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30 Year Term Life Insurance

Term insurance is a plain-vanilla life insurance option which allows policy holders to obtain maximum coverage at the lowest cost.

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Before you decide which type of life insurance is best for your unique situation do some research. Having the facts about the pros and cons of the various life insurance options and the companies that offer the insurance is the surest way to protect yourself from insurance scams or making a bad decision about which type of insurance is best for you

Term Life Insurance Pros
Term life insurance is the most affordable life insurance. The reasonable premium rates offered for term life insurance allow people to buy policies with higher face values or payouts than they could otherwise afford. A whole life or permanent insurance policy could cost 2.5 to 4 times as much as a term life policy.

Term life insurance is the simplest of the life insurance options. Basically you need to know how much insurance you need — and how long you need it — and then shop around to find the terms and conditions you want at a competitive rate. You can find a reputable broker to help you or you can do quick searches on the Web. Just make sure the company you ultimately select is financially stable by checking out its rating with Standard and Poor’s or AM Best. Never use an insurer with a rating less than A.

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Term Life Insurance Cons

Term life insurance coverage is limited to the period of the plan, in this case 30 years. If you outlive the term of the plan you are no longer eligible for a payout at your death and you are not eligible for any refunds.

Be sure to read the term life insurance policy carefully before purchasing as some term life policies include a provision stating there will be no payout to beneficiaries if the policy holder dies in the first or first two years after the policy holder purchases the policy.

Term Life Insurance Options
Some insurers offer level term life insurance or guaranteed premium options which fix the premium for the life of the policy. Taking advantage of a level or guaranteed premium option will ensure that your premium does not increase over the term of the policy.

Many term life policies offer an option to convert your term policy to a universal or whole-life policy. The premiums on these policies may be higher but many offer the conversion option at the end of the term without additional health exams which is a valuable right to obtain.

There are also term life policies that provide a higher payout to beneficiaries if the death of the policy holder is accidental.

Shopping for 30 Year Term Life Policies
Once you determine the amount of insurance and the options you wish to include in your term life insurance policy shop around. The internet makes it easy to receive multiple insurance quotes or ask your reputable broker to assist you. Purchase a policy only when you are comfortable you have found a policy that best suits your needs.