Affordable Term Life Insurance

Written by Stephanie Dula
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As far as life insurance goes, term insurance policies generally carry lower rates than permanent policies. These policies are worth looking into for those who cannot afford the higher premiums of permanent policies, but still need coverage. While permanent policies build up savings over time, term policies do not, but they do pay benefits when a policyholder dies during the term of coverage.

It is better to carry some kind of insurance than none at all, however, and term policies provide much needed coverage for a set number of years. Rates during the term are commonly locked in, and only go up when the term is up and the policy is renewed for another term. Policies of this type can be purchased of terms of one year and up to 30 years of coverage.

Term Life Insurance Rates

Insurance companies know that premature death occurs, but is more rare than death at an older age or from a serious illness. Term life insurance premiums reflect these statistics, and these policies are commonly purchased to affordably insure one's family against an untimely death. Many people opt for term policies as a temporary insurance solution, and plan on purchasing permanent policies later when they may be more able to afford them.

Term life insurance rates vary widely from state to state, even from company to company for the same amount of coverage. It is important to carefully consider each policy and amount of coverage. Individual debts, mortgages, and other financial liens will play a major role in deciding which term length and coverage amount will be appropriate for each situation.

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