Term insurance and Whole life insurance

[meteor_slideshow slideshow="slide1"]

Term insurance is that life insurance policy that provides coverage for a limited time, or a specified term of years. When the period or term is over, the premium increases significantly, and this makes the policy cost prohibitive. Term insurance is the least expensive type of life insurance and has no cash value. The insured gets a death benefit once he/she dies within the time period or the term. If the insured dies outside the term, for instance a day after the expiry of the term, the death benefit is not paid. There are three types of term life insurance policies namely; decreasing term insurance, guaranteed renewable term insurance and convertible term insurance. In guaranteed renewable, it covers a term from one to five years where the premiums are kept constant within the term, but increases upon each renewal. For the decreasing insurance, a low fixed premium is paid but the coverage decreases annually. According to Kaplan (2004), convertible term insurance allows one to convert the term insurance to another form of insurance except that which results into cash value. Whole life insurance is that insurance that provides entire life coverage with a level premium and cash value for the specified coverage. The advantages of this policy is that there is guaranteed life benefits, fixed and known annual premiums, and guaranteed cash value.

Whole life insurance policy requires a larger premium than term insurance due to costs incurred in it. These include the transaction cost to pay for the cost of the death, benefit and the charges converged to the insurance company, and the agent if the policy was withdrawn before a specific time expires. Still, the sales commission charges are higher than those of the term insurance policy. The savings account in the whole life policy may be invested in loans. This increases the premium due to the expected rate of return. Lack of taxation of gains result to a higher premium requirement (cash value) if the policy proceeds until death. In a family, various circumstances will lead to a whole life or term insurance policy to be purchased (Garrett & Swift, 2004). For instance, when one is getting married one will need a term insurance policy. Starting a family may create need for life insurance policy. When a family is purchasing a mortgage, it becomes necessary to purchase the term and whole life insurance policy. A disease or ailment by one of the members may be appropriate for the family to purchase these insurance policies. Moreover, old age and greater chances of retirement will need the insurance policy.

[meteor_slideshow slideshow="slide3"]

Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.

[meteor_slideshow slideshow="slide2"]

Use the order calculator below and get ordering with idealtermpapers.com now! Contact our live support team for any assistance or inquiry.

[order_calculator]

Purchase Guarantee

Why ORDER at IdealTermPapers.com?

  • Educated and experienced writers.
  • Quality, Professionalism and experience.
  • Original Content writing.
  • Best customer support.
  • Affordable Pricing on orders.
  • Thorough research.
  • Ontime delivery of finished work.
  • 100% plagiarism free papers.

Reasonable Prices

  • To get the best quality papers isn’t cheap so don’t trust extremely low prices.
  • We can’t claim that we have unreasonably low prices because low prices equal to low quality.
  • Our prices are good and they balance with the quality of our work.
  • We have a Moneyback guarantee.

Original and Quality work

  • Our writers are professionals and they write your paper from scratch and we don’t encourage copy pasting.
  • All writers are assessed and they have to pass our standards for them to work with us.
  • Plagiarism is an offence and it’s never tolerated in our company.

Native Writers plus Researchers

  • Our writers are qualified and excellent and will guarantee the best performance in your order.
  • Our team has writers who have master's and PhD qualifications who can handle any assignment
  • We have the best standards in essay writing.

We have been in business for over 7 syears

  • We have always served our customers from all over the world and they have continued to order with us.
  • We value our customers since they have trusted us to do their assignments.
  • We are competent in our writing gained from experience over the years
  • Our company has 24/7 Live Support.

You will get

  •  Custom Admission Essay written by competent professional English writers.
  •  Free revisions according to our revision policy if required
  •  Paper format:  275 words per page, Times New Roman font and size 12, doublespaced text and1 inch margin
  •  On time delivery and direct order download
  •  Privacy guaranteed

We can help you:

  •  acquire a comprehensive professional presentation.
  •  get a unique and remarkable content as per your instructions.
  •  Get an additional portion that can be included to your existing presentation;
  •  turn your work in to an eyecatching presentation with well communicated ideas.
  •  improve your presentation to acquire the best professional standards.