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Term life insurance - The basics

Date Added: August 12, 2011 11:04:44 AM

Term life insurance

Term life insurance comes in a few categories such as:
•    Joint.
•    Preferred.
•    Standard term.
•    Term.
•    Whole.
The insurance company will require the following information:
•    Age.
•    Alchol intake.
•    Any pre-existing medical history.
•    Birth date.
•    Gender.
•    Location.
•    Name.
•    Phone numbers.
•    Smoking habits.
•    Weight.

Term life insurance

Life insurance is vital to protect you and your family. The common form of life insurance is called term life insurance, which involves paying a constant premium over the term of the policy.

Term life insurance pays the benefit when the person insured dies within the period of the term and if the term has expired without a claim there will be no payment.

Normally, if you take out a loan for a house or car, the mortgage or loan provider will insist that you take up a term life insurance policy (that is payment protection). This process will protect the loan provider and your family. Single people don’t normally need this type of insurance but the loan provider will want some type of guarantee as to who will pay in the case of death.

There is normally an option available to have the term life policy converted into a permanent life policy.
The term can be anything from ten to may be a maximum of thirty years.

The premium quoted may also depend upon your occupation, health and age:

•    Payments are the same during the term.
•    Pays the benefit upon death before the term expires.
•    Only pays during the term.
•    Premiums can be expensive.

The Businessman's Guide to Term Life Insurance by George Weatherford (Hardcover - Sep 2009)

What You Should Know About Buying Life Insurance by Insurance Institute (Kindle Edition - 6 Oct 2010)

Life Insurance Mathematics by Hans U. Gerber and S.H. Cox (Hardcover - 18 Mar 1997)

Dictionary of Insurance Terms (Barron's Business Dictionaries) by Harvey W. Rubin (Vinyl Bound - 29 Aug 2008)

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