Monday, January 07, 2008

Affordable Term Life Insurance For You And Your Spouse

By Roger Kelley

Affordable term life insurance is ideal for most individuals, and that includes you and your spouse. While it's true that whole life insurance covers you for your entire life and provides a savings component, most married couples aren't looking for those benefits early on. The attraction of affordable term life insurance is there are no extra costs for benefits you don't want or need. This means you pay less. Term life insurance is affordable and simple to understand. It provides financial benefits to your beneficiaries in the event of your death without the confusion associated with other types of insurance.

For most young married couples, affordable term life insurance is the most favorable type of insurance. The fact that the maximum duration for the term policy is only 30 years will provide an affordable insurance solution for you and your wife well into your fifties.

Term life insurance will help your surviving spouse pay the mortgage and other expenses in the event of your death. The amount of term life insurance that you purchase could determine whether or not your children go to college. Keep in mind your beneficiaries will need the life insurance benefits, i.e., money to pay outstanding debts and taxes, pay your burial expenses, and provide a continual stream of income for your spouse and surviving children.

When shopping around for affordable term life insurance, go after a term life policy that will be in effect for the number of years between now and your retirement age. It is best to invest in an affordable term life insurance policy that will be enforce until you reach the age of fifty. At that point you'll need to buy a type of insurance that cannot be cancelled as you continue to grow older.

This is the attraction of affordable term life insurance for you and your wife. Choosing an affordable term life insurance policy can significantly lower your premiums. However, if you and your wife have good jobs with a substantial income and you decide to purchase affordable term life insurance it will likely benefit you to find other options and places to invest your increase.

Thankfully, it's now easier than ever to shop around for the best price on term life insurance. With the internet finally coming of age you can almost instantly comparison shop for affordable term life insurance at your leisure without leaving your home. Actually, you can shop around for life insurance without getting out of bed if you have the required technology in place.

Contrary to popular belief, purchasing a lower amount of term life insurance coverage will not guarantee that you'll pay lower premiums. Sometimes life insurance companies offer premium discounts if you purchase a higher amount of coverage. So, it's possible to get more affordable term life insurance if you purchase $250,000 than you would if you purchase $200,000. In the long run lower premiums may prove to be easier to pay so an investment of your time to find the most affordable term life insurance soultion for you and your spouse could pay off in a big way.

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