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Cheap Insurance - Ten Tips
Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance - whatever type of insurance you need, you can buy it for less. Try the following: 1. Raise you deductible. Why have a $100 deductible if a $1000 deductible...
Cutting Health Insurance Costs
Surveys of self-employed individuals consistently show that one of their major concerns is the ability to buy affordable health insurance. One in 4 self-employed persons has no health insurance today even tough more than 70% of these people could...
Health Insurance Companies - The Good & The Bad
When you are shopping for health insurance it would be helpful
to know how often health insurance companies fail to provide the
service you would expect. The Arizona Department of Insurance
has released a report listing fines and complaints filed...
Long Term Care Insurance
In the early 1980's Medicare started using a system called the diagnosed related group of guidelines for advance payments to hospitals. This has really given hospitals authority and incentive to discharge patients very soon after admission to the...
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...
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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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