As one of my fellow columnists recently pointed out, a low cost life insurance policy is infinitely better than no protection at all. Term life insurance can be the right policy for you if you have limited funds, or limited needs.
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Why Term Life Insurance?
If we should die unexpectedly, our remaining family will need financial help to cover death expenses and the ongoing life expenses. Term life insurance is a form of low cost life insurance, which can be taken out for between 5 and 30 years. After this time you can choose to continue payments, or to convert to whole life insurance.
Term Life Insurance ? The Benefits
- Term life insurance offers the most coverage at the lowest initial cost This low cost life insurance option means you can start with fixed low payments that will cover beneficiaries for specific financial hardships such as mortgages or college education.
- Term life insurance is flexible - you choose the length of coverage
- You should be able to convert to whole life insurance later, if you wish
- You can get a term life insurance policy online
Term Life Insurance ? The Disadvantages
- The policy accrues no cash value and you cannot borrow against it.
- After a period of low cost life insurance, your policy will start to increase annually.
Find a Term Life Insurance Quote Online
If you are young family with little disposable income, or if you feel your overall coverage does not warrant whole life insurance, you should shop around for a competitive term life insurance quote. Like looking for car, health, or home insurance, getting a term life insurance quote online will be just one part of your insurance strategy.
If your strategy involves wanting to build up a cash supply, then whole life insurance might be better for you. We'll look at that next week.
About the Author
Fran Walker is a freelance writer, editor and researcher specialising in educational, health, safety and domestic issues. Previously, she spent five years in marketing in the self-help, health and health and safety sectors before leaving to start a family. She now edits and writes content for the U.K. Health and Safety Executive. Fran graduated in 1993 with a degree in English Literature
