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Buying Life Insurance online - is it a really good idea?
The advent of the internet has opened up the possibility of cheaper life insurance for all.
In years gone by, if you were considering life insurance you would probably have invited an insurance salesman from your favourite insurance company to...
Instant Canadian Health Insurance Quotes Online
Canadians can now conveniently shop for Canadian individual health insurance and dental insurance online. There are instant personal health quotes, which allow you to compare dental, health and drug plans from leading Canadian insurance...
Life insurance - make sure your family is cared for
No matter who you are or what you do for a living, you should make sure that you have some sort of life insurance policy. However, this is even more the case if you are one of the only sources of income for your family. In this case, you should keep...
The Best Kept Secret About Life Insurance
Do you love someone deeply enough to spend your hard earned dollars on a life insurance premium -- month after month? After all, the benefit from a life insurance policy isn't for you. It's for the ones you love, but after you've gone. Life...
The Different Types of Life Insurance Explained
There are numerous companies existing today that offer life
insurance policies. Though the crux of the policy (to ensure a
safe and sound life of an individual's survivors as well as to
the individual) does not alter yet companies try to differ...
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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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