Insurance Professional

Life insurance is a contract between you and an insurance company and is a way to protect your family in case of your death, by providing funds to pay outstanding bills, taxes and income loss. Under a Term Life contract, the insurance company promises to pay your beneficiaries a sum of money in the event that you die within a period of time defined in the contract. Under a Permanent Life insurance contract, a portion of the money you pay in premiums is invested in a fund that earns interest on a tax-deferred basis. Over time, your life insurance policy will accumulate a "cash value" that you can use. For instance, you can borrow against the value of your life insurance policy. Moreover, you can design a Permanent Life contract that will accumulate enough cash so as to be "paid up" by a certain age. Your need for life insurance can change over a lifetime. At any age, you should consider your individual circumstances and the standard of living you wish to maintain for your dependents. In most cases, you need life insurance only if someone depends on you for support.

Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.

Term life insurance is the original form of life insurance and can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual. Term insurance is not generally used for estate planning needs or charitable giving strategies but is used for pure income replacement needs for an individual. Unlike term insurance, many permanent life insurance products also build a predetermined cash value over the life of the contract, available for later withdrawal by the client under specific conditions. However, on most cash value policies (like whole life insurance), the only way to receive the cash value is to cash out the policy. In a whole life policy, upon death of the insured, the beneficiaries receive the face value of the insurance, but not the cash value. Some financial advisers advise buying term life insurance and investing the difference elsewhere to those who still qualify to contribute to other tax-deferred investment growth such as IRA's or 401k's, but this strategy can backfire if the individual needs to renew and is unable to do so due to health reasons.

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Cheap Term Life insurance: How it Works?
Term insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that "term". State Farm offers a variety of term products to fit your needs, time frame, and budget

Cheap Term Life Insurance: Typical Uses:
Help provide for a family's loss of income
Cover short- term debts and needs
Provide additional insurance protection during the child raising years
Provide longer term protection to help pay off a mortgage, or to help pay for a college education

How to Get a low cost life insurance?
Take a look at the budget friendly option of a term life insurance policy. Term life insurance policy premiums are generally much cheaper than cash-value policies (universal and whole), especially if you are young and in good health and a low cost term life insurance policy does exactly what you expect it to do by financially taking care of your beneficiaries if you die. Here's the basics of a low cost term life insurance policy:

Purchasing a Term Life Insurance Policy
You buy a low cost term life insurance policy with a specified time period, usually one, five, or ten years. During that "term" you pay a specified premium. Your beneficiaries will receive a death benefit if you die during the term of the life insurance policy.

Facts About a Low Cost Term Life Insurance Policy
Seems simple enough, right? Well, as with all insurance, there are little complexities and loop-holes you need to fill. For instance, the death benefit may not be the same throughout the term life insurance policy depending on whether you choose decreasing, level, or increasing term life insurance. And, what about when your term is over? That's where renewable and convertible term insurance comes in. Take for instance you want a basic 10 year low cost term life insurance policy with the death benefit to stay the same throughout the term life insurance policy, and at the end of the term you would like to "convert" to a different term life insurance policy such as a cash-value policy, without taking another medical exam. In that case you would choose a level term convertible life insurance policy.

Deciding if a Term Life Insurance Policy is for You
Term life insurance does not build cash-value or have the tax benefits like universal or whole life, but it can be a great option for someone who would like life insurance, but can't afford the higher premiums. Here is a check-list to help you decide if a low cost term life insurance policy is right for you:

• You're on a budget and cannot afford a very high premium.
• You are young, and in good health.
• You are looking for a simple, straight-forward, low cost life insurance plan to protect your beneficiaries.