Term Life Insurance Online
TERM LIFE INSURANCE
Term life insurance, also referred to as pure life insurance covers a person for a specified time. Compensation is disbursed once the insurance policyholder dies within the specified duration. If the term expires, the policyholder can renew the period of change to whole life insurance. If the insured dies during the term, the insurer will pay the value to the registered beneficiaries.
If you buy this policy, the insurer decides on the premiums considering many things, including the policy’s value, insured age, sex, and physical fitness. Others may require a medical exam, driving records, medications, smoking status, family history, and jobs occupied.
Types of Term Life Insurance
Level Term/Level-Premium Policy
This policy has an extent to a death benefit. It provides cover for a given period, ranging from 10 to 30 years. The beneficiaries get compensated equally despite the year the insured dies, whether within the 2nd, 24th, or 30th year.
Yearly Renewable Term (YRT) Policy
This policy has no definite term, but renewal can be done each year. The payment varies yearly; as the insured ages, the premiums increase. The more the insured renews, the more premiums are paid and, hence, more expensive than whole life insurance.
Decreasing Term Policy
This policy declines over time. Such policies are usually used to cover mortgage balance since its total balance reduces over time and will have been fully paid at the end of the term.
ADVANTAGES OF TERM LIFE INSURANCE
Cost of PremiumsTerm life policies are cheaper and affordable to persons who need low-cost insurance, unlike clients who prefer whole life insurance hence paying more for less coverage. However, they’re sure of life protection.
SIMPLE TO UNDERSTANDTerm life insurance is very simple to understand, its coverage, payment of premiums, it aims at covering the insured within a given timeline.
SUITABLE FOR SHORT TERM NEEDSThis policy becomes the best insurance policy if the need is short-termed especially when the protection needed is less than ten years.
CONFIDENTIALITY:Term life insurance keeps the records private of the beneficiaries, they don’t keep public records of the death benefits amounts to be paid this maintains the confidentiality between the insurer and insured. CRITICAL ILLNESS COVERAGE
At any point in life, one may suffer critical illness hence the treatment draining the pockets and savings, though the policy only offers to cover life, the policyholder may choose to get the critical illness covered.
Review Insurance Plans
The cost of life insurance varies based on your current situation. For more information about life insurance plans fill out this form.
Term Life Insurance Quotes Online
Offering US residents life insurance from Union Life Insurance Company underwritten by American Income Life Insurance Company. Life insurance is available from any of our Union Representatives across the nation.
And now located in 6 new states:
Union Life Insurance also offers US residents a 10-day free look period, 30-day grace period, and a timely payment of claims.