The Pros of Term Life Insurance
Term Life Insurance is considered to be the original form of insurance. The pros of Term Life Insurance are its low cost and uncomplicated nature.
Term Life Insurance is called traditional insurance because it is the way insurance originally began. It is really a straight forward and simple contract between the Insurance Company and the client. This contract has sometimes been described as a wager by comics. They say that the Insurance Company is betting that you live for the entire length of the term of the contract. You are betting that you do not live and if you die, you win the bet.
The purpose of Term Life Insurance is to provide financially protection for a very specific purpose. This purpose can be short term or long term. One of the advantages of Term life is the ability to tailor the duration of the policy to the particular need it is addressing. An example is additional protection during the child raising years. A person might feel the need to provide additional protection to his family after the birth of a child. The Term of the policy can be set for 20 years in this case.
It is this straight forward and uncomplicated format that makes Term Life popular with many people. Although there are several different types of Term Life being marketed today such as Return of Premium (ROP), the pure Term Life remains simple. It pays a set cash benefit to your beneficiary upon your death. This cash payout is determined at the time the policy is issued and remains in force for the duration of the agreed upon term. Some plans have variable premiums that are subject to fluctuations, but even these have pre-set limits. The premium cost is known in advance.
This is the major advantage of the Term Life Insurance Policy. The relative cost of coverage is low compared to other types of Insurance. The premiums are kept low because of the fact that the policy is not building any cash value, and also because the Insurance Company is basing the cost structure on the idea that they are not going to have to pay out the death benefit. They are operating on the assumption that you are going to survive until the term expires.
The three pros of Term Life Insurance are simplicity, a variable term that can be tailored to a specific need, and the low cost of the premiums. Term Life Insurance can be a very valuable risk management tool for a person who either needs some short term additional protection or is overextended in other investment vehicles.
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