Once you decide to take out life insurance, you still need to know what type of life insurance will best meet the financial needs of your family and relatives in case of death.
As the name implies, term life insurance is temporary. It gives protection guaranteed for the time period specified in the contract, and can easily be adapted to meet strategic needs, such as tuition for your children, a car loan, or a mortgage.
Term insurance offers many benefits, foremost among which is the high adaptability and flexibility of its conditions. Term life insurance allows you to choose not only the principal sum but also the duration of your insurance coverage. It is generally recommended to have term insurance that covers, for example, the time of repayment of a debt like mortgages—20, 25, 30 or 35 years. You can contact us at any time and we will be happy to give you expert advice to help you find the insurance that best suits your financial needs.
Term life insurance also helps to avoid tax liability at the time of death. The sum to be paid to the beneficiaries of your policy will be made tax-free, so it's a very interesting choice in terms of inheritance.
Term life insurance has some characteristics that must be considered. It should be noted in particular that it is not subject to a repurchase option: You cannot recover money if you want to end your policy before the date agree upon at the signing of contract. This can be disadvantageous in specific cases. In contrast, term insurance can often be reinvested or transformed into a permanent insurance policy. The money you paid will not be lost, and your loyalty to your insurance company will be rewarded.
Term life insurance also gives you the option to renew your policy even if your health has deteriorated during the term of the contract. This is called the guaranteed renewable. For example, if you purchased a term policy for a period of 10 years, and your health has changed considerably, the insurer must renew your protection, taking into account only your increased age, and not your health problems.
The price of term life insurance is determined by the following factors: Age, gender, smoking, your overall health, and your lifestyle. These factors also determine the cost of renewing, so you will know the exact price of your insurance at the end of term. Here are some examples to better illustrate the changes in the price of this type of insurance:
ATerm life insurance for 10 years – Insured Amount: $ 100 000.00
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|25||$ 15.49||$ 11.34||$ 10.62||$ 9.18|
|35||$ 17.19||$ 14.13||$ 10.89||$ 9.90|
|45||$ 34.11||$ 23.40||$ 14.76||$ 12.79|
|55||$ 79.56||$ 46.89||$ 25.66||$ 19.44|
|60||$ 116.64||$ 70.56||$ 35.55||$ 27.00|
|65||$ 184.86||$ 106.92||$ 61.47||$ 38.07|
To save money, it is necessary to take the time to check the offer of each insurer and compare them. We are well aware that obtaining the necessary information and analyzing it remains very difficult and constraining. That's why our team offers you a new life insurance calculator. Within moments, you can fill out our online form and let our calculator do all of the work for you. Our site is highly secure and any information entered on our computer is and will remain confidential.