fbpx Skip to content

The Merits Term Life Insurance


Term Life Insurance

Term life insurance is the most common in the life insurance market. Consequently, as an applicant, you have many options to choose from. Thus, it is very important to understand what this coverage is about so that you may be able to choose the best coverage for you. This article will help you understand the basics.

What Does A Term Life Insurance Policy Mean?

Term life insurance coverage lasts for a specified term. This means that if the applicant passes away within the term then the insurance company will pay for the death benefit of their beneficiaries. This insurance policy is the most affordable in comparison to the other policies. Most of the offered policies are level. This means that they have fixed cost of life insurance rates that do not change during the duration of the term. The policy can be customized according to your budget and duration. Most companies increase the cost of life insurance depending on the period of the term. The longer the term, the more the cost of your premiums. Additionally, the more the amount paid to your beneficiaries, the higher the cost of the life insurance coverage.

The Benefits of This Option

  1. It is affordable: Most people do not purchase life insurance, because they assume that it will be expensive. However, very few of these people have evaluated term life insurance. This coverage can be personalized with your budget and salary. This means that it can fit into anyone’s insurance plan.
  2. This benefit is not taxable: Most of the benefits we receive during our lifetime and after our retirement are taxable. This includes social security and pension. However, this type of policy is rarely taxable. Thus, when you subscribe to this insurance policy, you can be sure that your loved ones will get the full benefit.
  3. The term could become permanent at no extra cost: Most of the term life policies have a “term conversion rider”. Thus, if you decide that you want a life insurance coverage that has the same terms without having to go through a tedious process of writing up another policy, then you could stick with your initial policy.
  4. Early benefits for people who develop terminal illnesses: Most of the insurance companies offer an accelerated death benefit rider for such cases without the extra charge. This means that your insurance coverage will give you a percentage of your benefit to offset the expenses your beneficiaries would have to pay upon your death.

Next Steps

This is only one option for life insurance. There are a lot of variables to consider. Check out our other articles on the topic to make sure you are well-informed. For example, you might want to begin by planning out your needs.

In addition you can view a full guide via LendEdu here at best term life insurance.

Auto Listings
Motorcycle Listings
Life Listings
Health Listings
Home Listings
Small Business Listings

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Save on Car Insurance: Top 5 Ways to Secure a Cost-Effective Auto Policy

October 17, 2019

We are all trying to save more money, but sometimes there don’t seem to be any areas to cut back. One avenue to explore is ways to save on car…

Read More

All Risk Home Insurance Coverage: It’s a Risky Business to Go Without

October 15, 2019

We have all heard the horror stories about people not buying specific insurance coverage and then losing their homes to a tragedy. After an earthquake in California, our neighborhood chat…

Read More

Gap Coverage 101: What You Need to Know About Health Insurance

August 22, 2019

Mind the Gap There are several situations in life that cause people to either change their health insurance, end their health insurance, or have a gap in coverage. I recently…

Read More

Motorcycle Insurance 101: First Time Riders

August 13, 2019

The Cool Commuter When you think of motorcycles, a few things come to mind. Typically, they are thoughts related to the Sons of Anarchy. However, there are actually a lot…

Read More

Could a Hybrid be the Answer to Your Commuter Blues?

August 13, 2019

If you are a commuter that drives into work or school daily, then you may have noticed that there are more cars on the road than ever before. Big cities…

Read More

Small Business Insurance 101: Construction

August 3, 2019

Construction and Insurance Home improvement is a trend that looks like it is here to stay in the US. With shows like Fixer Upper and Love it or List it,…

Read More

Road Trip and Car Insurance: Being Prepared

July 20, 2019

Road Trip Preparation Summer vacation is something that we look forward to all year. Here at Insuravita, we know that nothing ruins vacations like an unexpected insurance mishap. One of…

Read More

Average Costs of Teen Drivers: Teenagers and Auto Insurance

June 5, 2019

It is stressful to be a teenager and stressful to raise a teenager. And everything changes at age sixteen. Suddenly, teenagers are learning to drive and there are so many…

Read More
Scroll To Top
%d bloggers like this: