What are life insurance premium payments?

Premiums are the price you pay to the insurance company in return for the life insurance coverage provided by the insurer.

Usually, you may choose one of several payment options or modes of payment: Monthly, Quarterly, Semi-Annual, or Annual payments.

Make sure you pay your premiums on time so you don't let your life insurance policy coverage lapse, which would put your insurance in jeopardy of no longer being In Force.

You can set up automatic premium pa...

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What is the definition of term life insurance?

Term life insurance is temporary life insurance that provides coverage lasting for a specified number of years.

Usually, term life offers life insurance for up to thirty years.

However, you may be able to choose a Policy Term (duration of coverage) lasting for a period of 10, 15, 20, 25 or 30 years, depending on your age, health, and insurance needs.

If the insured dies during the policy term, the death benefit is paid out to the beneficiary of the p...

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A waiting period for life insurance can be one of two things:

The period of time before your life insurance coverage begins.
The period of time before you have 100% full death benefit protection.

Usually, a life insurance policy begins coverage once you have applied for your policy, been approved by the insurer, and paid your first premium payment.

However, you may or may not have full death benefit coverage from day one of your life insurance policy being In Force.

Traditional life insurance plan...

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If you are considering the purchase of life insurance, you may want to learn about when it's a good time to buy term life insurance, and when it may be better to buy permanent life insurance protection.

Since term life insurance is temporary, lasting for up to 30 years, you'll want to consider term life for your temporary protection needs; such as, if you have a need for life insurance that will last 30 years or less - A home mortgage, car loan, growing children, etc.

However, it you need life ...

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If you own life insurance you may wonder how the benefits are paid out after you die.

There are a few different options the beneficiary may choose from to receive the death benefit from a life insurance policy, including:

• Lump sum payment.
  
• Checks to drawn on a checking account.
  
• Annuity payment on a period of time.
  

Learn more about how life insurance death benefits are paid out.


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If you are insured by a term life insurance policy, and you don't die during the Policy Term, then the following happens:

• The is no payout of any death benefits, since are are still alive.
  
• The life insurance coverage ends, and you pay no more premiums.
  
• You may have the option of renewing your term life insurance policy for another term, usually up to 5 or 10 years, at a new rate based on your age at the time of renewal.
  

However, you will need to contact the insurer before expiration of your origi...

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Can I buy a final expense insurance policy with no medical questions asked?

Yes, if you qualify for coverage you may purchase a no medical question final expense policy.

These plans are guaranteed issue, which means there is no health exam or health questions asked.

However, guaranteed issue policies are usually available for people over 45 years of age.

You need to meet the age requirement for guaranteed acceptance on your policy.

One insurer offers guaranteed approval final expense life insuranc...

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A term insurance policy is a type of life insurance plan that provides protection for a specific period of time.

It is also known as temporary coverage, because you may outlive the duration of your term life policy.

Usually, you may choose a policy term of 10, 15, 20, 25 or 30 years to meet your specific life insurance needs.

If you pass away while your life insurance coverage is In Force, the death benefit is paid out to your beneficiary.

If you outlive the duration of your coverage, there is n...

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