Everything You Need to Know About Term Life Insurance.
Everything You Need to Know About Term Life Insurance
Term life insurance provides accessible, cost-effective coverage that can ease financial pressure on your family in case something unexpected should arise. NerdWallet conducted extensive research on various companies’ offerings of term life policies before selecting our top options.
A term policy provides protection for a predetermined time period (known as its “term”), typically 10, 20, or 30 years. Once this term ends, your insurer will pay out a death benefit to your beneficiaries.
1. Coverage
As its name implies, term life insurance provides temporary financial security for a specified duration. With just a small premium payment each month, if the policy holder passes away during its term they’ll receive a death benefit in return. Unlike permanent life policies like whole and universal life policies which offer investments as part of their coverage package – term policies don’t.
Your selection of a term policy depends on your personal needs and goals. For example, families with young children might opt for a 15-year policy so they can cover expenses related to children as they grow as well as any debt that arises as a result.
No matter your particular needs, comparing term life insurance rates is always worthwhile. Pay particular attention to coverage amounts and term lengths while keeping in mind if there’s the potential to convert the policy into permanent life coverage.
2. Premiums
Term life insurance offers cost-effective protection for you and your loved ones. Also referred to as pure life insurance, term policies solely provide death benefits in the event of your passing during their terms – without an investment component attached.
Typically, you pay a fixed premium over the life of your policy term. Depending on your needs and coverage amount, this may cover debts such as your mortgage and expenses such as tuition for college tuition for children or funeral costs.
Term life policies don’t cover every situation; therefore, if your financial needs go beyond the typical term period of a term policy, whole life or permanent insurance could be beneficial for your family’s long-term security. A financial professional can help determine which policy would best meet these needs; oftentimes term policies can even be converted to permanent without needing additional underwriting at their end of term period.
3. Policy Options
Term policies are one of the two major forms of life insurance coverage, alongside whole life policies. They differ in that term policies only provide coverage for a set time period while whole life provides long-term protection and builds cash value over time.
Most top life insurance companies sell term policies that are easy to compare online; some even provide quotes without medical exams. When selecting your policy, ensure it matches both your needs and desired term length, with special riders such as return-of-premium riders that allow you to recover any premiums you’ve paid (this can be especially important if terminal illness or chronic health conditions increase premium costs), while also designating beneficiaries who will benefit from any death benefit payments.
4. Riders
Insurance riders enable you to tailor your policy coverage according to your unique circumstances and goals, such as term conversion riders that allow for easier conversion from term life insurance policies into permanent life coverage without needing medical exams or disability income riders that provide regular payments in case of disability.
Dependent upon your specific needs, riders may be worth their cost. To help make an informed decision on this matter, it is best to seek assistance from an independent expert who can offer honest and impartial advice about them in light of your unique situation. A life insurance specialist can explain which riders exist as well as the costs involved with each type. They can help compare options so that you make the best choice based on what works for your particular circumstances.
National Park calls out ‘world changing’ impact of dropped Cheetos bag
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Plain water is the only thing visitors are allowed to consume inside the huge cavern at Carlsbad Caverns National Park in New Mexico. Cheetos are a no-go, and the recent park visitor who dropped a bag full of them created a “huge impact” on the cave’s ecosystem, the park said Friday in a Facebook post.
“At the scale of human perspective, a spilled snack bag may seem trivial, but to the life of the cave it can be world changing,” the park said in its post about the garbage found off-trail in the Big Room.
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“The processed corn, softened by the humidity of the cave, formed the perfect environment to host microbial life and fungi. Cave crickets, mites, spiders and flies soon organize into a temporary food web, dispersing the nutrients to the surrounding cave and formations. Molds spread higher up the nearby surfaces, fruit, die and stink. And the cycle continues.”
The park said rangers spent 20 minutes carefully removing molds and foreign debris from surfaces inside the cave, noting that while some members of the ecosystem that rose from the snacks were cave-dwellers “many of the microbial life and molds are not.”
The post called that particular impact on the cave “completely avoidable,” contrasting it with the hard-to-prevent fine trails of lint left by each visitor.
“Great or small we all leave an impact wherever we go. Let us all leave the world a better place than we found it,” the post urged park goers.
The park’s website says that eating and drinking anything other than plain water attracts animals into the cavern.
Carlsbad Caverns followed up its post about the Cheetos bag with a post about the “leave no trace” principle of disposing of waste properly.
“Contrary to popular belief, the cave is NOT a big trash can,” the post said, yet rangers pick up waste left behind every day.
“Sometimes this can be a gum wrapper or a tissue, other times it can unfortunately mean human waste, spit, or chewing tobacco.” Visitors are asked to make sure they don’t leave trash in the cavern and to use designated restrooms.