For many of us, the idea of life insurance is a daunting mystery, and we may become a little intimidated by the multitude of choices available to us. The simplest of all policies, which may meet your needs perfectly, is term life insurance. Like the name suggests, this policy covers the policy holder for a term of so many years. The most common terms are one, five, ten, fifteen, twenty, and thirty years. The policy is set to pay a specific amount to the beneficiary (or beneficiaries) should the holder die during the term of the policy. The most appealing features of this type of policy are the lower premiums and higher benefits.
Many young families do not have a "nest egg" they can invest into a savings-oriented policy (annuities, universal policies, etc.). They face the scary potential of losing one of the bread-winners of the family to an untimely death. In this tragic scenario, a widow or widower may be left with mortgages, credit cards, medical bills, or young children who hope to go to college. Wow! Thankfully, term life insurance can provide the security blanket needed in such a situation.
It is very common to obtain a policy with a $250K to $500K payout with a very affordable monthly premium. Premiums are based on several factors that determine the class in which you fall: preferred plus, preferred non-tobacco, standard non-tobacco, preferred tobacco, standard tobacco (some insurance companies may use the term "non-preferred" instead of "standard"). Relevant factors include (but are not limited to) age, weight, medical history, and tobacco use. For a thirty-year old male who is healthy and does not smoke, a policy with a payout of $500K would carry a monthly premium of approximately $50. Obviously, achieving a half a million dollar payout with a cash-building policy would take years, which is why a term policy is ideal for so many middle-class individuals with little savings.
The worst type of life insurance is NO life insurance. We know the thin ice on which we walk when we do not plan for the unexpected. Final expenses, estate taxes, debt, college tuitions, and general loss of income are just a few beasts your loved-ones would face should you pass away unexpectedly. If you think a quarter of a million or half a million dollar policies are not an option for you, think again. These term policies are affordable and can give you a peace of mind that's priceless.
Term life insurance can be simple when getting the right advice. - Get more articles at Read Articles.com
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