Westhill Consulting - Westhill Healthcare Consulting | LEARN
It
isn't as complicated like permanent life insurance that is a combination of
insurance and an investment component. In term life insurance, your term life
premium is devoted to life coverage only.
The
below article are written by writers and editors of Westhill Healthcare
Consulting to help you better understand health care and medical insurance
issues.
Term
life insurance: Coverage offers simplicity, flexibility
Referred
to as the simplest option when it comes to life insurance, term life insurance
like the name implies is insurance for a term. This means a time period as
short as a year or as long as 20 or 30 years. Its sole and simple purpose is to
provide a death benefit should you happen to die during the term of your
policy.
It
isn't as complicated like permanent life insurance that is a combination of
insurance and an investment component. In term life insurance, your term life
premium is devoted to life coverage only. You can select a higher death benefit
with a lower premium if you are younger and in good health.
To
prevent a financial difficulty for your family, start while you are young and
just starting a family. Term insurance can be a better option because in this
it can provide a relatively inexpensive way to secure the coverage you need to
prevent a financial catastrophe. The term would assume financial obligations
such as a mortgage and vehicle payments in the event of your death.
Forms of term life insurance
coverage:
ART or
Annual renewable term life - The policy holder can renew the policy yearly for
a set period of time, can be for as long as 30 years. Premiums are adjusted
higher with each annual renewal and such policies are based on the age of the
policy holder.
A
Guaranteed level premium term life is an insurance that allows the policy
holders to lock in an assured premium for a set period of 5, 10, 15, 20 years
or more. The guaranteed level serves as a protection of the policy holders from
increases due to inflation or from higher premiums - that might otherwise
result from changes in the policy holder's health.
Decreasing
term policies offer a decreasing death benefit over time. It gives policy
holders more coverage when they're just starting out and less coverage as they
accumulate savings and other assets. , the less coverage the policy holders
need to ensure the financial security of their beneficiaries when they are
closer they get to retirement.
Posts
0 comments :