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What is Term Life?
Term Life is offered with three variables that must
be considered: amount of policy, number of
years of coverage, and cost of premiums. It can
be purchased in graduated amounts that you select
according to your desired level of coverage.
Yearly
premiums are calculated based on actuarial tables
compiled by insurers, relative to the actual amount that will
be paid to your beneficiaries. This amount should be
chosen carefully, and at a high enough level to adequately
provide for their planned future finances,
such as providing an ongoing family
income (compensating for annual inflation
rates), paying off a mortgage, car loan,
credit card bills, student loans or college tuition,
unreimbursed dental and medical bills, funeral expenses,
estate and personal taxes, legal expenses, personal
loans, bequests, and other financial
investments or obligations. Carefully selected life
insurance combined with sound financial planning can help
guarantee that your beneficiaries lifestyles will be
sustained.
Coverage must be maintained through
regularly scheduled premium payments in order to be payable in
the event of death. Failure to pay policy premiums in a timely
manner will result in lapse or cancellation of the
policy, and subsequent loss of protection.
You
should review your existing policies to be certain of the
exact amounts and circumstances that are covered, with any
inclusions or exclusions that they may provide. Many
people who are "underinsured" do not realize it, since their
needs for coverage have changed as their lifestyle has
improved! If you are in doubt about your coverage,
find out today! Call 888.733.8376 Direct Service (Weekdays 8-6
ET) for a free personal consultation to clarify your
needs. |
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