Protect Your Loved Ones With Guaranteed Level Term Life Insurance
When it comes to buying life insurance, there are two basic policy types to select from. The first, whole life insurance, increases in value over time. As such, purchasing a whole life insurance is considered an investment in the future. The other type of life insurance is term life insurance. There are several different types of term life insurance available to purchase. These include level term ROP life insurance, declining term life insurance, annual renewable term life insurance and guaranteed level term life insurance.
As the name implies, guaranteed level term life insurance provides a guaranteed payout to your beneficiaries upon your death. In other words, the value of your guaranteed level term life insurance remains the same from the day you purchase it until the day it expires. This type of policy is ideal for those who want to be certain their loved ones will obtain a pre-determined amount of money upon their death.
While guaranteed level term life insurance provides a guaranteed payout throughout its term, the drawback to purchasing this type of insurance is the fact that it expires after a predetermined amount of a time. With a whole life insurance policy, on the other hand, your policy remains active for as long as you continue to make your premium payments.
Although a whole life insurance policy remains in effect until you decide to close your policy, the premiums for these policies tend to be more costly than the premiums of guaranteed level term life insurance. Furthermore, most people do not need to have a life insurance policy in place all the way into their golden years and beyond. Rather, most people simply need to have a policy in place until their kids are no longer dependent upon them or until their spouses are collecting Social Security benefits. For this reason, most people only need a policy to be in place for a certain length of time. Term Life Insurance for seniors is the cheapest option available for them if they qualify for non high risk products.
When purchasing a
guaranteed level term life insurance policy, you can purchase a policy
that remains in place for any length of time that you desire. Still, most
people purchase policies that remain in place for 5, 10, 15, 20
years, 25 or 30 year terms.
When determining how many years of coverage you need, you should consider
the needs of your loved ones and their future needs. Some things to consider
include the age of your children, the age of your spouse and how long
it will be before you will be out from under major financial obligations
such as your mortgage and your children's college costs. By taking all
of these things into consideration, you will be sure your loved ones will
be properly cared for after your death.