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Term Life Insurance
Term life insurance is termed as the most reasonable life insurance plan. The insurance coverage is for a limited period and is focused to meet all your temporary insurance needs. Term life insurance is generally available in 5, 10, 15, and 20 year terms, or to age 65, age 75 or age 100. The longer the chosen period, the higher is the cost. For ex- buying 10-year coverage is usually less expensive than buying two 5-year plans.
Term life insurance is perfect for families on a limited budget as it is less expensive then all other types of insurance. In term insurance, the cost of premium increases on a yearly basis. However, since more than one person can insure under term insurance, you could insure your spouse and children simultaneously. In this way, you can bring down the cost of insuring, as insuring all of them under one policy is less than insuring several individual policies.
Advantage of Term Life Insurance Policies includes:
- Insurance coverage for a limited period that meets all your temporary insurance needs.
- Affordable insurance protection plans covering your entire family.
- Offers low premiums based on your fitness and healthy lifestyle
- Buy-Sell agreements for business partners.
- Pays down the mortgage or other loans if one's spouse dies.
- Provides lump-sum money for your family that helps them to live in a similar lifestyle
even after your death.
- Provides tax-free death benefits.
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