What Is Term Life Insurance
When looking to answer the question what is term life insurance you should understand there are a few different ways to define term life insurance. First of all, you should understand that term life insurance is a temporary type of policy. It has zero cash value unlike whole, universal and variable life insurance policies. Term insurance lasts for a specific term that can last anywhere from 5 to 30 years. It all depends on your age and what you've chosen regarding policy details. If you are working with a life insurance agent he or she can help you understand this and other types of life insurance.Another type of term insurance is called guaranteed level term life insurance. As the name suggests, the premiums are meant to stay the same for a specified period that can range from 5 years to 30 years. These life insurance policies are popular with consumers because the premiums do not fluctuate. The only thing you'll need to keep in mind is that not all level term life policies are guaranteed. This means your rates could increase, so make sure you know all the details of your policy before signing on the dotted line.
When learning what is term life insurance you should also know about ROP or return of premium term life insurance. A discussion on how to define term life insurance is not complete without this type of policy. Return of premium insurance is fairly new as far as life insurance is concerned. This type of coverage offers you a refund of your premiums at completion if you are living. Also, the premium payments will remain on a level rather than fluctuating basis. The returns are paid according to your term which can be 15, 20 or 30 years. While ROP life insurance is more costly than other types of term insurance, many consumers prefer it because of the cash surrender upon policy term end if the insurance policy holder is still living.
Life Insurance News:
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Veterans Mortgage Life Insurance Maximum Coverage Increases WASHINGTON--(BUSINESS WIRE)--The Department of Veterans Affairs announced today that the maximum amount of Veterans Mortgage Life Insurance (VMLI) increased from $90,000 to $150,000, effective Oct. 1, under the Veterans Benefits Act of 2010. Maximum coverage will further increase from $150,000 to $200,000 after Jan. 1, 2012. VMLI is issued to those severely disabled Veterans and Servicemembers ... | ||
TCS bags $2.2b pension & life insurance service deal - mydigitalfc.com
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Windsor-based Vantis Life Saw A 29 Percent Increase In Year-Over-Year Sales Get Business Mobile Text Alerts Windsor-based Vantis Life Insurance Co. saw a 29 percent year-over-year increase in the type of life insurance products that middle-income customers buy for protection in case they die... | ||
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Mo. program to track down life insurance policies - BusinessWeek
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