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Term Life Insurance

Term insurance may be attractive to those who have an immediate need over a specific period of time and who wish to select the largest death benefit which they can purchase over that period. Term insurance pays a death benefit only if you die during its term.  Coverage expires at the end of a specified term (usually 10, 15, 20, or 30 years). Term insurance does not build up cash value.  Life insurance definitely costs less the younger you are, which is why term life insurance usually costs too much for many seniors due to both age and health reasons.

People generally get term insurance to pay off their mortgage when they pass away so that their family doesn’t have to move out of the house because they can’t afford it any longer.  Term insurance can also be purchased to replace the owner’s income or even to provide college education for their young kids if the owner passes away unexpectedly but still wants their family taken care of.

When people talk about having a $250,000, $500,000, or $1 million policy, it is usually a term policy.  Even though most insurance companies start term policies at $50,000, those same companies allow the higher dollar policies as well.  Because the policy amounts can be higher, people need decent health to qualify for the best rates.  To navigate the difficulties of obtaining the right type of term life insurance at the best rate, it’s best to talk to a licensed insurance agent.

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Shonda Prescott
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