Life is uncertain. Death, illnesses and accidents can strike anybody at any time without warning. To handle these unforeseen situations, it has become mandatory for one and all to purchase a life insurance policy. Whole life insurance is very expensive and very few can afford it. But for people who would like to insure themselves at a nominal cost, opting for a term insurance policy is the solution.
If you are interested in buying a term life insurance policy, here are some guidelines to help you choose the right one.
What is term insurance?
Term insurance policy is a policy which covers you for a certain period. Once the term is over, you need to renew the policy. When the policy is in force, it pays a predetermined sum to your dependents on your death. There are no deductions for any government taxes. In return, you pay a certain sum as a premium to the insurance company till the policy term expires. There is no investment involved in this type of insurance.
Who can get lower premium quotes?
If you are young, in good health, a non-smoker and are in the correct weight range appropriate for your height and gender, you are entitled to lower...
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