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Term Life Insurance - Pros and Cons
By John Craden
Term life insurance is by far one of the most popular types of life insurance policies in use today. A term life insurance policy provides a set amount of coverage for a certain amount of time. This amount of time is referred to as a term. There many options that you can add onto a term life insurance policy that you can choose depending on your current lifestyle and/or needs. There are basically 3 types of life insurance: Term, Whole, and Universal. I will be talking about term life insurance and the pros and cons of term life insurance. Pros: -Cheap Rates
-Multiple Term Options
-Good Coverage Amount
-Medical Exam can be Exempt (sometimes) Cons: -Rates go up with Age
-No Cash Value is Built
-Death Benefit not Guaranteed (most people outlive their policy) Term life insurance on average can be bought for term of 5-30 years. These terms are by 5 year increments. You can also receive a term life insurance policy without having to give a medical exam. This of course will boost your rates a bit however; more often than not these rates will still be lower than a whole or universal insurance policy. Most often people will find a term life insurance policy to be sufficient for their needs. The whole purpose behind life insurance is to protect your family should you pass away suddenly. Since by the time most policy holders terms are up they are retired, their mortgage is paid, their kids have all moved away, there is really no longer a need for life insurance. If you are looking at getting life insurance, and do not want to go through the hassle of shopping around and getting quotes, there are online insurance brokers who can get you free life insurance quotes from the leading life insurance providers in just minutes. They can also help you save up to 40% on your rates. This method is quickly becoming the most popular way to shop for affordable life insurance. |
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