo.com
About the author:
David Chandler For your FREE Stock Market Trading Mini Course:
"What The Wall Street Hot Shots Won't Tell You!" go to:
http://www.stockmarketgenie.com
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