Term Life Insurance Has Its Benefits

Tuesday, March 1, 2005

Aatters Term Life Insurance Has Its Benefits By Abbey Wagner, InsWeb (NAPSA)—A growing number of consumers are coming to terms with the benefits of term life  — particularly as an alternative to permanent life policies. There are twobasic typesoflife : term life , where you choose the coverage, amount and length of the policy, and whole or permanent life  — of which there are many variations — which combines an investment product with life . While both kindsof policies have their advantages, term policies can be an attractive alternative when cost is an issue. Whole life  policies can cost thousands of dollars a year, as opposed to the hundredsof dollars a year that the majority of term life poli- cies cost consumers. For example, if you are a healthy, nonsmoking 35-year-old male, you can get a 10-year, $100,000 term life  poliey for as little as $9.01 a month (or as little as $8.50 a month for a comparable female). If you think term life  might be right for you, here are sometips: * Buy enough life  to meet your needs;life  is not the place to skimp. * Also, match the term — the period of coverage — to your needs. Make sure your dependents are covered until they can provide for themselves, or that your spouse is covered until retirement income becomesavailable. When buying a Term Life Insurance policy, experts say you should make sure the period of coverage — the term — meets your needs. * As you move into your 50s and 60s, it may be harder to find affordable term life . So buy a term policy that you can renew before age and cost become barriers. Or buy a policy for a term that is long enough to cover you well into your retirement. * Tell the truth on your application. If you do not disclose a bad habit, behavior or health risk on your application, your beneficiaries may not receive the money after you pass away. * Shop around for the best rates on the Internet. Term life  policies can vary by 50 percent for the same coverage. Compare quotes at InsWeb to find the rates and policy that are right for you. InsWeb is an online service that lets consumers compare  quotes offered by different providers. To learn more, visit www.InsWebTerm.com.

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