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Term life insurance has several options that could prove to be beneficial and it’s worth considering each option before making a final decision. Your term life insurance choices include:
Guaranteed level term life insurance is the most popular type of term life insurance because you can purchase high coverage for extremely affordable premiums. These policies are designed so that premiums remain level for a period of 10, 15, 20, 25 or even 30 years. Check out affordable term life insurance quotes online for more information on this type of policy.
Return of Premiums (ROP) guarantees that the policyholder will receive a refund of all premiums paid at the end of the term period, without interest, should the policyholder outlive the policy.
Renewable term life insurance gives the policyholder the right to renew his/her policy at the end of the term period without having to prove insurability.
In addition to these variations in term life policies, there are other benefits such as a waiver option or convertible options that are extremely important to consider and could you save a fortune in the future. In this article, we’ll look into the details of convertible term life insurance.
Convertible term life insurance
A convertible option allows the term life policyholder to switch to a whole life policy at the end of the term period without having to prove insurability. There are several advantages to convertible term life insurance:
Keeps your option for whole life open. Most of us are not able to accurately assess our financial futures especially with so many changing variables such as job insecurities, market fluctuations, unexpected expenses. At the end of your term period, you may find that your need for life insurance is ongoing. You can keep your options open with a convertible term life insurance policy. At the end of the term period, you can easily make the switch without ever being in a position where you are left uninsured.
You can upgrade from term to whole life insurance without having to prove insurability. With a convertible option, life insurance companies give you the option to convert to whole life insurance without having to go through a medical examination. If your health has deteriorated over the years or you have developed a life-threatening disease, a convertible term life insurance policy will ensure you are not denied coverage, no matter how poor your health is.
You can begin with cheap term life insurance rates. With a convertible term option you can enjoy the advantage of cheap life insurance rates in the initial years. At the end of your term period, your financial position may be more stable and switching your coverage from term to whole life will be easier to do.
It’s optional. The convertibility privilege is not mandatory and the policyholder has the right to decide whether he wants to continue with term life insurance, switch to whole life or terminate the policy at the end of the term period.
Here’s how this type of term insurance works:
The convertible option is not offered with all types of life insurance policies so make sure you ask for it. As long as premiums have been paid, and terms and conditions in the contract have been met, the life insurance company is bound to convert your policy without having to prove any kind of insurability.
You continue to pay traditional term life insurance rates until such time when you feel you want to make the switch and use your convertibility privilege. Most companies will stipulate a limited age within which you can opt for conversion. Your whole life insurance rates will then be calculated on the basis of your age and gender at the time of conversion. With whole life insurance, these rates will remain steady your entire life. As long as you make premium payments you will remain insured until your death which means your beneficiary will have lifelong protection. The benefits of a whole life insurance include:
Lifelong life insurance coverage
Premiums will never increase
Your policy will accrue cash value.
You can borrow against your whole life insurance policy
After the policy accrues cash value, you never have to pay premiums out of your own pocket. You can use the interest generated in the policy to pay your premiums.
Buying Convertible Term Life Insurance
The best time to buy convertible term life insurance is when you’re under 40 and have young children. You can pay cheap term life insurance rates when your children are young and then convert to whole life to ensure your wife and kids are well-protected financially.
Check out aggregator websites for a term life insurance quote to suit your needs. Term life insurance rates differ from company to company. You can find the best value for yourself by comparing life insurance quotes from different companies. Make sure you understand the terms and conditions of the policy before making a final decision.
About AccuQuote:
AccuQuote is a leader in providing free life insurance quotesto people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands oflife insurance policies from dozens of top-rated carriers.
Guaranteed level term life insurance is the most popular type of term life insurance because you can purchase high coverage for extremely affordable premiums. These policies are designed so that premiums remain level for a period of 10, 15, 20, 25 or even 30 years. Check out affordable term life insurance quotes online for more information on this type of policy.
Return of Premiums (ROP) guarantees that the policyholder will receive a refund of all premiums paid at the end of the term period, without interest, should the policyholder outlive the policy.
Renewable term life insurance gives the policyholder the right to renew his/her policy at the end of the term period without having to prove insurability.
In addition to these variations in term life policies, there are other benefits such as a waiver option or convertible options that are extremely important to consider and could you save a fortune in the future. In this article, we’ll look into the details of convertible term life insurance.
Convertible term life insurance
A convertible option allows the term life policyholder to switch to a whole life policy at the end of the term period without having to prove insurability. There are several advantages to convertible term life insurance:
Keeps your option for whole life open. Most of us are not able to accurately assess our financial futures especially with so many changing variables such as job insecurities, market fluctuations, unexpected expenses. At the end of your term period, you may find that your need for life insurance is ongoing. You can keep your options open with a convertible term life insurance policy. At the end of the term period, you can easily make the switch without ever being in a position where you are left uninsured.
You can upgrade from term to whole life insurance without having to prove insurability. With a convertible option, life insurance companies give you the option to convert to whole life insurance without having to go through a medical examination. If your health has deteriorated over the years or you have developed a life-threatening disease, a convertible term life insurance policy will ensure you are not denied coverage, no matter how poor your health is.
You can begin with cheap term life insurance rates. With a convertible term option you can enjoy the advantage of cheap life insurance rates in the initial years. At the end of your term period, your financial position may be more stable and switching your coverage from term to whole life will be easier to do.
It’s optional. The convertibility privilege is not mandatory and the policyholder has the right to decide whether he wants to continue with term life insurance, switch to whole life or terminate the policy at the end of the term period.
Here’s how this type of term insurance works:
The convertible option is not offered with all types of life insurance policies so make sure you ask for it. As long as premiums have been paid, and terms and conditions in the contract have been met, the life insurance company is bound to convert your policy without having to prove any kind of insurability.
You continue to pay traditional term life insurance rates until such time when you feel you want to make the switch and use your convertibility privilege. Most companies will stipulate a limited age within which you can opt for conversion. Your whole life insurance rates will then be calculated on the basis of your age and gender at the time of conversion. With whole life insurance, these rates will remain steady your entire life. As long as you make premium payments you will remain insured until your death which means your beneficiary will have lifelong protection. The benefits of a whole life insurance include:
Lifelong life insurance coverage
Premiums will never increase
Your policy will accrue cash value.
You can borrow against your whole life insurance policy
After the policy accrues cash value, you never have to pay premiums out of your own pocket. You can use the interest generated in the policy to pay your premiums.
Buying Convertible Term Life Insurance
The best time to buy convertible term life insurance is when you’re under 40 and have young children. You can pay cheap term life insurance rates when your children are young and then convert to whole life to ensure your wife and kids are well-protected financially.
Check out aggregator websites for a term life insurance quote to suit your needs. Term life insurance rates differ from company to company. You can find the best value for yourself by comparing life insurance quotes from different companies. Make sure you understand the terms and conditions of the policy before making a final decision.
About AccuQuote:
AccuQuote is a leader in providing free life insurance quotesto people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands oflife insurance policies from dozens of top-rated carriers.
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