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dnisey64 | What Is Term Life Insurance? What Does It Cover? When Can It Be Claimed and By Who? |
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Lynk
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Term life insurance is life insurance bought for the "term" of the policy. The cost of this kind of insurance increases as your age increases. It's best to buy through your company at work if it is offered. For example, where I used to work, a 250,000$ policy would normally run about 6 bucks a week at age 30. That same 250,000$ policy would cost you about 12 bucks a week at age 40, and so on. It covers your life ONLY. If you have an active policy on your spouse, and are not delinquint in your payments, and your spouse dies and has named YOU as their beneficiary, then the policy is payable to you immediately. Some companies have a standard "waiting" period to receive the monies. Hope this helps. |
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avaldreteiv
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Term life insurance is temporary fix for permanent problem. It is generally the least expensive way to buy insurance in the begining, but long term it becomes the most expensive. Term Life insurance covers the person insured's life in the event of death (which does happen to all of us at some point in our life). It is a bet between the insured and the company (if ever go to the casino then think of the company as the house... and the always wins), that the insured is going to die with in the term of the policy... if they do not die then the premium goes up (that is the expensive part of the policy).
A claim on life insurance wether term or permanent can only be made when the insured has died. Anyone can make the cliam, but only those who are named as the beneficiaries will get a check. |
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TheInsuranceExpert
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Term Life Insurance - Insurance that covers the insured for a specified period such as one, five, or 10 years, often with an option to renew. Premiums are paid throughout this time, but generally become higher during the course of the term, as the policyholder grows older.
Term life insurance provides coverage for a limited period of time, the relevant term. After that period, the insured can drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.
More Information Here: http://InsuranceGuidePlus.com
Term insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired, and does not expect a return of Premium dollars if no claims are filed. As an example auto insurance will satisfy claims against the insured in the event of an accident and a home owner policy will satisfy claims against the home if it is damaged or destroyed by say an earthquake or fire. Whether or not these event will occur is uncertain, and if the policy holder discontinues coverage because they have sold the car or home the insurance company will not refund the premium. This is a pure risk protection.
More Information On Term Life Insurance Can Be Found at: http://insuranceguideplus.com |
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Hadley
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What is term life insurance?
Term life insurance provides life insurance protection for a specific number of years (term of the policy - 10, 20, or 30 years usually). This insurance is "pure protection", you pay only for the life insurance. No cash value builds within the policy. If the insured dies before the term insurance policy ends, there is no coverage.
What does it cover?
Term life insurance covers the life of the insured. If the insured dies during the policy term the beneficiary (person designated to receive the policy benefits) will receive the policy face amount of coverage.
When can it be claimed and by who?
A term life insurance policy can be claimed by the beneficiary or beneficiaries stated on the life insurance policy. Once the insured person has died, within the term of the life insurance policy period, then the benficiary can make a claim for payment of the death benefits from the life insurance policy. The person making the claim will need the life insurance policy information, insured's name, policy number and death certificate of the insured.
I hope that helps! Best of luck to you. |
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Insurance
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Term Life is an insurance plan that cover against
1) Death
2) Permanent Disability
(loss of ability to earn - confirmed by doctor)
2 types of pricing for Term Life
1) Level Term Life - for the duration of the term, you will pay the same premium
2) Increasing - your premium will increase based on age
It only be claimed when some one is dead or disabled.
For death claim, the insurer will make payment to the appointed beneficiary or beneficiaries stated in the nomination form. Insurer will pay in accordance to the percentage listed in the nomination form. Nomination form is a very important piece of document.
Term life will expire when it reach the specified term ie
15 years, 20 years or 30 years. Most term life is not participaring or non par = no cash value.
the premium will be based on age, gender, smoker/non smoker, drinker/non drinker, health condition |
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Makotto
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Term life insurance is a kind of life insurance where the premiums (payments) are guaranteed only for a certain period of time. Depending on the plan you choose, your payments will go up every year, every 5 years, after 20 or 30 years (always read the tiny print).
As a life insurance policy, it will provide benefits if the insured dies. Most term life policies only provide that coverage, but some companies add extra benefits (at an additional charge, of course).
When you buy a life insurance policy you name someone your beneficiary. The person named as beneficiary can claim the money on the policy provided that the insured has died, and the policy was in force.
When buying life insurance always ask these questions:
1. What are the benefits?, how much money will my beneficiary receive?
2. Are my premium ever going to go up in price? If so, when will they go up and how much? (you will be surprised- some term life insurance prices go from 5 to 10 times more after the guaranteed period and they go up every year after that).
3. Do I get any benefit if I cancel my policy early?
4. Always, always ask for a written proposal and ask your agent/broker to explain everything and answer all your question with a written proposal. Under no circumstances believe anything anyone says if it is not in writting. When you receive the policy, ask your agent/broker to explain all your benefits again from the actual document.
Good Luck. |
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mbrcatz
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Term life insurance is a straight bet between the insurance company and the policy holder, that the insured person will die within a set period of time. It's the CHEAPEST way to buy insurance.
It covers DEATH. It can be "claimed", or rather, the claim can be filed, by ANYONE, at the death of the insured, but ONLY the named beneficiary gets a check. |
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AE N
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You need to read the policy. |
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