What is Term Life Insurance?
Term life insurance is pure insurance protection, and
does not accumulate any cash value.
It is similar to automobile and homeowner's insurance, in the sense that unless you or
your beneficiary file a claim for a covered loss while the policy is in force, all
your premiums are forfeited by the insurance company when your coverage ends, or if you
cancel your policy.
Term life insurance is designed to give you the most coverage at the lowest price if you
a temporary insurance need, or cannot afford permanent insurance.
What is Term Life Best Suited For?
Generally, term life insurance is best suited for
individuals who need coverage for 30 years or less, and want to get the most coverage at
the lowest possible premium. It is ideal for:
||Mortgage Protection - since most mortgages taken out are for 30 years or
less, term insurance is the ideal product, since it can cover a large mortgage balance at
premiums that are usually much lower than those for other types of life insurance policies
as "Universal Life" or "Whole Life".
||College Tuition - since it could cost thousands of dollars a year to put a
child though college, term life insurance can provide the college student with the
necessary funds to complete his/her education with the life insurance proceeds, in case of
the parent's demise.
||Loss of Income due to Death - Term life is an affordable way to provide a
bread winner's loved ones with a substantial lump sum in case of his/her death. For
instance a 35-year old male with a spouse and 3 young children may want to make sure that
his family can stay in the house and have enough money to live on, at least until the
children grow up. Again, term life is ideal for this type of life insurance need.
||Key Individuals - people with specific business needs. For example, an
use term life insurance to cover the life of a key employee, associate, athlete, etc. who
has a set number of years until retirement.
||Affordability - Even though someone may need permanent insurance such as
"Universal Life" or "Whole Life", term life is often the alternative since it is
the most affordable. In addition, most term policies are "guaranteed
convertible" to permanent insurance up to a certain age, without having to requalify
medically, (i.e. no physical exam or lab work).
What Are the Disadvantages of Term Life?
Term life can become very expensive and unaffordable if
kept past the guaranteed premium period. For example, let's assume that premiums are
guaranteed at $50.00 per month during the first 20 years. However, if you wish to keep
your policy in force after the 20th year, you may have to pay a monthly premium in excess
of $300.00 and it could increase annually.
How do I get a "Free Quote" on Term Life
To receive a free quote, simply click on the button
immediately below this paragraph, then complete the form that appears on your screen while following the
instructions on the form.
You can also request a quote for you spouse on the same form. Requesting a free quote does
not place you under any obligation.
For More Information Contact:
Henry Best Insurance Services
25820 Tennyson Lane, Stevenson Ranch, CA 91381
Tel: (818) 613-5380 in Los Angeles
Tel: (888) 736-3417 "Toll-Free" outside Los Angeles
FAX: (661) 284-3520