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Term Life Insurance is the most affordable life insurance option. Due to the fact you are only purchasing the policy for a predetermined period of time (the term) it is an inexpensive alternative to a whole life or universal life insurance policy which are permanent, as long ad the premium payments are made.

You can purchase a term life insurance policy for as little as a 5 year term to as much as 100 year terms. The most popular terms are 15,20,and 30 years. Once you have established how long you wish to have the policy for you will then need to decide on a face amount (or death benefit). The face amount of the policy is the amount that would be payable to the beneficiaries in the event of your death. Term policies do not accumulate any of cash value other the term which will not increase or decrease over the life of the policy.

When deciding on a face amount it is important to review many factors. What is the reason for purchasing the policy? If you buying a 30 year term policy in order to protect your mortgage, be sure to know what you owe and be sure to purchase enough coverage that in the event of your passing your loved ones will not be burdened with you debt. Be sure to add in any other debt you have or intend to have over the life of the policy. If you have small children and you are purchasing the coverage as a replacement to your income in the event of your death, multiple your annual earnings by at least three years to be sure they will be provided for until they are grown.

People choose to purchase life insurance for many different reasons, but make sure you purchase enough coverage. Choose a face amount that will supplement the income for your loved ones and cover any debt you may leave behind, but be sure to purchase one where you can afford the life insurance premiums.

Most term life insurance policies are paid annually, however you can opt to pay monthly on an electronic funds transfer. By selecting to pay monthly, you are authorizing the life insurance carrier to draft your monthly premium payment from your bank account. In some cases certainly companies also allow you to pay a single premium for the entire life of term.

Due to the fact life insurance is a personal matter it is important to speak with a life insurance agent or financial profession prior to selecting a policy. Their knowledge and expertise will assist you on choosing a policy that is appropriate for your unique situation as well as one that will meet all your insurance needs.