How long a term should you purchase?
- When you want to be sure the family you love will not be left in financial straights should you die, it is wise to take a look here.
- You have young children you want to make sure they will have finances to care for them until their education years are over.
- For those young families that are living on a limited budget the purchase of a term insurance policy would be a good choice.
- If you are a money borrower for your business, your bank will probably require some security. They may require a life insurance policy on your life for the term of the loan with the bank as the beneficiary in case of your death. You can get an affordable term life insurance quote for the insurance that is right for you here......
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When you want to assure the family you love, they will not be left in financial straights should you die, it is wise to take a look here.
Things to consider......How many $$$ would my family need to complete the plans in our future without me?
Look at your age
Are you married?
Do you have children? How Many?
How long will you be responsible for their care?
Do have a mortgage on your home? How Long?
What is your net worth?
Some planners suggest a life insurance poilcy to cover 3 to 5 times your annual salary. Then there is the question. How long a term should you purchase? You could get an answer by considering the items outlined in the bullets above.
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See just how much you can save on affordable term life insurance for your family. Just input your information, and click the submit button to get your free term life quote.WeQuote.com uses this information to search and compare over 60 term life policies from major insurance companies and shows your results in an easy to understand format.Just select the policy of interest and request an application.
Don't forget that in addition to family coverage, term insurance can be used for keyman protection, buy sell agreements, guarantee of mortgage or SBA loans, estate planning and conservation.
- Permanent Insurance provides lifelong protection, as long as the necessary premiums are paid....builds cash; value tax deferred....gives tax free access to cash values. For more detailed information about various permanent plans that are available, please contact us at 800-601-5433 FREE.
- Term Life...usually available with level premiums for terms of 5 years, 10 years, 15 years, 20 years, 25 years or even 30 years. Term insurance is the simplest type of life insurance. In exchange for the stated premium, it pays your beneficiaries a specified amount if you die during the term. While these policies can generally be renewed at the end of each term, the payments typically increase as you get older. So while term insurance may be less expensive than permanent insurance initially, it can eventually become more costly.
There are several reasons to purchase “term life” insurance. Purchased to replace an income so that if the insured dies others will have funds to maintain a similar lifestyle. 10 year term life insurance is issued for a 10 year term of time. The premium remains the same for the whole 10 years. Why and who would purchase life insurance for such a short period of time? First, let’s look at the purpose of life insurance to properly orient ourselves for the use of a 10 year term.
If a contractor with a 10 year project contract on which to perform for another, it could be wise to have a life insurance policy in place on the contractor’s life with the owner of the project the beneficiary. If the contract had not yet been fulfilled and the contractor died, there would be funds to hire another contractor to complete the project.
If one borrows money for a 10 year period, the lender could require that there be a life insurance policy on the life of the borrower with the lender as the owner of the life insurance policy. 10 years would normaly be specific, that is, it is to be used to cover other situations that could last for 10 years.
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