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Life Insurance Policy, Essay Example

Pages: 1

Words: 290

Essay

Quotes for a 20-Year Term Life Insurance Policy

The term life insurance ensures the reasonable protection for a provided period of time at any given premium level, since it is the easiest form of a life insurance. At the end of the term, the premiums increase as indicated by the table. In a situation where the death occurs to a person, the life insurance is usually paid to a person that was chosen as a beneficiary. Therefore, an individual is required to have a coverage level of the life term insurance, including the beneficiary. The beneficiary is always required to be from a family member or any one close, such as a wife or husband. On the other end, the coverage level can be 20 years, depending on the company’s policy. According to the table, it clearly indicates that the end of each term, the premium can be renewed at a higher level, depending on the wish of an individual. It can also be easily changed to a permanent life insurance that brings with it cash value and could earn dividends.

Monthly Premiums
Amount Insured $100,000.00 $250,000.00 $500,000.00
   
Mutual of Omaha $14.24 $20.47 $34.27
   
Prudential $17.46 $27.23 $46.80
   
State Farm $15.84 $23.71 $40.03

Further, Family Protection Life Insurance provides the life insurance that is readily available for the whole family under a given one policy. The premium is offered for the first 20 years and increases monthly after that. While on the other hand, the Increasing Premium Term (IPT) Insurance provides a protection that is pure and it can be ideal at the time a person requires a life insurance to protect his or her family.

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