PFT #72 - Personal Finance Tip of the Week - Term Life Insurance is a Low Cost Investment for Your Loved Ones

AneelVala

2 min

Kids

Paglalarawan

This week’s topic is term life insurance. One of the most important things that people want to do is protect their family In the unfortunate event when they pass away. One of the easiest ways to do this is term life insurance and costs have come down significantly due to advances in medical technology. For the most part, it is perhaps the lowest cost investment that you can make. In short you pick a policy term such as 10, 20, or 30 years and the amount of the policy. The key in this equation is that the earlier the age, the policy is generally cheaper depending on health - so rates may vary. All that is usually required is a blood test in which they check for Tobacco use, high cholesterol, pre-existing conditions, drug use HIV and other serious illnesses. The other point is to refrain from withholding a medical condition; otherwise this can result in a cancellation of the policy or no death benefit. According to Value Penguin, the average cost for a 20-year term policy with a death benefit of $500,000 costs $25 per month for a non-smoker at age 25 and $118 for someone starting at 50. To sum things up, not one person has the same health history and policy rates can vary; however, using our example, paying $300 - $1,416

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PFT #72 - Personal Finance Tip of the Week - Term Life Insurance is a Low Cost Investment for Your Loved Ones

AneelVala

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