 We have no life insurance and my husband's health is declining. Is it too late to get a good rate? |
| He is 55, smokes, has had a heart attack, and has diabetes. Please don't tell me how he needs to quit smoking etc... I KNOW THAT. It's his choice NOT to, and I'm trying to figure out ... |
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 Does a doctor have to pre-authorize prescriptions with the insurance company? |
| My doctor's office refuses to pre-authorize prescriptions with the insurance company. When I go to the pharmacy, the prescriptions then can't be filled. So I end up paying for the ... |
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 If you get hurt at work are you required to take a drug test to file a claim? |
| This would be in Florida if it makes a difference. A co-worker got hurt and they did not send her for a test. This is about the third time she has been hurt on the job and has filed claims before. I ... |
|
 Why do insurance companies still use the wording "Act of God"? |
| I noticed in my policy they don't cover "Acts of God" (referring to God-provoked events like floods & earthquakes). I'm an atheist... so couldn't I challenge this in ... |
|
 Does health insurance cover orthodontic work? |
| I know it varies by all insurances, but I heard some health insurances cover this, while I thought only dental insurances would cover orthodontic work. Please let me know if this is true, thanks.... |
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 Uninsured Americans? |
| Why is it that 37 percent of the uninsured live in households making more than $50,000 a year? I make just under $50K, have a stay-at-home wife, 2 kids, mortgage, car payment and pay $800 a month for ... |
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 What insurance agency has the cheapest rates for full coverage car insurance? |
| I need some cheap full coverage car insurance if you know a company that has cheap rates let me know please!... |
|
 IS selling life insurance a good career opportunity? |
| I would like to know is selling life insurance a good career oppertunity. I can tell that people are l little skeptical when it comes down to selling insurance, But I would like to know if it is a ... |
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 Workman's comp or Unemployment?? |
| Just curious. If someone got hurt on the job shouldn't they draw workman's comp? I know someone that this has happened to and she is drawing unemployment and has been for over a year. Does ... |
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 Life Insurance which one is what? level term etc, confused please help? |
| I am 25, my wife is 25 and my son is 4 yrs old. I think its about time i got life insurance. Im slightly confused because most of the websites i have visited offer insuance for term cover? I dont ... |
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 My son's back pack was stolen at school this past friday and inside it was a very expensive ipod and his cell |
| phone. he's reported it to the school that it was stolen. is it likely that my home owner's insurance will cover this loss and will i need to file a police report in order to file a claim ... |
|
 I just received a Speeding ticket for going 75MPH in a 55MPH zone.? |
| I'm 16 teen years old and my dad said if i got a speeding ticket he would take away my license what should I do. He is going to kill me. How should I tell him. Is there any way for the ticket to ... |
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 I got a letter from a life insurnace company that I own a life/annuity policy which I dont have. How come? |
| I got a letter from an insurance company (big, legit addresses)saying I own a life / annuity policy with them, and they give me a policy number, and ask me to send SSN/tax payer number back to them. I... |
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 Which life insurance is best for me? |
This is for usa
I am 20, my husband is 22, we have no kids yet. We currently rent an apartment, plan on having a baby in a year or two and buying a house in the next 5-6 years.
... |
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 Life insurance question? |
| My husband and I are looking into purchasing life insurance, and I'd like to get some input. (Although I give a lot of answers in the insurance category for other types of insurance, I don'... |
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 Hospital bills? |
| If someone was 77 yrs old and had medicare in the state of TN, will there be any bills for that person to stay in the hospital or will medicare pay it all? Or if medicare doesnt pay it all, will ... |
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m_fussell_99 | What is Term Life Insurance? |
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Doing the Right Thing
 |
Term life insurance is a temporary insurance plan that protects your family from substantial income loss in the event of your death.
Terms can last 10, 15, 20, 25, and 30 years.
They are the most inexpensive type of life insurance out there because they are the type of "pure" insurance. They do not contain cash value in it, therefore premiums are very low.
People who buys term insurance usually pick 20-30 year term. At the same time, they are investing systematically into a retirement account. In life, you don't need life insurance forever. You only need it to cover certain financial obligations such as kids, mortgages, and other debts. As you get older, your debts become lower and sooner or later you paid them all off. Also, if you've been investing systematically, your investments in your retirement account should be growing as well.
When your term expires, you probably won't need as much coverage as you do now or you probably won't even need it anymore.
Anyway, check out this blog about the difference between term insurance and cash value life insurance: http://obe231.blogspot.com |
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Alexei
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Term Life Insurance is exactly that, term life insurance. The life insurance protection only lasts for however the term agreed upon is. Say you just agreed to a 30 year term and you're 30 years old now; the life insurance only last the 30 years or when you turn 60 years old. |
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Ron@InsureMe
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Term life insurance is the original form of life insurance and is considered to be pure insurance protection because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life.
Term life insurance is temporary, as it covers only a specific period of time, the relevant term. If the insured dies during the term, the death benefit will be paid to the beneficiary. Because the term expires the insurer often does not have to pay out making term insurance the most inexpensive way to purchase a substantial death benefit on a coverage per premium dollar basis.
The most common periods being 10, 15, 20, and 30 years. In this form, the premium paid each year is the same, and is the cost of each year's annual renewable term rates averaged over the term, with a time value of money adjustment made by the insurer. Thus the longer the term the premium is level for, the higher the premium, because the older, more expensive to insure years are averaged into the premium.
Life insurance is best found by investing time, educating yourself and comparison shopping. InsureMe, http://www.insureme.com/landing.aspx?Refby=614505&Type=life is designed to be an invaluable resource for insurance shoppers like you in this process. Fill out our easy form, and you can get up to five insurance quotes from insurance agents who can help you make the best decision regarding your insurance. Policies start at $2 to $3 per month.
Ron @ InsureMe |
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waggy_33
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life insurance that is in effect for a term stated as a period of time. It could be one year or ten, twenty or thirty yaer term. At the end of the term you no longer have life insurance coverage.
There are term policies that have a conversion feature that would allow you to convert to a whole life or cash value product.
Whole life, universal life are the other arrangements. These cost more because you are building cash value within the policy that can help pay future premiums. |
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Hadley
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What is Term Life Insurance? 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.
To compare term life insurance quotes from top-rated insurers go to https://www.efinancial.com/smartquoteef.aspx?source=389-777 |
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jdj18020
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Term life insurance is less expensive than whole life or universal life. It provides a death benefit only, no cash values. The premiums are fixed for a specific number of years (10 years for 10 year term, 20 years for 20 year term and 30 years for 30 year term). Once this period of time ends the premium will increase at each renewal. There are new policies available that will return your premium after a certain number of years. Be sure to buy from an A or A+ company as you need to be sure they are able to pay years from now. |
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The Advocate
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It is life insurance, will pay full amount of death claim. When you purchase, you agree to a certain "term" or period of time. For example, insurance for the term of 30 years would cost more than insurance for a term of 15 years. In either case, the insurance would be no longer in force once the "term" or agreed time frame passes. |
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golferwhoworks
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it is only good for a stated time 10, 20, 30, years. It is the cheapest way to get insurance. If you are for example 25 years old-you would want at lest 30 year levl term. By then your children should be grown. You can buy $500,000 policy for about 1/3 or a whole life policy. |
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D.L.
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Term life insurance is the original form of life insurance and is considered to be pure insurance protection because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life.
Term life insurance is temporary, as it covers only a specific period of time, the relevant term. If the insured dies during the term, the death benefit will be paid to the beneficiary. Because the term expires the insurer often does not have to pay out making term insurance the most inexpensive way to purchase a substantial death benefit on a coverage per premium dollar basis. |
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mbrcatz
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Pure insurance - a straight bet that you will or will not die, before the policy expires.
It's the cheapest insurance, gives you the most coverage for your dollar. It's all I'll ever sell. |
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kthor
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Life Insurance that should have some kind of Cash value ... to be honest with you, invest in good Stocks or good mutual fund..you'll pay a lot less commission and have that money working for you more. |
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open4one
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It is a contract to pay if the Insured dies within a specified period, which is the Term. If the Insured doesn't die, the insurance has no value.
It is contrasted to Whole Life which has a Term portion plus an Investment portion. If you carry Whole Life long enough, it has a value you can borrow against, or eventually not pay premiums because the investment portion generates cash that can pay them.
The advantage to Term is that it has a lower premium. The advantage to Whole Life is that it builds up value, and is an investment. There are differing opinions about its value as an investment vis a vis other options, but it is an investment. |
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