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What is the term life insurance?

Author: Thomas Ben
by Thomas Ben
Posted: Oct 24, 2019

You are bound to think about your family's future beyond the extent when you are the only breadwinner of the family. How your family finances run when you are not in the picture? It is essential to think about such a scenario. Among many valuable options like buying up assets and having lots of savings, term life insurance can be the best option to choose.

Buying many assets and having lots of savings may not be possible for everyone, but taking an insurance policy can be one. You can get the best options within this insurance policy.

More about this life insurance policy

You can avail it as a shorter or longer-term insurance policy. As the term period starts from 5 years and can be up to 50 years. If you want your policy to be for a smaller period of time, you can avail the insurance policy around 5-10years. You can choose according to your capability of paying the monthly premiums and requirement.

You need to be between 18y-79y to avail this insurance policy. You can claim the insurance amount within the term period and make use of it. If you are not able to claim the insurance amount within the term period, you need to forget the insurance amount. You will have a chance to make use of the money only if you could claim the life insurance policy within the term period.

There are two specific kinds within this policy. You can choose one according to your requirements.

Decreasing term life insurance:

It is a bit different from the other insurance policy. You can choose your term period and start paying the fixed premium amount monthly. But the output amount will be decreasing gradually within the term period until it comes to zero.

Your family will get a large sum of the amount at the start of the term period. But as time gradually goes, the out amount will be decreasing.

Level term life insurance:

Unlike the above one, it is different. The monthly premium payouts will be same only the difference will be concerning the out amount. Throughout the term period, your output amount will remain the same. You need to be regular with the monthly payments.

When you are not around, your family will get a fixed amount. It will be the same throughout the term period. There is no change with the out amount. But you need to claim the amount within the term period.

Which one can be the better one?

It ultimately depends on you about choosing your insurance policy. You need to cross-check with your situations and choose accordingly. Get to know all the terms and conditions of the policy before choosing one.

You need to know which agency can offer you better choices concerning your insurance. It is to ensure your family finances for further future, which needs extra caring. At Swift Life Insurance, you can get multiple options and can choose accordingly. You can get reliable terms, which will ensure your family's safety in the future.

About the Author

Securing your family in all the situations will be your priority, and you need a reliable and trustworthy person's help with it. Swift Life Insurance can be that person for you. We will take care of your family's economical status in your absence.

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Author: Thomas Ben

Thomas Ben

Member since: Oct 07, 2019
Published articles: 1

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