Term life insurance or term assurance is life insurance which provides coverage for a limited period of time, the relevant term. After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary.-Wikipedia.
That’s how term life insurance works.
There are online life insurance shopping system instantly compares life insurance rates from many insurance companies. This makes it easy to find the best term life insurance rate to meet your needs. Of course, cheap term life insurance is not always want you want, but most of us want to spend as little as we can.
Finding competitive term life insurance is as easy filling a form and hit the return button. Inputting my own info got fourteen quick online term life insurance quotes. There are also insurance calculators that are designed to help you figure out exactly what your insurance needs a re. Getting the best term life insurance quotes is just the first step, but it does give you an idea of what to expect.
The simplest form of term life insurance is for a term of one year. The death benefit would be paid by the insurance company if the insured died during the one year term, while no benefit is paid if the insured dies one day after the last day of the one year term. The premium paid is then based on the expected probability of the insured dying in that one year.
The most agreed upon rule of thumb is that an individual should be insured for about 10 times his or her annual salary. If the insured makes $50,000 a year, a policy in the amount of $500,000 would be appropriate. This is a good rule to keep in mind when getting a quote for term life insurance quotes.