Who Should Opt for Best Term Life Insurance?
Best Term life insurance is meant for healthy people with limited income. The premium on cheap term life insurance is low as compared to the premium on a permanent life insurance policy. It is useful for people who want to ensure that in case of their death their children can attend college, or their spouse can pay off the mortgage on the house. In other words, it is advantageous for people who want their family to receive some monetary compensation in case of their death, but are unable to afford the higher premium on other insurance policies. Types of Term Life Insurance Policies Level Term Life Insurance: In this case, the amount of premium remains the same during the term of the policy. Sometimes the premium is fixed for a 10 year period, after which it may be adjusted. The premium then remains at the new adjusted level for the next 10 years. The duration of a term life policy can be 1 year, 5 years, 10 years, 15 years, 20 years, 25 years or 30 years. Annual level term insurance is
