Saturday, April 3, 2010

What Happens at the End of My Term Life Insurance?

term life insurance is talking about. Many people think that 10-year term policy only lasts for 10 years and that "10 years" is the "term" of the life insurance. That is actually incorrect. In this example, the premiums and coverage will be level for ten years. At the end of ten years, your coverage will probably not end for most policies. Instead, your premiums will start to increase each year. The schedule of premiums and death benefits is clearly stated for the life of the policy in your policy papers.

The "term" refers to the length of time or the age at which coverage will end. For many term policies the "term" ends somewhere between ages 70 and 90. A ten-year term to age 80 policy will have 10 years of level premiums and at the end of the 10-year level period the premiums will increase each year until age 80. At age 80, the coverage will end. If the policy does end at the end of the level premium period, then it would be labelled as non-renewable and clearly be shown to end at the end of the level period in your schedule of coverage in your policy papers.

Also, most term life insurance policies have a conversion provision that allows you to convert the policy to a whole life insurance policy without having to apply again or go through underwriting again. This usually has to occur before the level period has past and before you reach a certain age. Age 65 is a common age for conversion options to expire.

You need to carefully read your marketing materials and your policy papers to know exactly how long your premiums are level, how long you have coverage, and how long your conversion privileges last.

Tips for Choosing the Correct Car Insurance Company

Tips for Choosing the Correct Car Insurance Company

When you go to choose a car insurance company it may be a tough choice deciding which one is best. First, you have to decide what you are looking for in an auto insurance company
so that you can make the right decision. There are many insurance companies to choose from which can make your decision even more difficult. Here are a few things that can help you to choose the right insurance company for your needs.

You should definitely research several options before making your decision. This will be important as some of them will offer different packages and services. You should never let the cost be your deciding decision when it comes to choosing auto insurance. The price is an important factor but what is more important is the service you get for that price.

The price can vary quite a bit between the different companies due to some with offer services that some do not. By comparing insurance companies and what they have to offer you can help you to fill in the blanks as to what is included in the cost or not. If the company has good and reliable customer service this is another reason you may decide to choose a particular insurance company. The service you receive will be an important feature to look for with any car insurance company. Talk to them and compare their services to other companies. Make sure they are dependable so that you will be able to trust them with your auto insurance needs. Maybe a friend or family member can give you some advice on choosing a good auto insurance company. This is a good way to know if others have had good service with their insurance companies.