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Term Insurance Policies in the USA. Page 2

Paying Off A Loan

Suppose you buy a new car. You put down a small down payment and you will pay this off in

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What is Terminal Illness Insurance?: Terminal Illness Insurance pays out if you are diagnosed with an illness from which you are expected to die within 12 months of diagnosis.
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about 5 years. If you suddenly died that money is still owed to the bank and they will likely come and repossess that car. If it is your desire that a relative or friend should own that car and you include that in your "last will and testament" it would make sense to buy a 5 year term insurance policy in the amount owed on the car. Upon your death the amount owed will be paid off. If there is any money over and above the amount owed coming from the policy your beneficiary will receive the balance.

Protecting A Young Family

One of the most devastating experiences a young family can go through is the death of the breadwinner. You are in your mid twenties and married. Your wife is about the same age and you have two children ages 3 and 1. Although your wife graduated college you both came to the decision that she would stay at home for a while and look after the children. Through the carelessness of a drunk driver you are killed in a automobile accident...

Try to imagine the situation the family will be in. There are final expenses to be paid. Court costs and attorneys fees, burial costs have to be paid while your wife and children have to continue living. Rent or mortgage payments have to be made as well as ( personal loans ) utility payments. The biggest bill will be the maintenance of the family until they can fend for themselves. All these things can be taken care of with a well thought out 20 year or 25 year term policy.

This term insurance policy can be designed to pay a small lump sum up front to cover the immediate needs. The balance would ( secured loans ) pay an income equal to your present income for a specific period of time. This income coming from your term insurance would last until your children graduate college. It could even be set up to pay an income for as long as your wife would live.