Monday, May 30, 2011

The Need To Understand Term Life Insurance

If you want to ensure your family's future financial security, term insurance is the way to go. Term life insurance gives you the best value for your money. The product is exactly what it sounds like: a life policy purchased for a particular span of time. There are several types of term policies available. The type of policy you will see most often is what is known as a level term policy. In these types of policies, the amount of coverage stays the same throughout the term of the insurance. Terms can run anywhere from 10 years, to 30 years or more.

There are a number of companies that provide insurance policies. Here is a short list of companies to consider:

• ING's ReliaLife Insurance Company This is the insurance arm of the well-known and well-respected online banking company.
• Transamerica Insurance Company This international company has been providing insurance and other financial products for over a century.
• American General Life Companies This company services 14.2 million customers and has paid out $35 billion in claims.
• Genworth Life Insurance Company This insurance company is a publicly traded Fortune 500 company.
• Banner Life Insurance Company This insurance company has over half a century of experience, and has policies that are sold by independent brokers in all 50 states.

When shopping for term life insurance, you will need to decide what term suits your purposes. If you have small children and a mortgage, for instance, a 30 year term life insurance policy will help you cover your commitments and keep your family secure. If you have fewer obligations, perhaps a 10 year term life insurance policy would better suit your needs. Term life insurance policies can be purchased in a number of terms: 10 year, 15 year, 20 year, 25 year, 30 year and Universal Life, which assures you coverage at the same rate for your entire life.

The cost of a term life insurance policy is dependent on a number of factors. Your gender, age, the state where you live, the amount of coverage you desire and the term of the policy you wish to purchase are all factors. Your BMI and whether or not you smoke will also affect your rate. Just for reference, a 38-year-old non-smoking female in Florida can expect to pay around $450 a year for a $500,000 term life insurance policy with a term of 30 years.

Picking the right policy is an important decision. You decision needs to be based on your current income, the rate of inflation you anticipate, and the total amount that your family will need to ensure their financial stability in the event of your untimely death. Insurance review sites can help you decide which company and policy is right for you.

About the Author: chickie maxwell
Look Into Term Life Today!

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