Term Life Insurance Company Alabama
Reader’s Question:
How will I know the term to choose and premium to purchase with my life insurance policy? I live in Alabama.
Victor
Birmingham AL
A term insurance policy offers protection with a period ranging from 1 to 30 years. In choosing the term, you consider the term that will match your need for protection. If the reason for purchasing a life insurance policy is to protect your 7-year old child until they graduate from college, you can choose the term with at least 15 years.
The premium that you will be willing to purchase is based on your income, how much you owe and own and your beneficiaries. If you are married and have children, your spouse and children will be you beneficiaries.
Different types of term insurance have different premiums to offer. There is what we call renewable or convertible life insurance policy that can provide the protection you want but has higher premiums.
Note however that the premiums that you will pay depend on many factors. Few of these are age, gender, the type of insurance you want to buy and your health conditions. You will be asked for health history, like your smoking habit, and other personal information. With some life insurance, premium payment may change. Without the guarantee, insurance company may increase the premium of decrease the amount of benefits. Thus, it is important to find out why and how your premiums and benefits are calculated and what is the guarantee. Ensure that the company in Alabama provides the guaranteed premiums and benefits that you expect.
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