Is Term Insurance Right For You!
Term life insurance is an affordable option for protection against financial risk. But what do you know about term life insurance?
Is it right for you? What are the benefits of term life insurance? The key to buying good term life insurance is knowing your risk tolerance. It might be worth it to get more coverage than you need, but is it worth more than your long-term savings or investments? Term Life Insurance with Term Press can help answer these questions and get started on protecting your family's future in a secure way.
Without proper education, it's easy to make mistakes in selecting the type of policy that suits your needs best. Term Life Insurance with Term Press can help you learn more about term life insurance, the coverage choices, and how to choose the best coverages for your situation.
Some policies offer higher life insurance coverage at a lower cost than many traditional term life policies. Term Life Insurance with Term Press can help you compare these policies to those offered by other companies and make the best choice that suits your needs.
After working up a budget to calculate how much term life insurance coverage is right for you, you'll know what to ask your agent at your next meeting. The right type of policy will be easy to compare and purchase online or over the phone with Term Life Insurance with Term Press.
Are there any specific exclusions on coverage or waiting periods for certain types of events? What is the annuity factor? Is the company you are considering maintaining its financial ratings? These are all questions that should be answered by an insurance professional. Term Life Insurance with Term Press can help you get the answers to these questions.
Term life insurance is a good investment for many people. Whether you are young, in your peak earning years, or nearing retirement, it's important to have protection against debt, and financial obligations such as mortgages and car loans. Term Life Insurance with Term Press can provide educational information about term insurance and help you make sure you have adequate coverage that will meet your needs for years to come.
Term Life Insurance with Term Press can help you decide if it's the right choice for you. If you're not ready to make a final decision, contact us for more information and a free consultation to learn more about term life insurance.
The following is provided as an educational service and does not constitute legal advice. We are happy to provide a free consultation to determine if this is the right coverage for your needs. Please call 1-800-932-6567 for a confidential discussion with one of our representatives, or use the online form at our "Contact Us" page.
[/ARTICLE] [/main_body] [BODY_CENTER] [image_left]https://www.mytermlife.com/wp-content/uploads/2016/08/Network-background1.png[/image_left] [/BODY_CENTER] [main_body] [article title="EARLY TERM LIFE INSURANCE: THE PROS AND CONS"]
The term of an insurance policy is a number of years that sets your premium. The longer you pay and the more years you select, the lower your premium will be. However, it also means that if you choose to cancel your policy early, you'll be charged a penalty fee for each month left on the policy that expired without being renewed.
Short term life insurance is typically a much better option than normal term life insurance since the beginning coverage is for a short period of time. If you pass away in the first year, your beneficiaries will receive a payout for the remainder of the short term policy. However, if you pass away in years two, three or four when the normal term would have still been active, your beneficiaries receive nothing because there will be no cash value. Since early term plans can be cancelled without penalty, it's important to understand how often this happens and why.
People usually cancel early term life insurance policies for one of three reasons. The first is because they no longer need the coverage, or they believe they don't need it. The second is because the policy owner has accumulated enough money to pay off any debts, obligations or outstanding loans in the event of their passing. The third reason is because the policy owner dies before the term ends due to an accident or illness.
If you have adequate life insurance coverage and/or cash to pay off your debts, you probably don't need early term life insurance coverage. Most standard term life insurance plans will work fine for these types of situations. However, if you cancel your insurance policy early, then you'll have to continue paying for the rest of the standard term.
If you pay for three years before canceling and pass away after one year, your beneficiaries receive nothing because the remaining two years aren't covered by any type of policy. The same is true if you pay for a five year plan and pass away after two years. The best way to avoid this problem is to make sure that enough time has passed since your last premium payment before canceling so that there's enough cash value built up in your policy.
If you pay for just one year, the remaining cash value should equal the amount of your outstanding debts. If you pay for two years, the remaining cash value should equal twice the outstanding debts. If you pay for three years, the remaining cash value should equal three times the outstanding debts. This way there's a large enough balance to cover all of your financial obligations in case of death before your plan expires.
The best situation is to have a policy with a long term that doesn't need to be renewed and that is paid off before you pass away in order to avoid any unnecessary fees. However, if you're trying to determine whether it's worth it to keep your early term life insurance policy or not, then you can use the following formula to figure out how much cash value you'll need to build up in order to cover outstanding debts. If your debts are more than this amount, then you should cancel the policy and pay off any remaining money.
Let's say that your outstanding debt total is $50,000 and you want a 50% non-forfeiture benefit. To cover your debt, you'll need $30,000 in coverage which means that at least a $60,000 policy will work for your situation.
Conclusion
For most people, early term life insurance is a good option because it's easier to overcome the competition than it is to find a life insurance company with a long term policy. If you're looking for cheap term life insurance then early term coverage works great as long as the death benefit will cover your outstanding debt. The earlier you purchase your policy, the more cash value you'll accumulate by the time you need it.
Term Press can provide information about early term life insurance and help you make sure that you have adequate coverage in case of an untimely passing when your policy expires.
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