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term life insurance
When it comes to life insurance, there are two main categories from which to choose from. Although the subcategories may differ from insurance provider to insurance provider, these two categories are universal:
- Term life insurance
- Permanent life insurance
The difference between these two categories is obvious from their names; one insures life for a set period of time, whilst the other insures the duration of life. If you are looking for coverage, solely over the course of a shortened period of time, then a term life insurance policy is the right choice for you. This is generally the least complicated and least expensive type of life coverage policy you can get, which is very appealing to anyone who finds themselves with budget restraints/restrictions. This type of life coverage policy generally covers a time frame from 1, to 5, to 10 years, and if you die within the established time frame, then your "death benefit" is paid to your beneficiary. (Beneficiary is established before signing a contract with the insurance company)
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Benefits of term life insurance
- Benefits paid out of the policy are generally going to be income tax free.
- Provides insurance coverage at an initially low cost.
- Allows more flexibility in your budget if you have other financial responsibilities such as a mortgage or a family to support.
- Temporary policies can generally be easily converted into permanent insurance policies if your situation warrants such a change.
Examples of term plans offered by MetLife:
- One year Term Insurance Plan- Provides holder with coverage for 1-year at a time.
- Scheduled Term Insurance Plan- With this plan, the amount of coverage provided decreases each year as does an exterior financial obligation, such as a mortgage or college payments.
- Level Term Insurance Plan- As opposed to scheduled term coverage, level term coverage provides a level amount of coverage that doesn't fluctuate throughout the designated time frame, be that 10,15 or 20 years.
* To find the insurance plan that works best for you, visit www.metlife.com
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To continue researching life insurance policies, check out LIFE INSURANCE POLICIES
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