jiten702
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| Term Life Insurance |
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Term life insurance is the insurance policy under which the death benefit is payable only if the insured dies during a specified period & this policy does not have any investment component. It is the most affordable type of life insurance available. It is designed to meet temporary life insurance needs; providing protection for a specified period of time, the term.
This type of life insurance makes sense if you have financial needs that will diminish over time, such as a home mortgage or a child's tuition. Each year, a premium is paid to cover the risk of death during that year. Term life insurance has no cash value. The only way to collect anything is to die before the term life insurance expires. If death occurs, the life insurance beneficiary generally collects the death benefit of the life insurance policy, free of income tax.
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Fri Feb 18, 2011 6:26 am |
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jeffreymint
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We all know that Term life insurance has a provision of death protection for a stated period or time or term. Thus the work Term Life.
What else is to discuss here?
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Wed Feb 23, 2011 2:39 pm |
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carryjohn
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Life insurance is a contract between the person and the insurer. insurance company pays designated beneficiary a sun of money if the person died or have other problems like terminal illness or critical illness. Policy owner also pay stipulated amount to the insurance company.
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Wed Feb 23, 2011 3:27 pm |
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crica888
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I guess that for a beginner it is better to hire a lawyer. In this way you will find the best option for you
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Wed Feb 23, 2011 9:11 pm |
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fierarucristian
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Hello to all the members of this forum !
And manny thanks for sharing this information with us . Very interesting topic,and I hope we`ll be updated soon with some more info about this subject .
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Mon Feb 28, 2011 12:40 pm |
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RichS
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You don't need a lawyer to learn about life insurance. You need a professional insurance agent that you can trust. Talk with your family, friends and neighbors and see who they recommend. 
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Mon Feb 28, 2011 7:38 pm |
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YourLifeSolution
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quote:
Originally posted by crica888
I guess that for a beginner it is better to hire a lawyer. In this way you will find the best option for you
Are you serious? Hire a lawyer to tell you what term life insurance is best?
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Wed Mar 16, 2011 5:52 am |
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jray51515
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30 year Term Life insurance is better than Whole Life because it is cheaper even though you cant borrow against yoru premium.
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Fri Mar 18, 2011 6:51 am |
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terrancebrandt
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The professionals are the best point of contact to ask about all these. I personally would go look for one when the time comes that I would go for it as well. Forums help though.
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Fri Mar 18, 2011 1:03 pm |
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mike95910
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quote:
Originally posted by jeffreymint
We all know that Term life insurance has a provision of death protection for a stated period or time or term. Thus the work Term Life.
What else is to discuss here?
Lol yeah i agree. Really what was the purpose of this post? Just to give a definition of term life insurance?
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Fri Mar 18, 2011 2:48 pm |
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stepbystep2
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LOL. Get a lawyer. Now that was funny. Well I really don't know the reasoning behind this post so here is my take on it. If you are getting sued see a lawyer. If you are feeling ill see a doctor. if you need insurance see an insurance agent and get term insurance.
Term insurance is for a period of time 10, 20, 30 years where as whole life is for your whole life there is a savings component to it that agents try to market as an investment so they can get paid more money. They say you may get a guarantee about 3%. However, there is no true benefits to whole life, the agent will tell you you can borrow from it but you would have to pay it back. If you borrow your own money should you pay it back?
Another thing they don't tell you is that if the person protected dies, the beneficiary will get the life insurance proceeds but not the savings aspect of it. Let's say you build up 5,000 in cash value your family will not get it.
Now with term insurance because it's cheaper you can get a higher death benefit. Now with the money that you save switching from that whole life you can now save it in a real financial instrument such as mutual funds, stocks, etc. And when you die your family will get the lump sum plus they will get your investments.
Chris
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Tue Mar 22, 2011 1:41 am |
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