Term Life Insurance
Sunday, January 13, 2008
Advantages/Disadvantages of Term Insurance
Advantages
- Initially, premiums are lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest.
- It's good for covering specific needs that will disappear in time, such as mortgages, car loans and other obligations.
- 20 and 30 year products can provide coverage as long as most people might need life insurance.
Disadvantages
- Premiums for succeeding terms of coverage increase as you grow older, after the term selected expires.
- Coverage may terminate at the end of the term or may become too expensive to continue.
- Generally, the policy doesn't offer cash value or paid-up insurance.
- Initially, premiums are lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest.
- It's good for covering specific needs that will disappear in time, such as mortgages, car loans and other obligations.
- 20 and 30 year products can provide coverage as long as most people might need life insurance.
Disadvantages
- Premiums for succeeding terms of coverage increase as you grow older, after the term selected expires.
- Coverage may terminate at the end of the term or may become too expensive to continue.
- Generally, the policy doesn't offer cash value or paid-up insurance.
posted by Admin at 12:23 AM
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