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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 have
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 known
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 employer may
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 Insurance?

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.

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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

email: info@yourinsurancestore.com

 

Raonbow Line.gif (4491 bytes)

For More Information Contact:

Henry Best Insurance Services
25820 Tennyson Lane, Stevenson Ranch, CA 91381
Tel: (818) 613-5380
FAX: (661) 284-3520

email: info@yourinsurancestore.com

Send E-mail to hbest@yourinsurancestore.com with questions or comments about this website.

Copyright 1998-2003 Henry Best Insurance Services
Last modified:  November 11, 2003