The first insurance deal in the world was made in 1346. Later people liked this interesting way to protect the precious things they have. Famous people often unsure different parts of their bodies. Thus the face of Claudia Schiffer was estimated for $5, 000, 000 and the legs of David Beckham cost $70,000 to his insurance company if they suddenly become wounded or disable.
Your face may not be as expensive as Claudia’s and your legs may not be as fast as David’s, but I am sure that your life is priceless, so term life insurance is something you have to know about.
What is Term Life Insurance – Facts You Wanted to Know but Were Afraid to Ask
Term life insurance is the cheap variant of the whole life insurance. It is popular among students, young couples and new parents. People, who have just started to reach the first level of financial stability, begin to think how to save their money. Getting term life insurance seems the shortest way to success for them.
Term life insurance is the accumulation of money for some specific event in your life. Thus it is possible to be insured till your wedding day, the day of the 21-st birthday or till the birth of your first child. When the mentioned event takes place, you visit your insurance agent and claims for the coverage. This policy has a number of advantages in front of the other insurance programs. Thus it is cheap, easy to understand and profitable as the sum of coverage is big enough.
Very often term life insurance is bought for a number of years (one or two decades). The insurer plays roulette with his fate. If he or she dies during this period, the relatives get money compensation. If he or she remains alive, the coverage is also paid, but it is much smaller. What is the rate of this bribe to destiny?
Term Life Insurance Rates – How Much Does A Quite Old Age Cost?
Old age can be quite only if the youth was full of hard work. If you have saved something for old age, you will feel much more solid and calm. Term life insurance is one of the programs that should be started, when you are young. Then insurance companies offer to their clients democratic rates and plenty of additional services. It is easy to understand – the risk of death of a young person is much lower than that very risk of the older man. It is almost impossible for pensioners to get term life insurance, but if you are about thirty – it is the ideal time.
Rates for you will be much lower, starting from $50 and more. The level of health plays the main part in calculating of your rate for term life insurance. Best term life insurance is affordable to those, who have no chronic disease, don’t smoke and don’t lead an extreme way of life. I am not joking – term life insurance rates will be much higher for the lovers of racing, diving or mountain climbing.
Cheap term life insurance starts from $30 and the rate can be bigger because of your health and the amount of quotes you have chosen. It is possible to get the coverage in case of death or injury. Sometimes such medical events as unexpected disease (like cancer) or operation can be also included to the bill. As for cancer, this option was liked by Angelina Jolie, who supposed, she is inclined to get this illness, because her mother died from it.
By the way, pay attention to the fact that if your relatives had some kinds of illnesses like cancer or diabetes, you can choose this option in your policy. A certain amount of money in case of an illness (and its possibility is much higher if some of your close relatives had it) will not just console you in the minute of sorrow but also will be on purpose to get the necessary medical help and to get the better results while recovering. So it will be good if you replace the word combination “cheap term life insurance” by the other, more reliable, “best term life insurance”. It must satisfy your personal needs, and as you are a unique individual, you can hardly find some average general calculation for you. Still there’s an interesting idea to save some money for those, who are not alone.
Group Term Life Insurance – the More the Merrier!
I know that having a big family is not just very pleasant. It is very costly! Many insurance companies offer flexible system of discounts to loving mummies and daddies, who are ready to provide their small children for some level of protection. If you have already bought your term life policy, just add the names of your children and spouse there – and you will get protection for the small rate. This type of group term life insurance is called “dependant. You can add every child for $7 per month. Besides you can care about any other member of your family, who is dependant from you, starting from your spouse (who doesn’t work) and ending with your cat or dog. Really! Pets are also can be added to your policy. Group rates are usually much more profitable and the more people are included in your policy, the lower rates you get.
Family members are not the only people, who can be grouped around you and added to your policy. There are different group programs for employers too. If you have 20 or more workers in your office, you can provide them for social protection and accumulate some money at the same time. Be sure, that the additional privilege for your workers – term life insurance for a low rate – will attract to your office many talented colleagues as it is bonus they can get from you.
It is possible to get basic group term life insurance or a supplementary one. Basic insurance covers the expanses in case of a sudden death or injury. The supplementary insurance is for the employers, who want to provide their workers for additional tools that can prevent them from injuries. For sure, your workers will be grateful for this act and who knows – may be the income of your company will increase rapidly.
As you see, there are multiple ideas, how to protect your own life and lives of people, who are close to you, from sudden disasters. We can never avoid a black stripe, but we can get money to make it faster and shorter. Insurance is so called “parachute” that can be used only once but in the moment of usage it is absolutely necessary.