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Common Misconception of Term Life
By cpa | March 14, 2008
In recent years, a “Term Life Insurance ” very popular, and many families (particularly younger families), are willing to protect their families, because it premiums low, even if the purchase of half of million protection, and need only several dozen dollar per month.
This is a feature of life insurance, the premiums can be locked low for a considerable period of time as short as 10 years, as long as 30 years, during this period of time, regardless of how is the body insured, the premium will not increase. Such insurance as a “Term Life,” possibly with the security costs of the lock.
However, there is a common misconception that Term life insurance in 20 or 30 years will lapse after a regular basis, Term life is in fact a life-long, 20 or 30 is the premium lock period, after both physical situation, Auto insurance still remain in force, that is, Term life insurance can be whole life insured, the insurance companies will not ask for health checks.
Of course, after the premium lock period, the premium would be substantially increased. When you buy term life insurance, “the policy agreement” has been specified, in the future premiums lock period, the maximum amount of insurance premiums; according to past experience, usually insurance companies collected premiums under the maximum amount.
Topics: LIFE |
March 14th, 2008 at 6:27 pm
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