Life Insurance Options
Term Life Insurance is cheaper than whole or permanent life insurance and is more flexible. The best candidates for this kind of insurance are young families who have numerous dependents, but lack the kind of money required for full life insurance. You choose the number of years that you want it to cover you, but remember to pick annual renewable or convertible insurance or else it will become unnecessarily costly.
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Level term insurance is when the premiums you pay and the coverage provided are for a fixed number of years.
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Increasing/decreasing term insurance is when the period of coverage can be adjusted up or down in terms of years, but the amount paid stays the same.
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Renewable term insurance allows you to renew your insurance without having to undergo another medical examination. This is handy when you consider that your health is unpredictable, but the insurance is almost certain to increase as you age.
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Convertible term insurance lets you change your term life insurance coverage to permanent cover after an agreed period of time. This is ideal for those who believe that will be able to afford full life insurance in the future, and wish to plan accordingly.
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Group term insurance is normally bought by an employer because it covers numerous people simultaneously, reducing the premiums.
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