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Term Life Insurance Review


Term life insurance provides protection for a specified period. Once that period ends, the policy is no longer in effect, unless the policyholder elects to pay additional premium to continue the policy. This is typically viewed as one of the best values in life insurance due to the high ratio of cost vs. benefits. If a policyholder dies during the policy term, the full death benefit is paid to a designated beneficiary. This type of policy retains no cash value throughout the term, and every dime of premium goes to the insurance company. This differs substantially from a whole life or universal life policy, which has no set term but is available to the insured for as long as they life and pay the premium. In a whole life policy, a portion of the premium is invested and this builds cash value that is available to the insured for withdrawal throughout the life of the policy.

There are various types of term life insurance, including level term insurance, Increasing and Decreasing Term Life Insurance/Term Life Assurance, Renewable Term Assurance, and Group Term Life Insurance. To get quotes, visit

Level term insurance is the most basic product that simply offers a fixed death benefit if the policyholder dies during the policy term. This product is usually sold in terms of 10, 20 or 30-year increments. Premiums throughout the term usually remain constant.

With increasing or decreasing term life insurance the death benefit may increase or decrease with the passage of time. Under an Increasing Term Insurance Policy the benefit amount increases each year, as does the premium. As the cost increases, the value of the coverage may become lower with the passage of time. Careful consideration must be given to the choice of an Increasing Term Insurance Policy. A Decreasing Term Insurance Policy is designed to reduce the benefits paid as the policy term moves forward. This coverage is primarily designed for mortgage protection, and is often referred to as a Mortgage Protection Insurance Policy. The underlying principle to this policy is that the coverage will pay off a loan, which will steadily decrease in value as time passes and payments are made.

Under a Renewable Term Insurance agreement, the policyholder maintains the right to renew the policy once the original term has ended, and can do so without having to submit to a physical examination by a doctor.

Group Term Life Insurance is offered by employers, professional associations, or clubs. With this type of insurance program, all candidates are underwritten using the same guidelines and this option may be good for those who have difficulty finding term life insurance on an individual basis.

When selecting a term life insurance product, a close examination must be made of a personís cost of living, income, assets and liabilities. A qualified broker will be able to compile this information and make recommendations about which type of term policy is best suited for a particular customer. Term life insurance policies remain much less expensive than other forms of life insurance, and are a good value.


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