Benefit house was founded in the year 2000.The website helps online customers to find the best and the most economical benefits available. The main reason for which our website was created was to provide valuable insurance and beneficial information for both individuals and business firms. The main goal of our website is to maintain a simple, user-friendly site which will provide current information and quotes programmed such as individual and temporary health insurance, term life insurance, universal life insurance, travel insurance and many more.
What Is Term Life Insurance?
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium upon the death of an insured person. But however term life insurance is a life insurance that offers coverage at a fixed rate of payments only for a limited period of time, the relevant time. After that period expires, coverage at the previous rate of premiums is no longer guaranteed .Term Life Insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. Term life insurance can be contrasted to attain permanent life insurance which includes whole life, universal life and variable universal life.
Term life insurance is beneficial only if you die during the specific period of time. The term Life Insurance is also called as the temporary life insurance in which the policies generally last for about 5, 10, 15, 20 or 30 years. Some of the term life insurance policies can be renewed when your term expires. While some the term life policies are even convertible, that is it guarantees the right to convert to one of the company’s permanent life policies. There are about three types of term life insurance which includes Level term life insurance policy, decreasing term life insurance and increasing term life insurance. Level term life insurance offers a death benefit that stays constant over the period and the premiums also stay in the same level during the specified term. Decreasing term life insurance provides a death benefit that generally decreases over the life of the policy in a specified manner and the premiums remains same in this case also. Increasing term life insurance provides a death benefit that increases over the term and the premiums generally increases with the coverage in this type of policy.