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Rating of the Top Life Insurance Companies
American General Life
Americom Life
Ameritas Life
Banner Life
Protective Life
Chase Insurance Life
Old Mutual Financial Life
Lincoln Financial Group
MONY Life Insurance
North American Company
Ohio National
Security Mutual Life
Transamerica Life
Zurich Life Insurance

Term Life Insurance - At A Glance!

Helping you define term life insurance, with a brief explanation of the advantages and disadvantages

What is the basic function of this type of life insurance?
It provides coverage for a period of one or more years, and is designed to provide a specific benefit (face amount) for a stated amount of time.

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Is term life the best type of policy for my needs?
The majority of policy holders are individuals with limited income and high short-term needs, entrepreneurs covering a business loan, or for those seeking personal family protection.

How "cheap" is term life?
Generally, it provides the most protection for the lowest premium dollar spent.

Should I consider "level" term?
Possibly! Premiums do start out slightly higher, but they remain the same for several years. If you're looking for a low cost product that will pay off your mortgage upon death, consider "level" over "decreasing."

What is the difference between renewable and convertible?

At the option of the policyholder, renewable term life insurance allows you to renew a policy at the end of each period without evidence of insurability. Generally, the premium increases at each renewal in correlation with the age of the insured.

If the contract has a convertible feature, you will have an opportunity to exchange or convert your policy for permanent coverage without evidence of insurability.

It is to your advantage, to make certain that your policy is renewable and convertible.

Does this form of coverage provide a means for cash accumulation?
Typically, term life does not build cash value. Therefore, should the policy be surrendered, the policyholder will not receive any cash.

When are benefits paid out?
A death benefit is only paid, if the policyholder dies while the policy is in force.

Are early benefits available should I become terminally ill?
There are some policies that provide early benefits, if the policyholder becomes terminally ill.

What is the best method of payment?
The annual payment option is always best. Remember that you are charged for the convenience of monthly, quarterly or semi-annual payments.

How much life insurance do I need?
While each person's needs are unique, there are a couple of simple guidelines.

Personal family protection? You will need a high enough face amount, so if you should die, the proceeds will be ample to take care of your family.

Covering a key man (or women) in business? Based on how much the business would suffer financially from the loss of a key employee, you should be able to simply calculate the amount of money that would be needed to compensate for such a loss.

What do I need to remember when shopping for life insurance?
Depending on your needs versus your budget, you may want to buy term life first. After all, you can usually convert to permanent insurance, but you generally cannot convert a permanent policy to a term contract.

Compare costs and benefits, but make certain the companies you consider are financially stable! An agent / broker can assist you in making this determination.

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