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Here’s what you need to know about term life insurance

A term life insurance stands for exactly what it says—it is a life insurance for a particular term; this is the easiest forms of wealth protection. It is an insurance that fits your needs and budgets. Term life insurance provides protection to a family that loses its source of income; they cover short-term debts and other needs. This type of insurance also provides additional insurance for child-raising years, long-term protection to pay a mortgage, college education, etc.

For a term life insurance, you can choose from the various terms on offer—10, 20, 30 years of coverage and benefit. The coverage starts with $100,000 with easy premiums for the initial term. After this, the premiums increase annually. It can be renewed up to the age of 95 and can be converted into a permanent policy subject to the age limit. Listed below are the few aspects you should look at while considering choosing between various term life insurance rates:

Return
When choosing between different term life insurance rates, you should consider the return rate being offered. Depending on the coverage offered by your term life insurance, if you have outlived that period, then all the premiums you have paid will be returned back to you regardless of the health; however, this factor is subject to age.

Mortgage
Mortgage term life insurance is made to provide funds to repay the money taken as a residential mortgage in the event of premature death. Coverage is for 15 to 30 years. The death benefit is like a mortgage and decreases over the life of a policy. It is called a decreasing term, it can be changed to a permanent policy.

Instant
Instant term life insurance gives $50,000 death benefit until the age of 50 or for 10 years whichever is the longer period. It provides a basic life insurance with an affordable premium. It is best if used to pay off a loan or cover funeral costs.

Term life insurance is a good place to start saving if you never had insurance. They are cheap than the whole/universal life insurance and provide protection for the term mentioned. You have to check the amount of cover you receive. Moreover, you can also check the factors of the policy which can be customized according to your needs. Listed below are the top picks for term life insurance rates:

Transamerica: Their term life insurance rates are the most affordable. They have 30-year terms. They have flexible coverage with minimum as low as $25,000 and maximum as high as one million.
New York Life: They have the highest financial strength rating and one of the best term life insurance rates. They have added riders that cover terminal illness, family, and estate. They have short-term life insurance for a short period such as five years.
Northwestern Mutual: They have a policy called the Term 80 policy; they renew coverage till the age of 80 years. They have an A++ rating and have riders that cover disability income, estate protection, and long-term care.

What to look for when looking for the best term life insurance

Coverage: The best term life insurance offers flexible coverage, policy terms, and the best term life insurance rates. They impose a minimum of $100,000 minimum coverage, but there are cheaper policies. They are better for you if you have a budget. For terms, they have 10-, 15-, 20-year policies. There are companies with longer or shorter terms. Once your term is over, you can convert your policy without a health checkup.
Riders: Riders give you and your life insurance extra coverage. These include terminal illness benefits, disability income, additional insurance, and estate protection.
Financial strength: A company’s financial strength is important. Since they can last 20 years or more, make sure the company you choose will survive that long.
Price: Get rates from different companies to find your price. Not every company has online quote tools; therefore, ensure to speak to a representative.
The bottom line: Many a times, we buy insurance with massive commissions and high cost. Failure sets in when one is unable to pay the premium and there is a lapse of coverage. A report clearly says that people stop paying premiums in the first three years.

Buying a term life insurance will barely cost you anything. For e.g., a man of 45 years of age can get an insurance of $500,000 for 20 years but pays only $50 a month.

Keep in mind the following things when choosing the right term life insurance:

Always shop around for term life insurance by comparing term life insurance rates. The research can be done online or by reading a magazine which has many ads by insurance companies.
How much life insurance is required, which should ideally be 10 times your income.
Buy term life insurance where you work if you have health problems.
Insurance is needed for children and spouse/partner.
You can get coverage after you leave the military service with term life insurance.
They also cover severe injury in the line of duty to the tune of $25,000.
Get an insurance that increases along with your age and when your financial needs increases, such as during a marriage, getting a baby, a new house etc.
Upgrade your policy that lasts a lifetime.
See that you are covered in the event of war or act of terrorism.

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