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Life term insurance is temporary life insurance that lasts for a specific period of time. Term life insurance may last from 1-30 years. Common terms for term life are 10, 15, 20, or 30 year periods of coverage. If you outlive the term of your policy, the life insurance coverage expires. Renewable term life insurance allows you to renew your policy at expiration without having to take a physical exam to qualify for another policy. Term life is not an investment, there is no buildup of cash value within the policy.
Wiki User
∙ 14y ago
Wiki User
∙ 13y agoLife insurance can be "Term" or "Whole Life". Term insurance is paid over a short period of time (such as 1 time a year) for a short period of coverage (such as one full year). Many parents buy (take out) Term Insurance on their school-age children, especially if the child plays sports. The coverage is for the school year, only, or covers 12 months on some policies. After that short period, the coverage expires. The policy would need to be re-issued and a new payment made. Term life insurance rates vary, often widely, depending on age, health, medical conditions, and usual activities.
Whole life insurance is paid monthly, for an indefinite number of years (usually until the person fails to pay or dies). Some Whole Life policies can be converted to a Paid Up-Whole Life policy. But generally, Whole Life means "covered for life--as long as you pay for life".
Given these descriptions, Term Life Insurance can be described as "short term for a shorter number of coverage at a set payment rate only for that year". Cost of renewal may change each year.
Whole Life can be described as "longer term life insurance for a longer period of time (lifetime) as long as monthly, bi-annual, or annual payments are made, and coverage then stays in force until money is no longer paid--or death."
Whole Life-Paid Up means you have a reduced total insurance amount, but never have to pay for it again. A paid-up policy just sits there until death.
Wiki User
∙ 7y ago"Leaving a huge corpus for your dearest ones, when you are no more on earth and see them smiling from heaven even in your absence".
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Where can a typical rate for life term insurance be found?
There are many places where one can find the typical rate for life term insurance. Some of the best places to get life insurance quotes would be a life insurance companies like State Farm.
What's the best thing term life insurance provides?
Term life insurance provides the protection in knowing ones beneficiary will be looked after. Should death occur, term life insurance would pay benefits for a set amount of time.
Is life insurance preminums more than cash value insurance?
Google the types of life insurance first. You need to learn a little about life insurance. The terms you are using and spelling are weird. Most people use cash value insurance to describe a type of life insurance.I do not really understand what you mean but, from my experience, I can only guess that by life insurance you mean term life insurance. If that is the case, then, in most situations, term life insurance has lower premiums than cash value life insurance (whole life, universal life...). Be well! mcdlife.com
What is the best type of life insurance?
Best type of life insurance for YOU may not be the right coverage for another person. If you are looking for temporary protection until your children are financially independent you may want to consider term insurance. Term insurance policies with Return of Premium are also available, which return all of your premiums at the end of term if you outlive your term policy. If you want to have protection throughout your life and protect your spouse or dependents after your own retirement, then a permanent type of life insurance will be the best for you. If you're looking to supplement your retirement funds you can get a whole life or universal life insurance policy and also can take loans out of the cash value.
What companies sell the best life insurance?
It depends on the type of life insurance you want,often it is better to but Term Life insurance rather than Whole life insurance. There are many companies that offer quotes on life insurance policies and the way to find the best rates is to shop around and compare prices and policies.
Where can I find information on best term insurance?
Try going to this website: www.budgetlife.com/ to find information on best term insurance.Also Budget Life serves term life insurance and whole life insurance consumers with online life insurance rates from top rated companies.
How can I best evaluate online quotes for term life insurance?
Intelliquote.com and Quickquote.com are online insurance brokers that can provide term life insurance quotes online from the top term life insurance companies. You can compare online policy and insurance needs.
What 's a term life insurance?
Term life insurance is a type of life insurance that covers an insured for a specified period of time. The best example of this is flight insurance - a term policy that covers you only while during the plane trip. As a comparison, term life insurance is usually cheaper that whole life insurance as whole life builds cash value that you can borrow against, while term insurance does not provide this.
Where can I find a 30 year term life Insurance for less money?
http://www.smartmoney.com/personal-finance/insurance/which-life-insurance-is-best-16975/?hpadref=1 will help you decide which term life insurance company gives you the best bang for your buck,
Which term best describe the different stages of life?
puberty
Where can a typical rate for life term insurance be found?
There are many places where one can find the typical rate for life term insurance. Some of the best places to get life insurance quotes would be a life insurance companies like State Farm.
What are term life insurance rates?
Term life insurance rate varies by the company you are getting life insurance from. Some insurance rates will vary from pretty cheap to pretty expensive. It is important to decide what you want in life insurance and then select the best option and compare the rates.
What's the best thing term life insurance provides?
Term life insurance provides the protection in knowing ones beneficiary will be looked after. Should death occur, term life insurance would pay benefits for a set amount of time.
Does Prudential Life Insurance offer term life?
Prudential Life Insurance offers several different type of life insurance, including term life insurance. They offer complete term insurance or supplemental term insurance that can be added on top of any other insurance you may have.
Where is the best place to look for term life insurance?
You can find term life insurance from many different companies such as State Farm and Nationwide. If you would like to get quotes to compare which is the best policy for you, you can go to an independent insurance agent in your local area.
Do you recommend free life insurance quotes to people over 65?
There are two types of life insurance, whole life insurance and term life insurance. Term life is the best for people over 65 and a free quote is recommended to insure that you get the best value suited to your needs. There are several options available for this and one to try would be to contact your current insurance representative that handles your other insurance accounts.
Does all life insurance have no physical term?
No, term life insurance has a term, hence the name.
