30 Year Term Life Insurance UsesReasons Why People Buy 30 Year TermHome
A single person who is probably engaged and knows he will need life insurance to protect his family in the near future may want 30 year term. He buys the policy now because he will get a better rate now at his young age. Newlyweds buy this policy, both husband and wife, to protect the new baby or the baby they anticipate they will have. Anyone with children would find a 30 year term life insurance policy attractive. You want your family to live in the same house they have grown to love even if you are not alive to enjoy it with them. You want to know that your children graduate college just like you planned. You don't want to leave any uninsured outstanding debt for your spouse and children to pay. If you have an estate in excess of $1,000,000 you don't want money that you intended them to have to be consumed by Estate Taxes. Yes, Estate Taxes have been reprieved but it will return in 2011. Life insurance proceeds are free of Federal Income Taxes if it is not a part of your estate. You can therefore use it to pay estate taxes. The 30 year term policy usually has a level death benefit for the duration. The better policies also have level premiums for the entire 30 years. The proceeds can be paid in one lump sum or in the form of an income if you so choose. You can add the waiver of premium rider to your policy and the accidental death benefit rider as well. The waiver of premium rider provides that if you should become disabled the life insurance company will pay your premiums for you. You must be disabled for usually at least 6 months for this to kick in. If you should die in an accident the accidental death benefit clause provides that twice the death benefit will be paid. This is the famous double indemnity clause. Shop and compare affordable life insurance rates.
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