Tuesday, September 21, 2010

Affordable Term Life Insurance- What You Should Know

Today we are looking for many ways to cut cost in the home and work place. Most of us down graded and sacrificed to make ends meet.

There is cheap term life insurance everywhere online. This is the best way to keep money in your pockets and keep you family and home secure in the case of the unforeseen.

A good insurance company will have a plan designed to make your payments for an alotted time if you should become unemployed.

Affordable Term Life Insurance is the one thing we can not afford to do without when raising a family.

Term Life Insurance is more affordable than whole life insurance which last in most cases to 100 and term life insurance last a certain amount of years then stops.

•15 yr term
•20 yr term
•30 yr term
The main purpose is for the families that need affordable life insurance to protect against the lose of an income.


How Long Do I Need This Term Life Insurance?
You will need the your insurance to replace your income until your last child is out of college if you or your spouse should pass.

Do I pay less if a spouse is not working?
If you mean a stay at home parent, they do work. If that parent loses their life you would now be paying enormous cost for day care and after care. Not to mention missing work because of illnesses. I would calculate what the extra care would cause and multiply it by the years it would take the youngest to finish college.

Can I borrow against my plan?
No. This is not a whole life plan, a term life insurance plan has low rates that give you a choice to save the money you are saving by investing or placing it into a savings plan. If you are not saving the difference there is nothing to borrow.

How much should my policy cover?
Just calculate your income by how many years your youngest is out of college(add college expenses), mortgage payments, household expenses that will be missed in the case of misfortune. In short what ever you are paying you family will be in need of that money.

Term Life Insurance Rates
Insurance is charge per $1000 (unit). The cost will change with your health situation. for instance you may pay $16 pr unit if your a 18 year nonsmoking female and $26 if your an 18 year old smoking female. The larger amount of money you need will decrease the unit price.

Males cost is slightly higher and the cost goes up the older you get. But you can afford more money on your life for a cheaper cost and later if you began to smoke or your health changes your policy will still stay the same.

The sooner you get your Affordable Term Life Insurance the better. Get your family protected against poverty by protecting your income. That will be the greatest gift you can give.


Resources:

How To Get a Free Term Life Insurance Quote

"What You Should Know About Buying Life Insurance"

CONSUMER GUIDE TO TERM LIFE INSURANCE