Low Cost Level Term Life Insurance
Term Life Insurance is a low cost policy that provides the insurance for a set term of years.
Multi-year Term life insurance is much more common than single year annually renewable life insurance. The term periods are usually 5, 10, 15, 20 and 30 years.
5 Year Level Term Life Insurance
This is a low cost policy; the affordable premium provides life insurance protection for 5 years period and is renewable for subsequent 5 years. The premium and coverage remained the same for the first five years. After the term expires, it is advisable to medically re-qualify. Otherwise, the rate goes up substantially.
When is it best used?
- When a temporary need exists.
- When a small premium is desired.
- When additional coverage needs to be added quickly and easily.
Waiver of Premium Rider
This covers the cost of the insurance in the even of disability. In general, these are more important in more expensive policies.
Accidental death benefit
This pays a multiple of the death benefit in the event of death do to accident. This feature is better used when the insured is younger. However, unless the insured has a dangerous occupation or hobbies, the additional cost of this feature might be better spent on just raising the face amount.
There are many types of term life insurance. To learn more, please visit us at http://www.4lifeinsurance.com