Ten Reasons To Get Term Life Insurance
Life Insurance
Term life insurance is an excellent coverage option when planning for the unexpected. In fact, below is a list of TEN REASONS TO GET TERM LIFE INSURANCE. It's important to note that not all of these features are available on all policies.
1. AFFORDABILITY - Low-cost premiums for a large benefit amount. For individuals who are on a tight budget and do not have much in the way of savings, a term policy is an immediate solution to secure a family's financial security should the breadwinner die.
2. RENEWABILITY - This feature allows the policy holder to renew his or her policy for another term should he or she anticipate the need for continued coverage. Typically, this renewal will not require the insured to provide proof of insurability.
3. RETURN OF PREMIUMS (ROP's) - Though this feature may increase premiums by twenty to thirty percent, it guarantees the return of all premiums paid should the holder live longer than the term of the policy.
4. CONVERTABILITY - This feature offers the policy holder the option of converting the term policy to a permanent policy without proof of insurability. Some companies may only offer this option in the first few years of the policy, while other companies make this available through the entire term.
5. WAIVER OF PREMIUMS - In the event the policy holder is disabled for six months or more, some insurance companies will waive the premium, preventing any lapse in coverage.
6. ACCELERATED DEATH BENEFITS - This option allows the policy holder to draw early benefits from the policy if he or she suffers from a terminal illness. This benefit can help provide for treatment and offset medical expenses.
7. ACCIDENT RIDERS - An accident rider is a clause in a policy that doubles or triples the benefit amount should death occur as the result of an accident. Motor vehicle accidents are just one example when this rider would take effect.
8. INVESTING THE DIFFERENCE - Permanent life insurance is much more costly than term life insurance because it includes a savings vehicle. By buying only a term policy, the holder has the option of investing the difference in premiums in to savings options of his or her choice.
9. NO MEDICAL EXAM - Though a no-medical-exam term policy will carry higher premiums, it is an ideal option for someone with a pre-existing medical condition.
10. THE ALTERNATIVE - Because permanent policies are not financially feasible for many individuals, they end up going WITHOUT coverage. A term policy is the perfect alternative to NO policy.
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