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Monday, August 8, 2011

Term Life Insurance

No matter what your age, you will need some type of life insurance. If you are a young person, in your 20 's or 30's you might want to consider term life insurance. One of the advantages of having term life insurance is that, it has a fixed rate of payments for a limited time. Term life is not as expensive as a whole life insurance. You see, whole life policies or permanent insurance is a calculated rate with fixed premiums for the lifetime of the individual. Whole life policies are usually connected to an estate planning versus term life which are not.

Term life policies are usually considered death benefit coverage. To cover such things as funeral expenses, mortgage payments, care for your dependence and college expenses at the time of your death. Many insurance experts would advise a person to have term coverage to protect your love one until you have significant funds to purchase permanent insurance or whole life. This is another advantage which a young person can enjoy when purchasing life insurance. It gives them the advantage of changing their policy when they are in a better financial position to afford whole life insurance. A disadvantage would be if you passed away before the year was up like six months into the policy you would not be paid any benefits. This type of policy can be renewed each year. Also, each year you must prove that you are insurable for example, you have not come down with a terminal illness. Are you interested to get your insurance quotes now?

When you consider in purchasing life insurance, you must know what you want in terms of a short term life insurance or an extended whole life policy. Contact your local insurance agent and have an appointment to lay out the best insurance rates around..

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