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30 Year Term Life Insurance
The 30 year term life insurance policy has several purposes. It can be a way for people to continue providing for their families after they have passed away and are unable to earn a salary. It can be used as a way to pay estate taxes so that the heirs do not have to sell anything in order to meet the tax burden. It also offers a sum of money to pay funeral expenses and any other costs associated with the death of a loved one. Whatever the reason for needing life insurance, it is a highly useful product to have.
Term versus Permanent Life Insurance
Term life insurance is a popular product because people who may not have a lot of money to spend can protect their families' futures with term life insurance for a more affordable price than they can with a permanent life insurance policy. Permanent life insurance is a much more involved product than term life insurance. It contains an investment component that increases the cash value of the policy, but it will also require that the policy holder pay hefty commissions to their agents.
Term life insurance benefits those who do not necessarily want the investment component and do need to provide for their families with a life insurance product. Without the investment component, the policy holders will be paying strictly for a level term life insurance policy. This is an ideal financial vehicle for those who have a mortgage loan. Most mortgages are thirty loans, and this type of policy will provide them with adequate coverage through out the period of their loan. Calculate your need with our mortgage insurance calculator. At the expiration of the term the coverage will end, and this is the reason that it can be so inexpensive. If they are at their youngest ages and in very good health, they can be assured that they will receive the very best rates. Many insurers will provide them with the option to convert the policy at expiration,making this even more attractive. How do you know whether to buy a 30 year term life insurance or mortgage insurance policy?
Qualifying for 30 Year Term Life Insurance
In order to qualify for most term life insurance policies, applicants will need to take a physical examination ( or look into a no medical exam life insurance policy )and answer several questions about their health and the health of their families. The insurance companies would like to determine how much of a risk the applicants have of contracting a disease within the term and passing away. If the applicant has hypertension, this signals to the insurance company that this applicant may have heart disease in his or her future. If the applicant is not under the care of a physician and is living a very unhealthy lifestyle, this applicant is very likely to be turned down for life insurance or asked to pay the highest premiums.
On the other hand, the applicant can have a very healthy lifestyle and nothing within their histories to suggest that they will pass away prematurely. These are people who will be required to pay the lowest premiums. If these applicants are also purchasing a 30 year term life insurance policy, they will benefit greatly from it. For one, the premiums that are set at the beginning of the policy will remain in place for the entire term.
The Difference between Term Life Insurance Policies
Purchasing a 30 year policy is much more advantageous to people who need to take a physical examination to qualify for the policy. They do have the option of purchasing policies that need to be renewed every five or 10 years, but they will also need to take their physical exams again after those policies expire. As people get older, its gets harder for them to qualify for life insurance, and they will be required to pay a higher premium every time they renew.
If people decide to purchase a five year term policy and renew these policies six times, they will have paid more for their coverage in 30 years than they would have paid had they chosen the 30 year term policy. Sometimes, people only need to insure their lives for five years. If an applicant needs a long-term policy but cannot afford a permanent policy, the 30 year term life insurance policy is the best choice for them.
Qualifying for Term Life Insurance with an Illness
Qualifying for a 30 year term life insurance policy may mean that people need to make changes in their lifestyles. Just because someone has diabetes, for example, does not mean that they will be turned down or need to pay the highest rates. If these people can demonstrate that they are following their doctors' advice and their lab tests show positive results, they can receive the rates of healthy applicants.
Finding the insurance companies that have the best rates for people in all circumstances is easiest when people use a comparison feature such as the one on this website. A 30 year term life insurance policy would benefit everyone in so many ways, and it will only take a few minutes to perform the search. The comparison tool does everything for you. So, fill out the quote form right now and discover how little you can be paying for a 30 year term life insurance policy.