Term Insurance Policies in the USA

Term insurance is known as temporary insurance. If the correct policy is applied to the correct

Hot Topics

What is the difference between a Guaranteed and Reviewable life insurance policy?: With a “Guaranteed” policy the Life Company guarantees that it will never increase the premium.....
What is Mortgage Life Insurance?: Mortgage Life Insurance is also commonly known as Mortgage Protection Insurance.
What is Critical illness Insurance?: Critical Illness Insurance pays an lump sum if you are diagnosed with a serious illness or critical illness.
Are there any fees or extra costs to pay?: If you are purchasing life insurance through our product partner, Life Policies Direct, then there will are no fees or other costs to pay

temporary need it will work well for policy owners. Some needs are short term and some long term but temporary just the same. On the other hand there are permanent needs for life insurance which will be there for the rest of your life. If you have a permanent need you need to buy a permanent policy like universal life, variable universal life, variable life or whole life insurance. There are many types of term insurance policies. Let us look at the need and which policy to apply to that need.

Your Mortgage

If you have a mortgage on your house you need insurance. You need a homeowners policy that would provide sufficient cash to repair or rebuild your home in the event of destruction by fire, flood, a hurricane or any other natural disaster. It is also important to own a ( secured loans ) disability insurance policy that would provide a portion of your income in the event you should become disabled. You certainly would want to have your mortgage paid off in the event of premature death...wouldn't you...

As you will have that mortgage for a specific period of time that can be categorized as a temporary need. Most people buy decreasing term life insurance to fulfill this need. If you have, for example, a 20 year mortgage you would buy a 20 year decreasing ( personal loans ) term insurance policy. As the mortgage balance decreases the death benefit decreases as well. Upon death the mortgage balance will be paid off by the term insurance policy proceeds.

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