Term Life Insurance-Term Life Insurance Rates

Nicole’s Dad asked:


I have a term life insurance policy with my spouse as the sole beneficiary. I wanted to know if she were to collect on that policy, are there any taxes due on the face value or would she be entitled to the full face value of the policy?

Chin Sterpka

Term Life Insurance

The term life insurance forms the foundation of all life insurance policy. In this type of life insurance policy, the policyholder needs to pays a constant or fixed premium over a particular amount of time. Suppose if the policyholder dies within the specified period then the insurance company will pay the guaranteed money to his family members. When the policyholder didn’t die within the specified period, then the coverage will get vanished.

The person who can apply for term life insurance

Since the life insurance policies are associated with dead, which makes many of the people to get scare. Some of them refused to take the insurance policy because they thought that if they are alive then they can be worth for more dead. It is not mean that if they take the insurance policy they will die soon. Life insurance policy is mainly to provide financial security to his family members when the person is no more. Suppose if you think that there are no other person to financially support your family members after your death then you can buy a life insurance policy.

If you are a single person and if you didn’t have any child or any other dependencies then you can simply avoid term life insurance Otherwise it is advisable for you to buy the term life insurance.

Merits of Term Life Insurance UK

There are several advantages of term life insurance. Some of them are listed below

• It provides a financial support to your family members when they need it after your death.

• Depending upon the policy, it can either be convertible or renewable.

• It gradually increases annual premium as you get older.

Demerits of Term Life Insurance

There are some of the disadvantages in term life insurance. They are listed below

• It doesn’t provide you permanent life insurance protection.

Different types of Term Life Insurance Policy

There are different types of term insurance policies are widely available. Some of them are listed below.

• Level premium term insurance

• Decreasing term insurance

• Renewable term insurance

• Convertible term insurance

• Annual renewable term insurance

Term Life Insurance Quote

Term life insurance is inexpensive and most financially efficient form of life insurance for most young and middle-aged people. The premiums on term life insurance policies are relatively very small when compared to other life insurance policies and the probabilities that the young and middle-aged people will die is also very small .Term life insurance policy provides a coverage for specified amount of time usually it ranges between 10 and 30 years.Term life insurance policy is suitable for many of the people because they can select a term that will cover them during their time of the greatest financial need.

Example quotes

This example is taken from the resource

http://uk.virginmoney.com/virgin/life-insurance/examples.jsp

How much cover you get for your monthly premium depends on your age and health at the time of application etc. To give you an idea, here are some examples.

Examples are based on £100,000 of level cover and assume you’re in good health.

Male

Age* Smoker? Cover amount Term Monthly premium

30 No £100,000 20 years £7.50

35 No £100,000 20 years £8.70

40 No £100,000 20 years £11.90

30 Yes £100,000 20 years £11.80

35 Yes £100,000 20 years £15.60

40 Yes £100,000 20 years £23.90

Female

Age* Smoker? Cover amount Term Monthly premium

30 No £100,000 20 years £6.50

35 No £100,000 20 years £7.40

40 No £100,000 20 years £9.60

30 Yes £100,000 20 years £10.00

35 Yes £100,000 20 years £12.70

40 Yes £100,000 20 years £19.00

*Age next birthday.

Rates correct as of 22nd October 2008



By: Termlifeinsurance

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Warren Bejerano

Joe asked:


I am just curious, My parents are getting to the age where I have to start thinking about life insurance. They currently have none, and I was thinking of purchasing a Term life insurance plan for them, and paying it myself. Is that…possible to do? Like wouldnt I just make like say my and or my siblings for benificiaries on the plan and pay the premiums..and if (god forbid) the unthinkable were to happen..would it be a legit policy?? Confused!

Minta Gendusa

BrooklynChk asked:


If you were no longer able to work and went on short and then long term disability from your job and then you die, is your family still eligible for life insurance that you had through your employer?

Jeanna Bandley

bbq asked:


here is my original question

http://answers.yahoo.com/question/index;_ylt=AloaSJ00r.VoSPxXAt2Z2jbsy6IX?qid=20070807141947AAb1AOI

very good answers and i want to explain a bit more. i am 34, my husband is 40. we dont have any retirement investments (for the most part). My concern is with term life ins that what if i get a 10, 15, or 20 yr policy – will i be able to renew for another term without question or by that time will i be subject to questions and medical exams or outright denied ? I just want to make sure either one of us will be alright either way. no kids.

Tamesha Sylver