Life insurance Term life insurance

[Phabbyfundz]

Term life insurance is a type of life insurance that last for a certain number of years, then ends. You choose the term when you take out the policy. Common terms are ten ,twenty or thirty years. The best term life insurance policies balance affordability with long term financial strengths.
— decreasing term life insurance; decreasing term life insurance is a renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate.
— convertible term life insurance policy; convertible term life insurance allows policy holder to convert a term life insurance policy to permanent life insurance policy.
— renewable term life insurance; is a yearly renewable term life policy that provides a quote for the year the policy is acquired. Premium increases annually and is usually the cheapest term insurance in the beginning.

 

[Chibson]

Term life insurance as you have explained is the kind of insurance that will last for a specific period of time depending on the kind of agreement you have with the insurance company. I personally prefer whole life insurance because it will give you full coverage and provided you are keeping the agreement, you will definitely get a whole lot of benefits.

 

[Wisdom01]

I think the convertible one would be better , because most times the person might not be financially capable but after some time things might change for good and the person would choose to convert the life insurance to a permanent one , if he or wishes to , it's okay for me

 

[Mandy96]

Yes this is true about it. What makes it different from the whole life insurance is the fact that you can choose when you want the contract to end. And you still get to have the chance to live to be compensated for the plan you have bought from the insurer

 

[btaliat]

Thanks for thks elaborate article. I have read about this type of life insurance before and I think it best utilized by people especially those that have a long term investment. They can easily use it as a means of saving money for the specific period that they wish to save the money for.