Term life insurance –  all you need to know

Term life insurance –  all you need to know

Ever wondered who will pay off your credit card bills or car loan after you are dead? Who will take care of your family expenses and fund your child’s college education, pay your medical bills and your funeral expenses? Has this question set your pulse rate rising? Well, if you have a term life insurance you need not worry about anything.

After the insured’s death, the family members get a death benefit, which can help them pay off standing bills or any kind of loans as well. In fact, term life insurance covers burial or funeral expenses also. Sounds good. Isn’t it?  Get your free no medical life insurance quotes now.

What is term life insurance?

Term life insurance is the life insurance that offers insurance coverage at a predetermined cost of money for a specific period of time. The term can be one year, five years, ten years or even 20 years. It is a legal agreement between the insured and the insurer that after the death of the insured, his family will be entitled to a death benefit. The death benefit is the money that the insurance company hands over to the beneficiary in return for the premiums that the insured had been paying for so long.

You are not eligible for the death benefit

if you have not been paying the premiums regularly or if the policy has expired. This means that the beneficiary will get the money only if the policy is in force.

What Does Term Life Insurance Offer?

A person who has a term policy can die in peace that his family will not have to go through hardships to live a good life. By the time a person nears his retirement, he has enough savings to make his family’s future safe. Canadian NoMedicalLifeInsurance.Ca offers the best insurance service in Canada, get a free quote and know more about the benefits of term life insurance.

The Majority of the insurance policies are renewable.

You can get your policy renewed after the term expires. However, the premium amount in term life insurance keeps on increasing with age. Since you are most likely to die in old age, so the older you get, the more premium you will have to shell out.

If you wish, you can convert a term life insurance policy into a permanent policy after a certain number of years. With a permanent policy, your premium amount might increase but the death benefit will also rise considerably.

One of the best things about these term plans is that it is affordable. You can procure a policy at a comparatively low monthly fee. It is not only taken for personal purposes but for business purposes as well. As per their agreement, the premiums are paid by the business and the insurance money is used to pay off standing loans with the bank.

Why Choose a term life insurance plan?

  •    It’s affordable
  •    Provides death benefit
  •    It’s renewable
  •    Offers  financial security
  •    Suits your pocket.

There are different types of Term Life Insurance and you can pick the one that suits your requirements.

 

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