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 Cheapest Life Insurance USA

Term Life Insurance

Term is the lowest cost and simplest life insurance product available. It provides protection for a limited number of years and the death benefit is only payable if death occurs during that term. If the insured survives the time period, the policy expires and has no cash value. However, some policies have a convertible feature permitting a policyowner to exchange a term policy for a cash value policy without evidence of insurability. Term is basically designed to provide a maximum amount of protection for a temporary period of time.

The most common type of Term insurance is Level Term. It has a level (or constant) death benefit and a level premium for a specified number of years. The most common are 1, 5, 10, 20, and 30 year terms. Another versionis Decreasing Term insurance. It is generally sold with a level premium and a decreasing death benefit. A variation of decreasing term is Mortgage Life Insurance. This is designed to decrease at the rate in which a mortgage balance decreases. Mortgage Life is typically offered as a rider in connection with a cash value policy.

Advantages/Disadvantages of Term Insurance
Term insurance is ideal for families where protection is needed, but a minimum outlay of funds is necessary. Term also works well as a supplement to cash value insurance. Another common purpose of term insurance is to purchase it as protection against debts such as mortgages, auto loans or education loans.

If you have adequate retirement funds invested elsewhere and simply want cheap, effective insurance without the cost of the investment features of Whole, Universal or Variable Life then Term Insurance may be for you!

On the negative side, term insurance provides only temporary protection, and there may come a time when an insured has no protection after the term policy ends.

One more important note about Term Life Policies:

Term Life has no accumulating cash value and the older you are when you are accepted the more it will cost, with or without Whole Life conversion options at term end. As a result we highly recommend that you make your Term Life application as soon as you have reviewed the quotes and selected a policy. Delaying can cost you money, and if you are selecting Term Insurance that is likely one of the most important considerations.

As with most reputable policies you will be required to take a brief medical exam and this can be a little intimidating however, you won't be any younger the next time you think about it, and your application carries no obligation. When you have completed the Quote Form you will be shown a number of different carriers and options. Select the one you would like, and then Apply!!

Application Process
Never cancel existing coverage until the replacing policy has been issued and you have verification of this! Always take copies of all paprerwork whether electronic or physical and plan to keep them for seven years after canceling a policy.

Complete the forms entirely. If some question doesn't apply write "Not Applicable". Application forms are frequently returned due to incomplete information. Make sure you know what you are applying for by obtaining a complete written proposal first.

Ownership and Beneficiaries
It is strongly advised that when purchasing life insurance you consult professional advisors about plicoy details. Although the policy may be financial protection for your life, the owner of the policy doesn't need to be you. In many cases it is beneficial for your spouse, a trust, an estate or a business/corporation to own the policy. The general rule that applies is that the owner and beneficiary need to have an "insurable interest", in other words a financial interest in your living.

Premium Payment
Know what your grace period is and make certain that the insurance company receives your premium on time. Coverage can be canceled if premiums are not paid on time. It is possible reinstate coverage if this occurs, but if you need it badly you will most likely be denied.

Ask for all options of paying your premium (monthly, Electronic Funds Transfer, quarterly, semi, annual, and annual) in order that you may evaluate your options carefully. Discounts are generally given for EFT and annual modes of premium payment.

Typical Exclusions
Read your policy carefully. Among typical exclusions are suicide, death while in the commission of a felony and death that occurs as a result of an act of war, but a few exceptions exist.


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