30 Year Term Life Insurance!
Currently a 30 yr term life insurance policy is the longest term length available to purchase with most life insurance carriers. Although AIG or American General has a select a term product out right now that will allow you to select either a 31,32,33,34 up to a 35 year term plan. Simply amazing that you can be able to get term rates and coverage for that time period with term like rates!
30 year term plans have been very popular with the mortgage life agents and buyers, you can actually put a policy in force for the life of your mortgage. This policy will pay off the debt left on the outstanding balance and if you have held the insurance for a number of years you should have monies left over to help with other debt or to invest.
30,20,15,10,5 year term, How do I choose?
Once again, it depends on your situation and what you want out of or need from your life insurance policy. If you have a strong financial portfolio in place you may not need your insurance policy to accumulate cash value. What you do want however, is to protect your family’s financial future in an affordable, economical way. A great solution for this is to consider a 30 year level term insurance. A 30-year Level term like all term life insurance provides life insurance protection only. It does not accumulate cash nor is it eligible for dividends but, offers you premiums and a face value that remain level for the first 30 years of your term life insurance policy. When your term coverage ends you may choose to renew it but at an annually increasing premium rate. The good news is that you do not need evidence of insure ability meaning you do not need an exam to re-qualify or to convert your level term policy to a cash building permanent life policy. The not so pretty news is that the longer your term coverage the more expensive your level premium is so when you renew your guaranteed annual premiums will be costly. Annual renewable term (ART) and convertible rates also increase annually but are typically much less. In addition eligibility can be available to individual applicants between the ages of 18 and 50. Most of the 30, 20, 15, 10 year level term plans have all of the same features that a 30 yr plan does. Minor changes apply like when you can convert the policy and at what ages, but for the most part they are very similar except in the term length. Remember that 30yr term plans will cost more than the other plans due to the fact the insurance company is guaranteeing they will pay your claim if you die and the policy is still in force during the thirty years.
Benefits of 30 year level term life insurance
- Renewable to age 80 without evidence of insure ability.
- Convertible to Whole Life insurance to age 75 without evidence of insurability.
- Level premium guaranteed for 30 years, increasing annually thereafter.
- Amounts are available from $100,000 to $1,000,000 and more.*
- Disability Waiver of Premium Rider (to age 55) and Accidental Death Rider (to age 65 and up to $250,000) are available. To learn more about how to get additional protection through “Riders” click here.
Insurance companies are getting very creative these days with the types of term insurance policies that they bring to the marketplace for consumers. That is why we here at Lifeinsurance-pros are standing by to help you decide which is the absolute best plan for you and your family. Whether it is whole life, universal life or term life for 20 to 30 years. We have the experience to walk you through the process get you the best term quotes and rates from the very best life companies. For example there is now a 30yr return of premium life insurance policy that is now being offered.