Term Life Insurance is often times an inexpensive method to obtain a needed amount of death benefit for a specific period of time.
Term Insurance can usually be purchased for periods of 5 - 10 - 15 - 20 or 30 years with a level guaranteed premium.
Term Insurance policies do not build cash value.
Choose Your Coverage Period
During that period, the owner/insured is obligated to pay a level premium to avoid lapsing the coverage.
Premium payments can be paid annually, semi-annually, quarterly or monthly and are guaranteed NOT to increase for said period.
Term Life plans offer various optional provisions or 'riders' that include, but are limited to such items as premium waivers (in event of disability), accelerated living benefit riders, accidental death riders and conversion options. There is usually an additional cost for these optional riders.
For example, converting your policy at the end of specified period may be an attractive option. In many cases, the insurance company will credit your new policy with the monies you already deposited, under certain guidelines.
Buy Term & Invest the Difference
You may have heard this saying before. Some planners will suggest that you should keep your insurance separate from your saving strategies.
The conventional wisdom behind this is one where you purchase the lowest cost Term Life plan and use your other discretionary assets to buy stocks, mutual funds or some other type of investment program.
It could be argued that this is a good approach for some people, especially 30 years ago.
However, today one can combine the two and receive extended tax privileges in doing so, that would not otherwise be available to the investor / insured. One such opportunity lies in Variable Life plans.
Term Life Carriers
As in any other industry, certain companies are better equipped at writing certain types of insurances than others and Term Life is no exception.
Because Term rates can change often, we suggest that you contact us directly if you are serious about purchasing a Term Life policy within a relatively short period of time. Otherwise, wait until you are absolutely ready.
Because we are independent, we are able to use our network of industry contacts and database of insurance carriers to locate the lowes cost, most competitive policy for you - usually within 48 hours. However, we will not sacrifice the quality of the company just for a lower price.
Action To Take
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Fielder Financial Management, LTD.
All Rights Reserved.
Securities offered through Fortune Financial Services, Inc. member FINRA, SIPC. Fielder Financial Management, Ltd. not affiliated with Fortune Financial Services, Inc. Mark Fielder, Financial Professional, CA. Insurance Lic. # 0690576.