Not a day goes by when you are not bombarded with advertisements on great rates for Life Insurance. Term Life Insurance is a temporary form of life coverage, which is especially helpful if an individual is between jobs, or in transition. In this situation, the insured is under a life insurance policy for a finite period of time, and death is not expected or imminent. Whole life insurance is a form of permanent life insurance with more flexible premium payments.
Originally, all life insurance was term insurance, which gave users coverage for a specific length of time, or term, after which one can either drop the policy or continue to pay premiums, though they will increase every year. As with whole life insurance, if the insured party dies during the coverage term, a death benefit will be paid to their beneficiary (whoever is designated on the policy, generally a spouse or child), as long as the premiums are current. If the term ends with the insured party still alive, which is the expected occurrence, no benefit will be paid, and no premiums will be returned. This is also usual, because what users are really paying for is the possibility of something happening. Most such policies never have claims drawn against them.
The most common reasons for choosing term life over other forms of life insurance are the insured party’s age and medical history. Though one must disclose their medical history if they are asked, most term policies don’t require a physical examination, so people who would not normally be insurable can still be insured. Usually, physical conditions that preclude standard insurance include diabetes, heart conditions, morbid obesity, and being a smoker, as well as having a terminal illness.
Term Life insurance policies are typically targeted at people from sixty to eighty years old, who need something to supplement MediCare, since their age makes them unable to get standard policies. Term Life Insurance policies are relatively easy to obtain and not terribly expensive.
At All Solutions Insurance, we have been offering lower priced term life insurance combined with outstanding service to protect your loved ones against unanticipated situations since 1994. Our knowledgeable Life Insurance experts communicate with you, understand your unique insurance requirements, customize your policy to ensure optimum protection and then shop from more than 30 reputed insurers to offer the best possible rates so you cave money.
Talk to one of our Life Insurance experts and let us take care of your risks. You can call us at 951-247-2003, or click here to chat with us.