Ensure Your Temporary Protection with A Cheap Term Life Insurance

1. Ensure Your Temporary Protection with A Cheap Term Life Insurance

2. Term Life Insurance plans are made to provide temporary protection the insured as well as their loved ones. In case of a tragedy, these plans provide an accumulated amount to the loved ones helping them to take care of financial debts, medical and surgical treatment and other essential expenses. What Is Term Life Insurance?

3. Why Should You buy Term Life Insurance? You should consider buying a term life insurance for following benefits: Death Benefit Protection: The beneficiaries get an accumulated cash amount to take care of the pending debts, medical treatment and other essential expenses. Cheaper Premiums: These plans come with a cheaper premium than whole life insurance plans. Survival Benefits: You can get an accumulated amount if they survive even after the policy expires. Conversion Options: You can convert your term life plan into a whole life plan if you feel the need later.

4. Term life insurance plans are made to protect the policyholder and their loved ones for certain period while whole life insurance plans do the same for life. Usually, term life plans come up with a cheaper insurance premium than the whole life insurance and offer a great option when the policyholder needs the protection for a short period. Differences between Term Life and Whole Life Policies Types of Term Life Insurance There are various types of term life insurance policies including: • Level term insurance • Decreasing Term Insurance • Annual Renewable Term Insurance • Convertible Term Life Insurance

5. These are the most common type of insurance where you need to pay a fixed premium to the insurer every month. The premium amount doesn’t change ever regardless of inflation and the market performances and allows policyholders to plan their lives in a comfortable way. Level Term Insurance Decreasing Term Insurance Under these plans, you pay a certain premium for the first year and the same decreases every year after that. Usually, these insurance start with an expensive premium amount which gradually turns into affordable one in later years of life. These plans are a good option for those aren’t sure about their consistent source of income after their retirement.

6. As the name says, the rate of interest for insurance premiums are re-evaluated every year and the premium amount differs accordingly. This means your premium amount may go up or down depending on the market performances and other factors mentioned in your insurance contract. Annual Renewable Term Insurance Convertible Term Life Insurance Under this type of term life, you can choose to convert your existing term life insurance into a permanent or a whole life insurance plan. This is quite beneficial for those who buy an insurance for a shorter period and feel the need for a consistent protection when their existing plan reaches its expiry.

7. The period an insurance plan depends on for how long you need the protection. Starting from 5-years, you can get a coverage for 10 years, 15 years, 20 years, 25 years and 30 years. Usually, a term life plan covers for a maximum of 30 years and if you need the coverage for a longer duration, you can go for a whole life insurance or further renew your existing term life plan. How Long Does the Coverage Continue? Does the Premium Change Over the Years? Most of the term life insurance premiums come with a level graded premium, that means the insured needs to pay a fixed amount every month. But there are plans as well where you may have to pay an uneven amount of premiums. Before buying an insurance, you’re suggested to read all the terms and conditions carefully.

8. Yes, you have the right to cancel your insurance plan if you have planned to buy a better one or just don’t want to continue. However, there are surrender charges for withdrawing a plan before a certain period and you may have to pay a hefty amount as a penalty. Can You Cancel an Insurance Plan? Can the Provider Cancel Your Insurance? Your insurance provider can cancel your insurance plan only in the case of non-payment. This means if you don’t pay your premiums timely and skip the grace periods frequently. The provider has all the rights to cancel your term-life insurance premium.

9. Under this unique and very popular feature, the policyholder gets a partial or complete refund of the premiums made, if they outlive the policy period. However, the policyholder needs to fulfill some criteria to qualify for a refund that are mentioned in the policy contracts. What Do You Mean By ‘Return of Premium’ Feature? Which Is Best Premium Mode to Choose? Insurers provide multiple options for how frequently you would like to pay the premium. You can choose to pay for monthly, quarterly, half-yearly as well as annually. However, you are suggested to a fixed amount every month so that you won’t have to pay a bigger amount at the end of the year.

10. The policyholder or their beneficiary can make a claim in the following two ways: Death Claim: When the policyholder passes away before the policy matures or expires. Survival Benefits: When the policyholder survives throughout the policy term. Policy Claim Death Claim These are the claims made by the loved ones if the policyholder passes away before the policy matures or expires. The claimant will need to present the original policy bond, death certificate of the policyholder and a proof of relationship with the insured. After a successful claim, the beneficiary receives an accumulated amount to take care of their pending debts and other essential expenses.

11. There are some insurance providers who help with a certain amount if the survives throughout the policy term. When you successfully outlive the period you have bought a term life insurance for; you can request a survival claim to the insurance provider along with your life insurance policy details. Survival Benefits Exclusions in Annuities Like other insurance policies, term-life insurance has their exclusions as well. This means you or your beneficiaries may not get a cover the death is caused due to: • Homicide • Suicide • driving after having alcohol or drugs • involving in racing or risky activities • involving in riots and other unlawful acts • consumption of restricted drugs and medicines

12. Get Insurance at Best Prices! Optinsure has been helping their customers with providing cheap term life insurance quotes online. Contact us to avail top insurance quotes from a large pool of insurance providers across the country and choose the most affordable insurance plan for you and your loved ones. Website:https://www.optinsure.com Tel: 1 (908) 232-9968 Email:quote@optinsure.com