How Am I Billed for Term Life Insurance?
Planning for a time when we are no longer here is never pleasant, but it has to be done nonetheless so that loved ones are cared for. One popular kind of life insurance you might want to consider is called term life insurance.
When you get term life insurance, you covering a certain time period of your life with life insurance. That’s different from whole life insurance, which covers your entire life – hence its name. With term life insurance, you can cover certain segments of your life if you can’t afford whole life insurance, which can be very expensive. With term life insurance you can cover your kid’s earliest, most vulnerable years if that’s all you can afford. Clearly, they’re being covered until they can stand on their own two feet is much better than not having any life insurance at all.
If you get term life insurance, you can choose from a few common payment options. You can pay a monthly premium, or you can pay it all in a single lump sum, known as a single premium. Payment options can vary from policy to policy and issuer to issuer, so be sure to read the fine print of your term life insurance to understand what is expected of you in terms of paying your premium.
To learn more about term life insurance, whole life insurance and other kinds of life insurance topics and terms, be sure to consult with a financial advisor. You need all the advice you can get before you commit your money to something like a term life insurance policy. If you’re searching for a comprehensive life insurance policy, Go Insurance Rates can provide you with the free rate quotes you need to get started.