What Are The Benefits of a Term Life Insurance?
For those
searching for the best life insurance, we will be introducing you to term life
insurance. Have no worries as this article will help you with all you need to
know.
Understand
that, life insurance is regarded as a contract that is between the insurer and
the policy owner.
The life
insurance policy guarantees that the insurer will pay a specific amount of
money to the named beneficiaries whenever the insured dies. This is done in
exchange for the premiums paid by the policyholder during his or her
lifetime.
Interestingly,
there are two types of life insurance, which are Permanent life insurance and
term life insurance, although our focus in this article will be on one.
Permanent life
insurance is known to stay in force for the entire life of the insured.
However, it will not stay if the policyholder surrenders their policy or quit
paying their premium.
Explaining Term Life
It must be
understood that term life insurance quotes are crafted to last for a certain number of
years before it ends.
You will be the
one to decide on the term when you are taking out the policy as the popular
terms range between ten, twenty, or thirty years. If you never knew, it is the
most affordable life insurance form due to its limited coverage period.
More so,
Transamerica offers one of the cheapest term life insurance offers. Their offer is a yearly fee of $149.64. You
can also get a cheap offer from MassMutual which is priced at $177.18 yearly.
The purpose of
term life insurance entails protecting your family whenever you die. It offers
coverage on your life for a certain time though this is dependent on the term
length you choose.
Insurance Companies And Their Quotes For Term Life Insurance
It is vital to
compare term life insurance quotes or policies to be capable of critically
evaluating the diverse plans and their differences.
Whenever you
quote, you will be able to compare the coverage, cost, amount, and term length
from the insurance companies. Some of the term life insurance quotes we were able to get from some insurance companies are:
1. Transamerica
The Average
Annual Rate you can get here for a ten-year term is $149.64, while for a
fifteen-year term, it goes for $167.70. More so, the twenty-year term is
$219.30 with the thirty-year term being $348.30.
If you are a
smoker, your Average Annual Rate for a ten-year term is $534.06. And your twenty-year term will cost $646.21.
2. MassMutual
The Average
Annual Rate for the ten-year term is $177.18, with a fifteen-year term being
$203.70. More so, the twenty-year term is $261.12, while the thirty-year term
is $412.50.
On a general
note, prices tend to vary as you can buy term life insurance for as low as
$149.64 yearly or as high as $4054.99. Note that, some factors affect the cost
of life insurance. Some of such factors are:
• Health profile
• Weight, and;
• Smoking status
There are
specific lifestyles that can make you riskier and thus very expensive to
insure.
Why Get The Term Life Insurance
It is pretty
important to get term life insurance quotes for your family because aside from being
affordable, it will be of an advantage if your family is recently starting out
or if you are on a budget.
Some more
reasons why you should go for term life insurance include:
• It comes at lower costs
The policies at
term life insurance will cover you for a specific period and this will lower
the rate. A young non smoker will pay an inexpensive premium than than older
person that has health issues.
• Flexibility in the policy length
The policies at
term life insurance will give you the liberty to decide on the length of
coverage suitable for you. You are free to buy a policy that is as low as one
year.
• It has more coverage
Due to the low
cost of buying term life insurance, you can purchase more protection. This
makes it great for younger families.
On a general
note, bear in mind that the younger you are, the more reduced the term life
insurance rates will be, and the der you are, the higher the premiums.
So, for the
newly married couple, or those who are prepared to begin a family, term life
insurance is the cheapest way to ensure your family will be monetarily secure
if you die unexpectedly.
And, when you
want to purchase a home, its policy will assist you in paying off the mortgage
or any other debt you accrue. Note that, term life insurance covers mortgage
payments, burial and funeral costs, college tuition, and debts like business or
auto loans.
Conclusion
We have
successfully provided you with all you need to know about term life insurance quotes and a few examples of what the quotes may be like in some insurance
companies.
Ensure you
check them out and make the best decision for not just yourself, but your
family as well.
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