All You Need To Know About Term Life Insurance

The term life insurance protects the family in case of sudden death of the insured. The sum insured is paid immediately after the death of the beneficiary and in fact even the first month of contribution.


You are travelling home, already thinking about your wife and children and look forward to the evening barbecue with friends. Do you still see that the oncoming truck outdated and heading toward you? You can no longer respond. And now it is all over.
This nightmare scenario if one is not present, but it can, of course, affect anyone. How comforting, so it’s always good to know that the survivors are hedged.

The term life insurance protects the family in case of sudden death of the insured. The sum insured is paid immediately after the death of the beneficiary and in fact even the first month of contribution. It is intended primarily as a hedge for the bereaved event of an unexpected death of the breadwinner. Very often lead to shock and grief even financial worries: Maybe the home loan is paid off or not there is not even enough reserve for the funeral costs.

Since the terms of a risk insurance can be relatively short, the risk for the insurance company to pay, of course, higher than that of a normal life insurance. You can compensate for the higher interest on investments. Since the term life insurance purely insured in case of death, remain in the endowment contributions to the insurance company – so there is no payment at contract end.

If a term life insurance policy as payment protection insurance from a loan, the lender is only the beneficiary. Many providers such hedging is even required.

Overview term life insurance

What is term life insurance?

Term life insurance covers the risk of “life.” She is so focused on a single event, the event of death. It serves to protect the survivors in the event of a sudden death of the insured. Where an insured event, the sum insured will be paid immediately. This is independent of the duration of the contract, ie, even if the insured dies already one month after the first premium payment, the full sum insured is paid.

The term life insurance is not used for capital accumulation but to protect the family. It is therefore not intended as a retirement, but only as a financial protection for family members. The contributions payable will depend on various factors such as age, health, career and lifestyle. Generally, term life insurance is significantly less expensive than other life insurance because it secures only a single risk and no payment at maturity.

It is also possible that protect couples against each other. Both works, each of the other partner has full protection. This can be useful, especially if, for example, a start-up loan was taken also with business partners.

What are the benefits of term life insurance for me?

Especially for young families looking for term life insurance has many advantages. The household has just started, made many investments. When the main breadwinner is no longer suddenly as the existence of the survivors may be at risk. Maybe its own house is being built only if the financing and loans are to use young, the tragic loss is also the question of existence.

Comprehensive protection for the family is therefore particularly important, especially when children are already supplied. The rates are relatively low so that families can afford a term life insurance with lower incomes. Also, the amount of insurance coverage can be adapted to individual requirements. Single Father also benefits from a life insurance policy – it guarantees financial help for the children, the worst should happen.

What are the disadvantages of term life insurance?

The term life insurance pays after a zero balance, ie the contributions paid leave at the end of the term of the insurance. If you want to cancel the insurance before, only a very low cash surrender value is offered. The insured person has practically nothing of a life insurance policy. Another disadvantage is that in certain occupational groups – such as Road – the posts are quite high.

Many insurance companies do not pay if the insured chooses suicide. Friends of extreme sports will have access to term life insurance neatly into the bag, they are sometimes generally rejected by the insurance providers. Is it a heavy smoker, this has also made on the level of contributions – because the risk for the insurance to be taken in payment increases.

Why is term life insurance so important?

Many people today are generally very sceptical about insurance. The range of all kinds of insurance is almost unmanageable and usually, each individual as a virtually “indispensable” praised. Nevertheless, term life insurance is especially important for families. Especially when the whole existence is at the head of the family income. If this suddenly torn from life, the survivors are left with nothing. If children are involved, it is particularly bad.

The legal widows and orphans usually not nearly enough to make ends meet. Has already built a house, or bought a house, must be operated even credit rates. The family runs in danger of losing the roof over their head. The term life insurance protects comprehensive, it accepts current loans and provides a financial cushion in case the worst should happen.

Who pays term life insurance? And for whom it is not worth it?

The term life insurance is worth it, especially for families or single parents. She is a hedge of the bereaved if the main breadwinner dies.

The insured can sleep peacefully when he knows his loved ones are cared for in every case, no matter what. Even couples who pay off a loan, benefit from a term life insurance – in the worst case, the insurance will cover the outstanding instalments. If both partners work, they can mutually also take out life insurance – so both sides are fully protected.

Another target group are entrepreneurs who want to know ensured the survival of their company. They often put a lot of effort into building and would not have done this work for nothing. Maybe a loan was for New Business recorded or required for foreign investment money. Then there is, of course, important that the repayments are guaranteed. With a term life insurance, they can cause financial protection for a successor.

Who appears as a beneficiary of the life insurance policy, is arbitrary – so it can also be a foundation. Animal lovers can also protect your pet well in this way. Especially, in this case, the low rates are possible and you have a good conscience, that the four-legged pet is well secured.

Couples can also mutually complete a term life insurance if they both work. Business partners include term life insurance usually from a partner agreement. We call this type of contract “insurance related to life”. Whether you take out individual contracts or combined, depends on the provider. Some insurance a single insurance is cheap and can be designed individually.If the partner but without their own income, the insurance is unnecessary.

For singles without attachments term life insurance also has little sense – unless they want to encourage a nearby friend. For students, pupils and trainees, this investment does not pay. The insured himself of this protection is no advantage, term life insurance purely provides protection for survivors. For single persons other variants, such as a capital life insurance or endowment insurance policy discounts and are suitable.

How long does it actually requires a term life insurance?

The period of the term life insurance is to be completed depends on various factors. First, the timing is important: This may be the wedding or the birth of their first child. This 12 year is usually chosen as the insurance period, after characterizing a new insured. In general, the minimum term for term life insurance is one year – which is, of course, unrealistic, the duration of the insurance is really on the individual case.

If a mortgage claimed, the duration of the term life insurance of credit should correspond. The financing is thus secured for the sudden death of the borrower.
Insurance premiums are higher, the longer the insurance is running and is subject to age in the contract.

It is therefore not advisable to take out term life insurance for the entire lifetime of this, there are better options for saving function and payment on maturity.

What should be my insurance

The sum insured determined in addition to the term of the contribution amount. It, therefore, depends on the initial situation to determine the insurance value correctly. A family without children who want to hedge only the mortgage loan can take the loan amount as a base.

Another guideline is the personal income: 

The four times the annual income is usually sufficient sum insured as to be well protected. If the children are small, the term life insurance should have a higher amount. One can get different variants by calculating and then decide what is useful and above all feasible.

There is also the opportunity to complete the term life insurance with decreasing sum insured. This makes sense, for example, if a loan is to be secured and the amount of loans outstanding constantly falls.

Do me investigate this doctor? What is then examined?

Many insurance companies require a medical examination before the end of term life insurance. You want to determine how high the risk for the insurance and set according to this point of the post height. It is the general condition studied, inquired of chronic diseases and detained physical fitness. The doctor holds pre-damage resistant to asthma or heart disease. An existing indulgence such as smoking or alcohol must also be specified.

Anything that could favour an early demise, leads to an increase in contributions. Dangerous sports such as biking or mountain climbing also have an effect on the insurance premium. In extreme cases, it may even happen that the insurance refuses the contract.

There are also offers term life insurance in which the medical examination is sufficient to complete a questionnaire. The answers must, of course, be completely honest and correct. Who here make false statements, harms himself. The insurance company may refuse to cover the occurrence of the insured event. For safety’s sake, you can also keep up with their GP consultation in order to tick not unconsciously something wrong. The physician has the medical layer in his files so no Vorerkankung can be forgotten.

Can I cancel a life insurance?

The term life insurance may be terminated at any time. However, this is not advisable, as the surrender value is usually much lower than the already paid contributions. It can also be a cancellation fee due, which additionally reduces the payout.

In case of cancellation after 10 years, the cancellation fee may even account for two-thirds of the contributions. However, if the circumstances change seriously, term life insurance with respect to the sum insured or insurance contributions can be adapted to the new situation.

Can I increase or decrease the posts on my life insurance later?

When changing life circumstances, contributions to the term life insurance with the new criteria can be customized. This is necessary, for example when a career change takes place and the new job is dangerous. Or the kids are already self-employed and it is not so high insurance coverage necessary.

Even if a new credit must be included, the contributions and the amount of insurance can be adapted to the actual needs. A shortening of the duration is possible at any time and would be the insurance – eventually reduces the risk of having to come into power. However, the insurance consist of an impact on an increase in the contributions, if for example, was started smoking or a different type of increase in the risk has taken place.

Serves term life insurance, only to hedge a current loan, it can be concluded as “Falling term life insurance”. This means that the sum insured is steadily falling and the contributions. This is an automatic adjustment to the current loan repayments since the amount outstanding residual debt falling steadily.

Is there a premium refund in life insurance?

With a term life insurance, no premium refund is provided in principle. The contributions are relatively low and the risk is insurance. It would also arise little interest, the profit would be negligible.

Therefore, this form of insurance is purely intended as a hedge rather than accumulated savings or retirement plans. A premium refund in the form of a surrender value there is only early termination and even a very small extent. But this will be handled very differently by the various insurance providers – a comparison before the end of term life insurance is recommended.

Some insurance companies offer term life insurance with a premium refund. This version differs from an endowment policy, except that contributions and payoff are much lower. Compared to a normal term life insurance payable monthly premium but much higher, since something has to be saved.

Does the combination of a supplementary accident make sense?

Of course, additional accident insurance increases the security of the family. Especially in road traffic risk is particularly great. By combining accident insurance – term life insurance, the insurance amount is increased considerably.

Another advantage is that the accident insurance secures a possible disability and the financial situation of the family is protected in this case. Possibly a household help is needed or it must be disabled rebuilt. Since the term life insurance only pays death benefits, can step in here and accident insurance.

If it a dangerous profession according to an additional accident insurance is recommended in any case. And who likes extreme sports like running free climbing and motorcycle racing, for an additional accident insurance for almost a must-have. As a bundle the two together insurances are often very low.

Can the disability insurance combined with a term life insurance?

Contributions for term life insurance are not very high and therefore to pay good income. But what happens if the insured and the main breadwinner is suddenly unable to work? Government support in such cases is usually only a drop in the ocean. So it makes perfect sense to combine the term life insurance with a code disability insurance. Can no longer be exercised the profession, this insurance covers the rates of term life insurance. So you are prepared for all eventualities and have to worry about the existence of his wife and children if there really should be a disability. Whether integrating the disability insurance term life insurance or she additionally completes separated, depends on the provider. Some insurance separate variant is more favourable. Also here is worthwhile in any case, a thorough comparison of the various products.

Do my survivors have access to the payment of the life insurance inheritance?

The principle, subject to pay in case of death amount of inheritance tax. Income tax is however thereof not affected, but the contributions are on a deductible basis. Of the death of the insured, is numbered among the assets in the probate proceedings of the insurance amount. Normally, the policyholder is also the insured person. When unmarried couples inheritance tax may fail on the amount of insurance sensitive high because the allowance is less than for married couples.

This inheritance tax on term life insurance you can but avoid by choosing the following constellation:



One partner acts as policyholders and insures the other. At the same time, he sees himself as a beneficiary. Or you insurable each other in this way. Thus it is ensured that the paid insurance is a contractual obligation that is not recognized as heirs.
It should be remembered in this legal tax trick only that, even at an early separation of the couple, the insurance remains in force. Thus, the ex-partner remains a beneficiary for the sum insured in case of death. This insurance plan is but definitely recommended unmarried couples and families with greater capacity is available.

CONCLUSION

In summary, one can say that a term life insurance is the cheapest, death financially secure family. The variable nature of the option term life insurance contract can be adapted individually to the individual needs. As a hedge against Hypo-loans, term life insurance is also a good and inexpensive choice.
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MuzikHyte Insurance Premium Tips: All You Need To Know About Term Life Insurance
All You Need To Know About Term Life Insurance
The term life insurance protects the family in case of sudden death of the insured. The sum insured is paid immediately after the death of the beneficiary and in fact even the first month of contribution.
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