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Decreasing Term Life Insurance Quote
Decreasing Term Life insurance is an ideal and cost effective means to protect yourself and your family.
Who's it for?
People with a temporary need for life insurance protection.
Those who need a large amount of insurance protection but have limited budgets.
People with specific business needs (e.g., business owners who want to cover the life of a key employee who has a set number of years until retirement).
Benefits:
It provides insurance protection for a low cost (at least initially).
If your needs change, most policies allow you to convert your term policy to a permanent life insurance policy without having to take a medical exam or provide other information about your health.
Term insurance is a good way to supplement other coverage when you have added financial responsibilities for a given period of time (e.g., mortgage, college expenses).
Death benefits are generally received free from income tax.
Some Drawbacks to Consider:
Premiums generally increase with age and they could become unaffordable later in life.
There is no cash value element, so you miss the tax-deferred cash value of permanent life insurance policies, such as Whole Life.
Once the term period expires, the insurance coverage ceases and the policy has no further value. |
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