By Mkamba M Juke
One of the most important factors to consider when choosing life insurance is the coverage. It is important for insurance shoppers to choose a policy that provides enough cover. Regardless of whether you are young or old, you want a policy that will provide good coverage at competitive rates. A 30-year term life insurance is recommended for all types of age groups. This type of policy generates substantial benefits that allow policyholders to provide adequately for their loved ones, long after they have passed away. Common feature with this policy include:
· Affordable
Instead of buying 5-year term policies and renewing them several times (say 6 times), you will end up paying less when you purchase a 30-year term life insurance policy. The policy allows you to receive a cover for many years. You stand to benefit from lower premiums set at the beginning and sustained the entire term. Therefore, if you cannot afford the whole life policy, this policy is recommended. For whatever reasons you may need insurance, the policy offers attractive benefits. It will give you the opportunity to pay estate taxes and pass on the balance to loved ones. Therefore, your survivors will not be called upon to cater for the burden of tax on your property.
· Guaranteed qualification
To be qualified for this coverage it is important to consider a physical examination. A medical examination will help you get competitive rates. However, if you are unwilling or unable to undergo a medical exam you can consider a 30-year term life insurance policy with no medical exam. In this case, you will be required to respond to several questions pertaining to your health and the health of your family, without a medical examination. This will help the insurance carrier to determine how much risk they are contracting. If you have a pre-existing condition but prove to the company you are under the care of a doctor, in addition to living a healthy lifestyle the company will accept your application. Furthermore, they will be ready to negotiate the premiums downwards.
· Renewable
The policy comes with the benefit of renewing. Therefore, if your policy matures you have a fantastic opportunity to purchase a 5-year, 10-year or 15-year policy. There are many benefits that come with renewing your contract including the fact that the application process is less rigorous. You will not be expected to undergo a medical exam. Furthermore, the company will be ready to take lower premiums.
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