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Term Life Insurance
Life Insurance is a valuable financial tool that many individuals and
families use to protect themselves against a loss of income in the event
of death. Proceeds from a term policy can pass onto the beneficiaries
to minimize the economic impact. With the high cost of raising a family,
term life insurance can be a first step in your financial survival plan.
Before purchasing life insurance, you should consider the following
questions: What level of premiums can you afford? What standard of living
do you have or want to maintain? What major events in your life have affected
your life insurance needs (e.g., marriage, divorce, child birth, or house
purchase)? It is very important to keep your personal needs in mind when
making your decision.
Term Life Insurance Trends
The Internet has been one of the most revolutionary tools to influence
the term life insurance market. Thousands of consumers use the Web each
day to find affordable and flexible plan options. The Web allows you the
ability to quickly search for plans, review benefits, and complete your
application. If you are not sure about your options, there are many resources
available for you to use.
Two recent phenomenon have dramatically impacted the cost of term
life insurance: Increased life expectancy and the fast movement of information. For starters, advances
in the healthcare system, like innovative prescriptions, have allowed
the general population to reach higher levels of life expectancy. Additionally,
the Internet gives consumers the ability to quickly and conveniently evaluate
plan benefits and prices from different companies in side-by-side comparisons.
This highly competitive market has also helped reduce premiums. As a result
of these trends, consumers have seen lower premiums for Term Life Insurance.
Term Insurance Plan Options
Typical plan options:
- Term Life Insurance – If having a low monthly
premium is your primary goal, you should consider this type of plan.
Although you will have very inexpensive premiums, this type of coverage
is considered temporary. The three areas to focus on are the death benefit,
the cost of the plan premiums, and how long the coverage will last. Term
life insurance is especially popular because it tends to be straight
forward and easy to understand for most consumers.
- Whole Life Insurance – This type of life insurance
plan is considered permanent. Your premiums are much higher for a period
of time compared to a Term Life Policy. However, Whole Life Insurance
policies have other unique advantages. Some important differences are
the possibility of dividends, the build up of cash values, access to
the cash value with policy loans, and a guaranteed death benefit. Consumers
who can afford the higher premiums and want to incorporate an investment
into their life insurance policy should consider Whole Life.
If you have determined that a Term Life Insurance plan is right for
you and you are applying for individual health insurance
with our agency, we can easily incorporate this benefit into your policy.
If you are not applying for an Individual Health Insurance plan but still need affordable and flexible coverage, let our agency provide you with a quote. We have access to the leading carriers who have the best current rates available. No one should overpay for their Term Life Insurance or needlessly put their family
in financial jeopardy.
Term Life Insurance
Who should consider a Term Life Insurance policy? Anyone who does
not have Life Insurance or individuals who have some coverage but
may need more due to life changes that have impacted their financial
commitments. Applicants should be in relatively good health and must
be able to budget a sensible amount towards the cost of their plan’s
premium cost. A wide-range of plan benefit options and affordable
plan premiums are available from leading companies such as ING, AIG,
John Hancock, AXA, Lincoln Benefit Life, Prudential and more (certain
plans may not be available in all areas).
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