TERM LIFE FAQ
What are the advantages of Term Life Insurance?
One of the biggest advantages of term life insurance is affordability. Many of clients who are younger tend to navigate towards the policies more simply because they are able to find a price that is affordable to them that can leave a nice legacy behind for their spouse, children, and family members. This specific policy is a great supplement for insurance plan for life insurance provided by employers and for those who want a fixed premium rate for a specific period of time. In addition, we have the added feature of “return on premium (ROP).” Which returns your investments back to you at the end of the term period or allows for convertibility options.
Can I afford Term Life Insurance?
Because it is intended to provide coverage only for a specific amount of time, term life insurance is generally the least expensive type of life insurance you can buy. Your premiums will be predicated on the date of purchase, health, age, and the amount of coverage applying for.
Do I qualify for Term Life Insurance?
Just like any other insurance policy, you must answer a set of basic health questions to determine your eligibility. Most people who are generally healthy will qualify for coverage. For some policies, you do not need to submit evidence of insurability beyond the application questionnaire, meaning you shouldn’t need a physical examination to qualify for coverage.
When should I buy Term Life Insurance?
The best time to buy term life insurance is now. Although many of people recommend purchasing term products at an earlier age, but you may qualify for the program up until your 80th birthday. Hopefully, your term life insurance policy will never be needed, but if it is your family will appreciate you for taking the time out to put coverage in place.
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