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Term Life Insurance

Term Life Insurance may be a good choice to purchase not just for breadwinners but also if you have children at home, carry debts, or own a business. However, term insurance is not generally used for estate planning needs or charitable giving strategies but for pure income replacement needs for an individual.

Term life insurance is the cheapest and simplest type of life insurance. It provides death protection for a stated period of time. Term life insurance was developed to provide temporary life insurance protection on a limited budget. This means that it provides coverage for only a certain number of years.You can choose from 5, 10, 20, and 30 year periods depending on the insurance company. These policies can be renewed or continued at higher premiums to age 85 or 95 as stated in the policy.

Low Cost Term Life Insurance

These are the features of a Term Life Insurance: Initial affordability, FixedPremiums (adjustable in some insurance companies), Temporary, Renewability and Conversion.Aside from being the cheapest type of life insurance, Standard Term Life Insurance also guarantees fixed premiums, meaning the policy holder makes payments all of the same amount and same intervals of time and does not change over time. In addition, a standard term life insurance policy guarantees a fixed amount of benefitto receive.For instance, the death benefit will be of a certain amount regardless of how long the policy has been in force. Term life insurance policies only provide temporarycoverage for a specific period of time. For example, a 30-year policy is intended to provide coverage for 30 years and no longer.Renewable life insurance can be replaced with a life insurance policy of the same type, face amount, and health class. Lastly, the Conversionfeature means that your life insurance company will replace an existing term life insurance policy with a permanent life insurance policy of the same face amount.

Cheapest Term Life Insurance

Alternatives to Term Life Insurance are Whole Life Insurance, Universal Life Insurance, Survivorship Universal Life, and Family Life Insurance. It is better to weigh the pros and cons of each policy before deciding what to purchase.

The main advantage of Term Life Insurance is its simplicity and affordability. It is the cheapest option for life coverage. The younger you are, the cheaper your premiums. Another benefit of this type of policy is that the premium payments do not increase during the life of a term policy.

The major disadvantage is that it expires so if you die after it expires then you will receive nothing. Another drawback is that premiums increase each time you renew your term life policy. This is also due to the fact that you’ll be older each time you renew your policy and the higher your age, the greater your premiums. Therefore, it becomes expensive to continue as you enter your 50’s. Lastly, term life insurance does not offer a cash value. It does not work like a savings type of insurance. Your premiums are simply payments and do not go into a fund that you can later claim.

40% Off Endowment Cover

If you don't find the best value endowment life insurance quote now, over the lifetime of the policy this will cost you £1000's. Unlike other comparison sites we only provide quotes for Endowment Insurance which means you can speak to experts as well as getting great prices. Complete our form and find out your lowest quote.