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wzrdsndrgns | What does "Term Life Insurance" mean? And is it a good plan? |
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Doing the Right Thing
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Read this: http://obe231.blogspot.com
Personally, i think term insurance is the best type of life insurance out there. Its inexpensive, so it gives you the flexibility of investing your money. With cash value, you have no choice on how you can invest your money. Its already predetermined, so no matter what your investment objective is, your cash value is not going to meet up with your objective. |
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smokey
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As its name indicates, Term Insurance insures you for a specific term or span of years. If you die during the term, your beneficiary is paid the coverage amount subject to your policy terms. Because it provides "pure" insurance without any cash value accumulation, term coverage is generally less expensive initially than permanent coverage.
Term Insurance provides a great answer to the question: How will your family manage financially if you die prematurely. Term Insurance helps to provide peace of mind for you and your family. It also helps you protect the assets you've worked so hard to attain. |
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SafetyDancer
 |
Term has been well-defined. Just a few additional thoughts for you regarding the second question.
1) Bless her heart, Suze Orman knows very little about insurance and annuities. Because she has such a bias against the insurance industry as a whole, a lot of correct advice she gets becomes buried in her diatribes against the carriers. Beware of financial demagogues who have as much at stake as an insurance agent that chases commissions.
2) Term insurance is great. However, few ever die during the in force term of the contract. That's why it's so inexpensive. Permanent plans of insurance are much more expensive, that is the cost-per-thousand of coverage is much greater because it guarantees to pay whenever the insured dies.
3) A good term policy has a conversion or exchange option that allows you to convert all or part of the death benefit to a permanent plan of insurance without the need to medically qualify (go through underwriting). That can be a big plus if your health condition changes. Make sure your policy has that provision.
4) Some companies will allow you to reduce the face amount of a term contract without having to write a whole new policy (all of them used to, but recently that has changed). Check for that, too, because you may not need a high face amount as your insurance needs decline. Being able to reduce the face amount will result in a corresponding reduction in premium. Typically, the lowest you can reduce the face amount to is $100,000.
Hope that helps round out the advice here. |
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waggy_33
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Term insurance is just what it is called. You by one year, five, ten fifteen, twenty or morew years of term insurance. The cost is fixed for the term but will go up if you want to renew. The cost is much less than a whole life or universal life policy because there is no cash value building up inside a term policy.
Term insurance is a good alternative to mortgage insurance or any other credit life policy because the cost is much lower and the face amount of the policy is fixed for the term. Credit life policies are decreasing term insurance meaning that the coverage automatically goes down as the loan is paid off.
Term insurance also can be purchased with a conversion feature. This simply means that if for any reason you need to covert the insurance to whole life or universal life you can do so at whatever the premium would be at that time but you won't have to go through underwriting, meaning getting a medical report etc. |
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Hadley
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Term life insurance provides life insurance coverage for a specified term of years for a specified premium. The policy does not accumulate cash value.
Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.
Whereas, permanent, or whole life insurance, provides protection and cash value grows inside the policy.
The three key factors to be considered in term insurance are: face amount (protection or death benefit), premium to be paid (cost to the insured), and length of coverage (term).
Various life insurance companies sell term insurance with many different combinations of these three parameters. The face amount can remain constant or decline. The term can be for one or more years (1, 5, 10, 15, 20, 25, or 30 years). The premium can remain level or increase.
A common type of term insurance is called annual renewable term. It is a one year policy but the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured's age at that time.
Another common type of term insurance is mortgage insurance, which is usually a level premium, declining face value policy. The face amount is intended to equal the amount of the mortgage on the policy owner’s residence so the mortgage will be paid if the insured dies.
Guaranteed renewability is an important policy feature for any prospective owner or insured to consider because it allows the insured to acquire life insurance even if they become uninsurable.
Finally, the most common type of term insurance is level term life insurance. Level term provides protection for a specified period of time – such as 20 years. The policy benefit remains the same and the policy premiums remain the same for the entire term of the policy. This way, you are guaranteed, as long as you pay the premium you have a certain amount of coverage for a certain premium, and period of time.
If you want to compare free, no obligation quotes for term life insurance from top-rated insurers, you might want to try - https://www.efinancial.com/smartquoteefc.aspx?source=389-777
I hope that helps. Good luck to you. |
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dawleymouse
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The previous correspondents have told you what it is. However, if you need cover to pay for your funeral expenses or to leave your dependants a lump sum, then Whole Life would probably be your best bet because it will pay out whenever you may die, so long as you pay the premiums.
Term Assurance is better to cover a mortgage or a loan which will finish at a given time. By the way, not all Term Assurances give you the option to renew at the end of the term and so what if you become sick and uninsurable? You may find yourself with no cover at all.
I would urge you to seek the help of a qualified Financial Advisor who may, or may not, advise you to have a certain amount of both. |
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insuranceguytx
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The other responses are correct. However, no one on a message board can tell you what is the best insurance plan unless you post all of your personal information (age, health, income, savings, debts, kids, etc)
Go talk to a licensed insurance agent or other financial professional. Insurance is just one facet of you very complex financial life.
Addendum: I find that most people will be best served owning BOTH Term and Permanent (Whole Life or Universal Life) insurance. Some of your need for insurance will disappear as your debts are paid off, your kids leave the nest and your personal savings grow. Many seniors still need some insurance to help pay for funeral expenses, medical expenses at the end off life (unless you are assured of being struck by lightening). Many seniors with a pension will have that pension stop at their own death leaving the spouse with less income. A permanent insurance policy can prevent that. |
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floozy_niki
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Just to cover the gaps in the answers above. There are term insurance that covers you till 99 years old or even 121 years old. You should look around.
Anyway, how do you define 'good'. Different plans serve different people for different needs, that's why they were created. Select the one most suitable for your own situation. Use your judgement. Are you good with investing? Do you have discipline? Do you save regularly?
Speak to a Financial Planner to analyse your needs and budget before deciding what to buy.
Remember, there are no such thing in insurance as 'good' or 'no good', choose only insurance that serves your unique needs |
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deep5223
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Term life means it is for a specific term such as 10 years, 20 years, etc. If you die during the term, the insurance company will pay your beneficiary the face amount of the policy. If you live past the term, you have no insurance unless you renew at a higher rate. You can purchase much more coverage in term than in whole life. It is good if you are looking for a lot of protection for a small premium. |
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beeotch
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Term life insurance means just what it says. It is for a term. Depending upon how the policy is written, it can be 5 years, 10 years or greater. These policies ( I believe) are better than whole life, as most of them, when they are paid up, can be rewritten for another term. They generally cost less than whole life also, depending upon your age at the time of the policy. I personally have term life and like it much better than the whole life policy I cashed in quite a few years ago. The agent you are talking with might be more commission driven, so do your research as to which would be best for you. |
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mbrcatz
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Term life is "pure" insurance - a straight bet between you & the insurance company that you will die during the "term" of the policy. It's the cheapest way to get the most coverage - doesn't have all the gimicky "cash value" and "investment" properties that are such a waste. |
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Kitty
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Pretty much everyone has explained what a "term" policy is and they are correct.
You want a term for you and your family. DO NOT EVER buy a "whole life" or "universal" policy. They are not in your best financial interest to get even though an agent will make it sound sweet! Why believe me? Well you are the one who came on the web asking !!
Check out other reputable advisers at : suzeorman.com & ricedelman.com
They will NOT steer you wrong !!!! |
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