5 characteristics of term based life insurance

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5 Characteristics Of Term-Based Life Insurance
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INTRODUCTION
Term-based life insurance may be a lot similar to
whole or permanent life insurance, but it is
meant for only a specific time not like the whole
insurance policy - which is for life. This term
however can be mutually agreed upon by the
individual and the insurance provider. This
presentation will highlight the 5 basic
characteristics of Term-based Life Insurance so
you can understand it better.
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Policy Fulfillment
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Like the standard life insurance, term-based
insurance also works the same way. However, the
policy will help the deceased if he or she died
in the term period that was insured and not after
it. Further, the policy will apply if the person
dies in a way that is in the criteria of the
policy only.
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Must Be Specific Period
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Term-based Insurance means that the insurance
policy is bound on the dates set by mutual
agreement of the insurer and the insured. This
period can be of any length. For example, it can
be of one year or even ten years or more. It is
however important that the period is set and
documented in the agreement of the policy.
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Gets Expensive With Age
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Term-based Life Insurance gets expensive as you
get older. It is because the elderly are more
prone to having illnesses and might be suffering
from a fatal disease at the time of the
insurance. This reason forces the insurer to
raise the cost of the policy for the insured.
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Upgradable Insurance
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Term-based Life Insurance can be upgraded to
whole life insurance at any time while it is
active. However, if the term is ended the policy
will not change and you will have to get the
insurance again from scratch.
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Extra Coverage
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Term-based Life Insurance is usually used as an
extra insurance coverage while still having the
life insurance policy. This helps the insured to
get better insurance premiums and becomes safer
if compared with the people that have only one
insurance policy activated.
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Conclusion
Keep yourself financially secure by consulting
financial advisors. It is not a laymans job to
handle insurance policies because a slight
mistake can land you in heaps of trouble. A
unique and comprehensive Insurance Policy can
save you from financial troubles down the road.
Contact Kewcorp Financial if youre located in
Edmonton.
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Jim Kew Financial Planner
Scott Kew Financial Planner
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