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Here is an article on the general subject of term life insurance. It has been added to this site because it should be of general interest to people searching for this, or a similar phrase. Even if you are not searching for the phrase "term life insurance" specifically, I hope that you enjoy this article, since it fits in with the general theme of this site.
Term Life Insurance
by Ivon T. Hughes
When you buy your house or car insurance, you are buying insurance for the time you own your house or car. It is in fact, pure insurance. If your house doesn't burn down and you don't have an accident, are you going to regret paying for this insurance?
No, I didn't think so.
You wanted to be covered, just in case either or both of these events occurred.
Term life insurance is the same. You are paying for a limited period, which you can renew until a certain age, depending on the type of policy and the company. Again this is pure insurance. There is no cash value when it ends; the contract is over as with a car or life policy.
TERM LIFE INSURANCE USES
Probably the most common use of term life insurance is to protect and to pay off a mortgage. Commonly referred to as mortgage insurance or mortgage life insurance, it is designed to pay off on the death of the borrower. If sold by a bank, the bank owns the policy and takes its money if the borrower dies. If however, you've been smart enough to own the policy, your survivors can pay off the mortgage or indeed just continue to make the mortgage payments. And going this route will save you up to 40% on your premium.
TERM LIFE INSURANCE VARIATIONS
In the US and Canada term life insurance is normally sold for 10 and 20 years. Also in the US, 30 year policies are available and to age 100 in Canada. This latter life policy is very popular for estate preservation.
Whatever type of policy you end up buying, make sure you shop wisely as you will see there are great differences in the premiums charged for term life insurance.
Ivon T. Hughes of The Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. - Get a FREE Copy TODAY! Email: info@trustco.ca Web: www.hughestrustco.com
How to Choose a Life Insurance Policy
If you have a spouse or children, it will give you peace of mind to make sure that they will be safe and secure when you pass away. The best way to do this is to purchase a life insurance policy.
Life Insurance: How Much Should I Pay
How much term life insurance should you buy? How much will it cost? The cost and amount will depend on what you can afford, what you need and why you are buying it.
Term Life Insurance The Benefits
When people think of term insurance, they sometimes think of whole life insurance and its costs. And because they feel they cannot afford the coverage they want and need, they don't buy any.
Term Life Insurance: How Much Do I Need?
How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts?
Term Life Insurance Shopping
You know where and how to buy groceries because you do it every week. But you don’t buy a car or a house or life insurance every week.
