Term Life Insurance

Term life insurance is the simplest form of life insurance available and works for many people. It is the most affordable life insurance option as well. It works by selecting a coverage amount then paying a determined premium for the life of the policy. Term life is called term coverage because you select an amount of time to be covered, after the term length is over your coverage ends. Some companies have an option to continue the coverage, but the premium you pay will increase after each additional year.

Term Life Insurance Requires A Physical Exam:

Before you are accepted for a term life insurance policy, you are usually subject to a physical examination that determines your level of health. Those who have very poor health or suffer from life threatening disease may be considered uninsurable. If your health is good or adequate, you will be accepted and the policy will begin. After the term is up, you can choose to re-apply for term life insurance, but you will often be required to undergo another physical examination. If your health has become worse or changed since your last exam, then your premiums may be higher than before.

Term Life Insurance

A good question to ask yourself if you are thinking about term life insurance is this, how long do you need to be covered? Term life insurance is built to protect your family should you die untimely. So if you are in your 20s or 30s, you may want a long term length. Ideally, the older you are, the less term life insurance you need. Term life insurance would be a waste of money if you are at the age of 60 and have no dependents to care for should you pass away.

It Is Never A Good Idea To Lie:

While applying for the term life insurance policy, it is very important to tell the truth about all health conditions and provide no false information. False information is considered fraud, and if the policyholder gave false information, the payout upon death may be revoked. It is better to tell the truth about your health status and shop around, there are some companies who insure those who have been denied elsewhere.

Always Seek Out An Insurance Advisor:

If you have questions about a term life insurance policy, it is advised that you seek out a representative of whatever company you are considering. They are often called advisors, and they can help you by answering your questions about the policy. If you are unsatisfied with what they are saying, then it is recommended that you consider another company and speak to one of their advisors.

Term life insurance is only one of four common types of life insurance available. It is geared towards individuals who need coverage for a set period of time. Term life policies usually offer a set amount of coverage and are often dramatically cheaper than whole life and universal life insurance policies. If you are interested in term life insurance, a list of ten life insurance companies located in Canada can be found at (http://www.liic.ca/life-insurance-quotes-canada/).

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