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When Is the Ideal Time to Buy Term Life Insurance?

When Is the Ideal Time to Buy Term Life Insurance?
insurance life, life insurance, Life Quotes,

There are a number of choices when you buy life insurance and one of these - the one that is getting more and more popular - is term life insurance. But what exactly is term life insurance? How does it differ from other insurance policies? What are its key advantages? When should you purchase this type? - These are just some of the questions you usually get from buyers. Below are some facts regarding that you should know before buying a term policy.


The advantages:


It is the least expensive life insurance type; you can buy a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time;

It is really a straightforward policy, easy to understand, and it allows for personal choice

You can select specific terms of coverage (e.g. 10, 20, 30 years)

Good for short-term needs such as college education coverage for your children or to cover mortgage

It is recommended for covering specific needs that will disappear in time like mortgage (as mentioned above) or car loans.

It can help provide for a family's loss income

It can cover short-term debts and needs


What's the difference between term life and whole life?
There are a number of characteristics that set the two apart from each other; however, when it comes to the basic difference, term insurance is intended for life coverage only while the whole life is a combination of life coverage and investment component - the reason why whole life is more expensive than the term life.
So, when is the ideal time buy a term policy?


When you seek only a death benefit - beneficiaries are guaranteed to receive the exact amount based on your agreed coverage in case the insured die.

You are not older than 50 - because it is hard to get a term life insurance policy when you are more than 50 years of age; if fact, it is almost impossible to find one when you are 65 and up. On the contrary, you can find pretty cheap term insurance when you are under 50.

When your health situation could change - because you can upgrade or change to a new term life insurance policy even without undergoing a medical examination, it is considered to be the ideal choice if your health situation could change. You can have term life insurance policy that can cover even serious illnesses, diagnosis payment, and organ transplant - and even hospital confinement bills.


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