Term Life Insurance
Term life insurance offers life insurance coverage for a short-term need. These types of policies are very straightforward. You determine what your need is, buy the insurance for a certain period, pay the premiums and then, at renewal time, you either renew or not.
When you buy term life insurance, the coverage does not offer any kind of return beyond what is stated on the policy. Be sure you know what kind of insurance you need before buying something that might not work for you.
This type of insurance is often very reasonably priced, but even so, there are a number of measures you can take to lower your costs as much as possible.
You can lower your life insurance premiums with a common sense approach: live a healthy lifestyle. Make sure you schedule regular checkups, eat well, exercise as much as possible, reduce your sugar intake and avoiding smoking. You already know the goals for healthy living; following such a path lowers health and life insurance premiums as well as your health risks.
Those with chronic health conditions can maintain their health and affect their premiums by proving they are managing the conditions responsibly.
High-risk professions and dangerous hobbies or sports sometimes result in denial of coverage by insurance companies. However, some companies offer policies for those in high-risk jobs, often specifically tailored for the circumstances. Unfortunately, they often depend upon very high premiums for coverage. Evaluate your interests, then balance your lifestyle and your desire for a certain type or cost of coverage.
It is possible to buy too much insurance for a term life policy. Assess precisely what you need and for how long you need it before buying. If you do not know how, or if you are uncertain how to choose a term in the right amount for your circumstances, speak to a knowledgeable broker. Buy your policy in modules if your situation is uncertain and if your needs may change over time. This simple step will save you money.
Ultimately, term life insurance is a highly personal choice. If a specific lifestyle or health issue is an issue for the foreseeable future, then term life insurance may be the right choice.