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Term Life Insurance

Term Life insurance covers you for a specific term or span of years. If you die during the term while coverage is in force your policy beneficiary is paid the full death benefit, subject to the terms of your policy. Term life insurance coverage is pure protection. Like car insurance, you select a coverage period and benefit amount. Simply put, if you die while that policy is in effect and all of the required premiums have been paid up to that point, your beneficiaries receive exactly the benefit amount you selected. It's simple and practical: You get exactly what you pay for.

Term life insurance is often considered to be the appropriate coverage for instances where estate creation is needed because it is designed for a specific period of need (i.e. the number of years left on a home mortgage or business loan, or until your children are through college and no longer dependent upon your income or assets). And, since term life insurance can be so affordable, you can purchase the amount of protection that's right for you.

Term life insurance is a specific type of life insurance, which has become very popular in recent years. Term life insurance provides protection for a specified period of time, typically 5, 10, 15, 20, 25 or 30 years (this is called the coverage term). The person to be insured selects the coverage term, and a death benefit is paid to the beneficiary (or beneficiaries) if the insured dies while the policy is still in force. Term life insurance works well for people who need coverage for only a specific period of time. For example, when a child is born, a parent may take out a 20 or 25-year term life policy to ensure that in the event of their death, the child will be provided for through his or her college years.

The main differences between universal life insurance and term life insurance are:

Term life insurance will pay a death benefit if the policyholder dies within the term of the policy. Permanent life insurance will pay a death benefit regardless of how long you live, provided the premiums are paid. For many people, the need for life insurance protection decreases dramatically once they retire, since upon retirement there is often significantly less income to protect. Thus, for many people a term life policy that extends to retirement age may be appropriate.
Term life insurance is significantly less expensive than permanent life insurance. Permanent life insurance can be used not only as an insurance policy, but also as an investment vehicle. With permanent life insurance, a portion of your premium goes to building cash value with interest. This cash value can be withdrawn before death if needed. Term life insurance cannot be used as an investment vehicle. However, the lower premiums charged to term life insurance policyholders allow them to invest the difference in whatever manner they choose (401K, stocks, bonds, savings account, etc.). Additionally, many term life policies have conversion privileges which allow them to be converted to permanent policies under some circumstances.

Recent studies have found that when a premature death occurs, insufficient life insurance coverage on the part of the insured wage earner results in three-fourths of surviving family members having to take measures such as work additional jobs or longer hours, borrow money, withdraw money from savings and investment accounts, and , in too many cases, move to lesser housing. Term Life insurance is one of the most cost-effective ways to help protect your family and assets. It pays your policy beneficiaries a set sum should you die during the policy term. Save up to 70% on life insurance with Good Sam Term Life!

Term life Insurance typically features premiums that are guaranteed to remain level throughout the initial policy term, allowing you to lock in guaranteed level rates for up to 20 or even 30 years upon policy issue. Term Life insurance is an affordable way to ensure that loved ones will be protected from economic hardships resulting from the death of an income-earner.Protect Your Mortgage With Term Life Insurance

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