Vincent Yeong was working as architectural draughtsman, now a music teacher. Hobbies - play guitar, saxophone, piano, reading, sports, travel. Blog - http://www.vincentyeong.com
This is a low cost policy that provides the insured for a specific period, but there are many types of policies. One common policy is called level term life insurance.
This is much more common than annual renewable, the premium is the same or level for the specific time or duration, a 5 year level term will have the same premium for 5 years, a 10 year level will have the same premium for 10 years and so on, the most common terms are 5, 10, 15, 20 and 30 years.
5 Year Level Term Life Insurance
This is a low cost policy; the affordable premium provides life insurance protection for 5 years period and is renewable for subsequent 5 years until age 85. The premium and coverage remained the same for the first five years, but the buyer can convert it to permanent life insurance in the future.
Why people need this?
•Buyers may consider this policy if they need life insurance with great face amount but budget is tight.
•If buyers need temporary life insurance to cover an outstanding loan.
•Businessmen can use this policy to provide fund for their company if one of the partners should die prematurely.
Waiver of Premium Rider
It could be a wise thing to add a waiver of premium rider to a 5 year term life insurance policy; because in the case an insured becomes disabled (for at least 6 months) the life insurance company will pay for his 5 year level term life insurance premiums.
Accidental death benefit
This is also called double indemnity rider, if an insured has this rider attached to his 5 year level term, if he should die in an accident the life insurance company will pay a double of face amount to his beneficiary.
Level term life insurance has a premium very much cheaper than permanent life, but the longer the term the more expensive the premiums, so it is much recommended for those who need short term coverage with affordable premium.
There are many types of term life insurance, to find out more about this product, please log on to term life insurance or different types of term life insurance, or visit us at http://www.indianapolislifeinsurance.net
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