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Why should You Buy Term Life Insurance?


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 Why should You Buy Term Life Insurance
Why should You Buy Term Life Insurance

Why should You Buy Term Life Insurance

After you decide to buy life insurance you will be faced with the decision which type of life insurance to go for. You can either take a permanent type policy or settle for a term type life insurance policy. The suitability of either type will depend on your present situation and how you want to plan your and your familyís future. Here are some positive factors about term life policies which can guide you towards a decision.

  • Term life policies are reasonably priced
  • If you are looking for life insurance which can easily fit into your limited resources then this type of policy is for you. You can afford to buy a large insurance amount without having to pay a large premium.

  • Coverage for a definite and precise time period
  • Your financial responsibilities donít remain the same throughout your life. They are greatest when your children have to go to college or your home loan has to be repaid. This type of insurance is very useful for this purpose. You can buy the life insurance policy only to cover the years till your financial duties are highest. You can choose the term of the policy according to your requirements.

  • Can be restarted or converted according to needs
  • Your monetary needs and obligations can change over the years. Since this policy expires after the particular term you have the option of restarting it or buying a new plan depending on the prevailing situation at that time. Hence you get the flexibility to adjust. Some policies can give you the option to transfer from term to permanent, of course, at higher rates.

Thus it is clear that term life insurance has some definite advantages which can prove very beneficial in certain circumstances. You need to assess your present and future needs along with those of your familyís and see if they can be effectively covered by buying a term life policy.

Why should You Buy Term Life Insurance


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