Tuesday, July 03, 2007

Term Life Insurance Advantages

If you have a wife and kids, then there is no question about it that you should have a life insurance policy on you. Just think if god for bid something horrible happened to you and you passed on, what would that mean for your family. I know it’s hard to plan for your death, but you have to think of this when you have a family to protect and take care of. If you are the main source of income for your family then you must learn more about getting a life insurance policy.

There are two main types of life insurance – whole life insurance, and term life insurance. Both have their advantages and disadvantages. But today we are just going to discuss term life insurance. And before I go into the many advantages of having term life insurance I want to explain exactly what this is.

Term life insurance will provide you with death protection for a certain period of time, or often called certain term. It’s often used to provide temporary life insurance protection without the huge cost. This term life insurance will cover you for a predetermined period of time, such as five or ten years. And if you as the policy holder was to die during this time of coverage then your family will received compensation. When the term is near the end then you will have the option of renewing your term life insurance.

Alright so besides term life insurance being the least expensive form of life insurance it does have many other advantages.

Lower Premiums - Usually the main reason that people do not get life insurance is because it can be costly, and who has money to just throw away for the possibility of their death. It’s not something that you want to think of, but it is important. Term life insurance has much lower premiums than that of whole life insurance. And you get a lot more coverage at this lower premium, which leads me to the next advantage of term life insurance.

Higher coverage – This may sound like a dumb question, but there is logic behind it somewhere, it will become clear I promise you.

Would you rather your family have $100,000 if you should suddenly pass, or would you rather them have $500,000.

Seems obvious doesn’t it.

I can hear you right now, “Umm, well how much would it cost me now.”

Alright so you don’t plan on dying any time soon, so what is the difference for now. You’d rather save the few extra bucks. Well it’s true you don’t plan on it, but that’s why there is something called accidental death, these are not planned and you don’t expect them to ever happen to you, but they can and it happens everyday.

Term life insurance will give you a much higher coverage at a much lower cost then that of whole life insurance. So you can give your family more.

You have the ability to cancel or reduce policy at any time – This is something that is very important. You are not bound to anything, situations change things pop up at the most inconvenient times in our lives. So let’s say you lost your job and you can’t afford to pay the premium that you are paying right now you can simply reduce the coverage. It’s as easy as that.

As you can see there are many advantages of having a life insurance policy for you, and getting a term life insurance policy has even more advantages then you can ask for. So go and get a quote today and learn more about what you can give to your family by getting a term life insurance policy.