• zTermLifeInsurance Blog

  • Thursday, July 29, 2010



Many a time, people fail to insure their lives simply because their spouse earns a lot of money, and they think their family will be financially secure with the other salary itself. Why do I need term life insurance in that case, many ask. This is especially true of women, more so with women who aren’t even sure if they’ll continue working for a long time.

Term life insurance is a good idea in any case, for several reasons. One, insuring both lives becomes important, because you don’t want your children to suffer if, by an unfortunate turn of events, both you and your spouse pass on.

Also, one other thing to consider is expenses and situations after your passing on. Needless to say, your spouse will have to juggle a ton of things if the unthinkable occurs, and as a result, it is very likely that there is a dip in the family income.

Also, with term life insurance rates as low as they are now, it is best to insure your life and lock in the current rate. You could go in for a lower level of coverage, however, if you think your income does not warrant the standard “20 times the annual income” thumb rule that most term life insurance plans suggest.


Sometimes, the decision about what kind of life insurance to purchase is not easy. There are several options that are available to the prospective plan holder, and that can make decisions tough.

Let’s say a 35-year-old man, Mark Potters, is looking for insurance. Mark is married and his wife has just given birth to a daughter, which has him thinking about life insurance. In Mark’s case, however, his employer also offers insurance at a subsidized rate. Should Mark go for the employer-sponsored insurance or term life insurance? The employer life insurance is being offered at a very attractive rate.

Most employer life insurance plans come with a date of expiry that is the earlier among two options: the end date of the plan, or the date the employee no longer works for the company. Unfortunately, this means that most of Mark’s life insurance options should not lie in employer-sponsored life insurance.

Also, signing on to the employer-sponsored life insurance may not work for all. That may even impose an element of risk, as the insurance depends on continued employment with the company, and also the company staying afloat. Term life insurance may be a better option for Mark’s needs.
Do you have a financial plan to protect your family's future? If that plan doesn't include term life insurance coverage, you should rethink it.

Too often, people overlook term life insurance when putting together an investment portfolio. They will focus on stocks and bonds, or IRAs, or they may even think their 401k is enough to protect their family.

The truth is, if something tragic happens to you, term life insurance is the bets protection you can have. Why? It will pay out more than your 401k, IR, and probably your stocks as well. The cost of purchasing term life insurance is quite low, and you can customize your coverage level to match your family's needs.

So if your family will need enough to pay off the mortgage and some monthly expenses, you can purchase a level of coverage commensurate with your needs. That way they will be able to keep up with bills even without your income around. Term life insurance offers affordable protection for your family that should absolutely be a part of your investment portfolio.


Many people have come around to the view that term life insurance is the best coverage option for life insurance. As with whole life insurance, there are several factors that affect how much you end up paying as term life insurance premium.

Whether an international term life insurance plan such as IC+ Term Life Insurance or a U.S.-based plan, the prime thing that insurance companies look for is the risk factor—simply put, the probability that you will pass on before the insurance term expires.

Most term life insurance plans will require some kind of underwriting procedure, including medical checkups and financial statements. Some of the factors that help determine the premium are age, gender, smoking habits, general health, and term of the insurance plan.

Obviously, the older you are, the more you pay as term insurance premium. Also, women pay slightly less than men for life insurance, simply because their life expectancy is higher. Likewise, smokers tend to pay more for life insurance as well. Needless to say, the medical evaluation also plays a huge role in determining the premium payable. Clearly, there is more than one reason to stay healthy!


For expatriates, just their life away from home can lead to extra expenses and worries. When work takes one to a different country, one of the important things on the “concern” list is safety and worries about dependents back home. Term life insurance can help in cases like this.

Term life insurance is becoming very popular, and is one of the prime insurance options when a person is looking to safeguard the financial future of his/her dependents. Many U.S.-based insurance companies do not offer term life insurance plans that are valid outside the United States.

However, in today’s rapidly shrinking world, the need for a global term life insurance is increasing. Plans such as IC+ Term Life Insurance offer coverage that follows one no matter where one goes. It is also ideal for those who travel to more than one country intermittently.

The applicant must reside outside the United States at the time of application, or must intend to depart the United States prior to the effective date of coverage. Coverage also depends on the applicant meeting underwriting guidelines. Depending on the coverage sought, a financial questionnaire and medical questionnaire may also have to be filled out and approved.


The term life insurance industry is undergoing a lot of change, and is slowly becoming a realistic life insurance option for many people, both young and old. While life insurance was traditionally confined to those in good health, newer options make it possible for older folks to purchase term life insurance.

One of the main reasons for this is the increase in the life expectancy. While it was unthinkable just a few years ago, term life insurance for those over 60 years of age still makes sense for insurance companies, simply because people are more likely to live well into their 80s today.

Term life insurance offers fixed term benefits for a short period. When the term ends, the plan expires, and the plan holder does not receive any money back. Another term insurance plan can then be purchased at the current rate. For many over 50 years of age, term insurance offers the security that their family needs at a very affordable cost.

As part of the plan holder’s insurance mix, term life insurance offers benefits at an affordable price. Although the premium increases with age, term life insurance may make sense for older folks, since they are usually not looking at insurance as an investment, and expect the term life plan to pay out.

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