Professional Guidance On Identifying Significant Aspects For Term 20

The renewal term may be as short as one year or as long as the original term. Most companies also allow term life policies to be converted to a permanent policy, such as whole life or universal life. Permanent policies are designed to provide coverage for the life of the insured person, not just a stated term. New premiums and other conditions may apply. Costs Term life premiums are determined by a number of factors, including the age, health, tobacco use, and occupation of the insured person, as well as the length of term and stated death benefit. For example, it will typically cost less to insure a 30-year-old nonsmoker in good health for a 20-year term and a $200,000 death benefit than it will to provide the same policy to a 45-year-old smoker with ongoing health issues. The policyholder usually pays level premiums for the duration of the term. However, every time the policy is renewed, the premiums can increase to reflect the age of the policyholder. Renewing the policy for the maximum available term, which is the length of the original policy term, can help stabilize the premiums. In some cases, the insurer may require a new medical examination prior to renewal, which could result in even larger premium increases or exclusion. Other financial benefits Unlike permanent life policies, term life policies do not provide a cash value component. The premiums paid to the insurer are simply the nonrefundable price of coverage for the stated term. One partial exception is a return of premium (ROP) term policy. If the insured person survives to the end of an ROP policys term, the insurer refunds the total amount of the premiums paid. In some cases, the policyholder may even withdraw a percentage of the premiums before the end of the term. Summary Term life is a sound insurance option for people seeking to provide for their dependents for a set period of time. For more information about whether term life is right for you, be sure to discuss your needs with an insurance professional.

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