What Term Life Insurance is, pros and cons of term life insurance, and where to get it

Term Life Insurance provides death protection for a stated time period. This can range from one year up to thirty. It's the simplest type of life insurance and was developed to provide temporary protection for those on a limited budget. The rates are relatively small in the beginning of the policy, although they do increase as time goes by, and are well suited for a short period of time, such as while paying off a loan or extra protection during the child raising years. Most term policies can be converted to permanent life insurance by a specific age. If death of the insured occurs during the period the policy is in force, full death benefits will be paid to the survivors. If the insured is still living at the end of the term and he has not converted to permanent life, the monies paid are generally lost unless he has signed for a particular type of term insurance called "Return of Premium" term life insurance.

I'd Like To Learn More, Where Can I Get More Information?

Following are some of the sources we've found where you can get information about term life insurance, find answers to your questions, and get quotes:

  • State Farm Insurance: Information, rate quote form available online as well as answers to your basic questions.
  • MetLife: Has an informative web page which answers most of your questions about term life insurance. You can also locate an agent near you.
  • Matrix Direct Insurance Services has an online form to complete, or access to an agent through their toll free number.
  • Physicians Mutual has a form to get a quick, free quote, or a toll free number to speak to a licensed agent.
  • Free term life insurance quotes online from top-rated life insurance companies. Save on low cost term life insurance with ReliaQuote Life Insurance Services.
  • How Much Insurance Should I Buy?

    Your coverage will depend on your own personal circumstances and your budget. There are online calculators which will help you determine your insurance needs, based on your current income, financial obligations such as mortgage, car payments, etc., and how much you anticipate for final expenses such as medical and burial. Rates will be quoted based on the figures you provide.

    What Are the Benefits of Term Life Insurance?

    It provides insurance for low cost, at least in the beginning. Very good for young families who are just starting out and may not be able to afford permanent life insurance. It's also a good supplemental insurance in addition to other policies you may own. Death benefits are generally non-taxable. Term life insurance is easily converted to permanent if done by the age specified by the insurer, often without a physical examination.

    And the Drawbacks?

    Premiums increase with age and may become unaffordable later in life. There is no cash value to term life insusrance like there is for permanent life. Once the policy expires, benefits cease and there is no more value to the policy.

    And Finally.......

    Term life insurance may be a temporary policy, but there are some advantages, especially when you are first starting out out and your budget may not be able to afford much. Term life insurance is generally cheaper when you first start out, making it advantageous for you and your family. It provides good protection for your family, and can be converted over to a permanent policy later on. Study your options so you can make the best decision based on the needs of your family.

    Insurance companies offer several types of insurance. Among these types some are personal insurance plans while others are business related plans. When it comes to personal insurance the foremost plan opted by people is health insurance. When people decide to go for traveling, travel insurance is the must take necessity. In business insurance plans, mortgage insurance is one of the few types of insurance that depends on money size. Similarly credit card insurance is obtained as a security against credit card payments. In case of animals, pet insurance is also considered a must take necessity.

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