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Term life insurance does not build any kind of cash value, which makes it an original type of life insurance and considered pure insurance protection. Unlike whole life insurance, term life insurance is only temporary and only covers a specific term, or a specific period of time in a person s life. Benefits will go to a beneficiary only if the insured person dies during that specific window of time.

Term life insurance is usually the cheapest way for people to purchase a death benefit package on a per dollar basis. The reason for this is because the term will expire and the insurer will not have to pay out.

It is recommended that people should purchase term life insurance with the Theory of Decreasing responsibility in mind. The Decreasing responsibility theory is provided that the insured person or persons realizes and understands that any and all financial responsibilities are only temporary and that they should purchase insurance to compensate for these responsibilities.

The ea (more...)

Life insurance settlements are a relatively new twist by the life insurance industry as a way to add additional flexibility to ordinary life insurance policies. In the past when a policy holder s life situation made his or her whole life policy out of date, it could be surrendered for its accumulated cash values. Those are the values stipulated in the policy itself plus any accrued dividends, interest etc.

Now if you want to surrender your life insurance policy for its cash value there is another range of options provided by a secondary market in life insurance policies, compared to just cashing in the whole life insurance policy directly with the company that sold it to him in the first place.

Now a life insurance policy holder has the option of selling their unwanted life insurance policy to a third party company and invest the resulting life insurance settlement in other investment opportunities that are more in line with their financial plan.

In other words it is now possible to (more...)