Best Deal In Term Life Insurance
The term life insurance policy is a relatively inexpensive policy that offers coverage benefits for a predetermined time period. In this type of policy, the insurer pays an agreed premium amount for the agreed time period.
At the end of this policy period, the coverage benefits as well the premium rates may be revised. In the case of unexpected death of the policy holder, the death benefits are settled to the beneficiary mentioned in the policy document.
Claims are encouraged only for those events for which the policyholder has opted for while purchasing the insurance.
Depending on your needs, you can choose different coverage periods.
- If you are between 16 and 75 years, you can choose term life insurance for a period of 5 years for a minimum amount of $50,000.
- People between the age group of 20 and 60 years can choose a term life insurance period of 10 years for an approximate amount of $100,000.
- People who fall into the 20 to 75 years bracket can choose for a 20-year coverage period for an amount of $100,000.
- People having any mortgage assets can opt for a five year protection of their property for a minimum amount of $50,000 after which the value decreases.
In case you choose return of premium (ROP) feature for 20 years or 30 years, you can pay a fixed premium for the chosen time period. In addition, this feature guarantees returning the premium amount paid so far back to the insured in case he survives after the policy lapses.
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