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Spin off to life insureance- How does a term policy work?
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CallaLily
Thank you, Saint Gerard!
Member since 10/07 4937 total posts
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Spin off to life insureance- How does a term policy work?
Sorry if this is a dumb question but I really don't know anything about life insurance and I need to start looking into it now that we have a DD. Lets say I get a 30 year term life policy but don't die in those 30 years...what happens?
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Posted 6/21/12 8:22 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Spin off to life insureance- How does a term policy work?
Term life insurance is like renting. You have coverage for the period of time (the term) you pay for it. At the end of the term your coverage ends and the policy terminates. Some policies give you the option to continue the coverage at the end of the term but the cost is usually very high.
When looking for life insurance you need to consider your short and long term needs as well as your budget. For young couples I usually recommend a combination of term and perm. coverage.
Message edited 6/21/2012 9:14:47 AM.
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| Posted 6/21/12 9:13 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Spin off to life insureance- How does a term policy work?
Some companies do have a 30yr term and after the 30yrs, you get all of the premium back if you are still here.
its called Return of premium.
I tell ppl that you should get a combination of term and a small whole or universal life for after the 20/30yr.
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| Posted 6/21/12 9:50 AM |
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