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Term Life Insurance Part 2 |
Term life insurance is most suitable for you, if you are:
- in need of coverage for a limited period of time,
- young and looking for lower premiums,
- buying a home or car, where the financial burden of a loan will disappear in time.
Term life insurance policies must be renewed when each term ends. Before buying a term life insurance policy, you should ask about the renewal provisions for the protection of your future insurability. There are some typical choices:
- Annual Renewable-----the premium go up each year.
- Level Term-----the premium stays the same for specific period like 5, 10, 15, or 20 years, then increases sharply.
- Automatic Renewable-----you'll have to pay more for this feature.
Some other options on term life insurance policies may include:
- Re-Entry------it requires a lower premium than an automatically renewable policy. You can renew at the same low rate offers to new customer; but you'll have to pass a physical examination. If you've developed any health problems, your premium could go up and cost more than an automatic-renewable policy.
- Convert-able term------you'll have the option to convert to a whole life insurance policy in later years.
Author: Peter Lee
Site: http://www.what-is-insurance.info
Know about Term Life Insurance, Whole Life Insurance, Car Insurance, Travel Insurance, Health Insurance and other related insurance policy.
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