How Long Should I Keep My Term Life Insurance?

Can I ditch my term life insurance before the term is over?

Most people purchase term life insurance because they believe that they have a need to protect their family if they die. People usually choose term insurance if they have a limited budget or they feel the need to supply their loved ones with a large cash infusion upon their death to be a finite need. …

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Decreasing Term Life Insurance

Decreasing Term Life Insurance

Decreasing term life insurance is a special form of term life insurance designed to cover a borrowing obligation.  It’s rare for life insurance agents/brokers to sell this type of life insurance.  Instead, loan officers such as mortgage brokers and F&I managers at car dealerships are the people who traditionally sell this type of life insurance. …

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What Happens when a Term Life Policy Matures?

What Happens when a Term Life Policy Matures?

When a term life policy matures the original premium payment agreement expires and now the policy owner must either pay a higher premium or find another life insurance policy.  The overwhelming majority of term life insurance policies issued today are level term policies.  These policies have a guaranteed level payment period.  Maturity occurs at the …

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What Is Term Life Insurance & How Does It Work?

The Basics of Life Insurance Part I

The simplest form of life insurance is called Term Insurance.  Term takes its name from the notion that it is purchased simply for a term (period of time), after which is it no longer renewable.  Not that long ago the general rule was term products were renewable to age 75 and that was it.  More recently this has been reviewed and some companies are offering term products that can be renewed past this date.  This is also governed by state insurance law so you should check on this for your specific state.  

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