What is term life insurance ?
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This plan is merely a "quick fix." It is similar to leasing a vehicle. You pay a lower cost for the privilege of driving the car knowing you will return it after a short period of time. However, just like when leasing a vehicle there is an option to buy. If you are purchasing ( mortgages ) term life insurance because you need protection now but cant afford the higher payments of permanent protection in most cases you can switch your plan over to permanent protection when your situation changes (be sure to verify this before purchasing any policy). You can also look at term life insurance as an efficient means of protecting your family while using your remaining finances for savings or other investments. (Cheap Loans) Although this type of coverage is less expensive than permanent life insurance ( loans ) your premiums will increase at renewal periods as you grow older. Normally at renewal periods you will also be required to obtain a physical in order to qualify for the lowest rates. (Mortgages) Page 2 (Cheap Life Insurance) |
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