Five More Reasons for Buying Term Life Insurance
All these are excellent reasons to consider buying term life insurance:
Accelerated Death Benefits - This option allows the life insurance policy holder to draw early benefits from the policy if he or she suffers from a terminal illness. This benefit can help provide for treatment and offset medical expenses.
Accident Riders - An accident rider is a clause in a life insurance policy that doubles or triples the benefit amount should death occur as the result of an accident. Motor vehicle accidents are just one example when this rider would take effect.
Investing The Difference - Permanent life insurance is much more costly than term life insurance because it includes a savings vehicle. By buying only a term policy, the holder has the option of investing the difference in premiums in to savings options of his or her choice.
No Medical Exam - Though a no-medical-exam term life insurance policy will carry higher premiums, it is an ideal option for someone with a pre-existing medical condition.
The Alternative - Because permanent life insurance policies are not financially feasible for many individuals, they end up going without coverage. A term policy is the perfect alternative to no policy.
