Instant Term Life Insurance – What You Should Know
We see it in the movies all the time; life insurance policies worth millions of dollars worth killing someone over. And the homicide detective who is hot on the trail of the suspect and finally gets the murderer, who turns up to be, ta-dah, the wife who is also the sole beneficiary of the million-dollar policy.
If movies are a reflection of real life, then nobody would be buying life insurance for fear their beneficiaries would have valid reason to kill them off. Thankfully, this is not the case – in fact, not even close. What these movies never show is the amount of premiums the victims should be paying, although just by portraying them as the super-rich is enough to give the suggestion that it is not a cheap policy.
Although nobody wants to be killed off for their money, many of us envy the beneficiary or beneficiaries who stand to gain millions by tragedy. It seems so easy – everybody else seems to have a rich relative somewhere who seems inclined to leaving them their huge fortunes. How do they do it?
To do the same, we have to first understand how life insurance works. Basically a form of protection for the ones you love, it is a way of ensuring they are well taken care of, at least financially, even when we die.
Life insurance is a lifelong commitment. At the very least, a long term one. The former pertains to whole life insurance, which is a policy we pay for as long as we are alive. A long or shorter term one refers to term life insurance, which is valid for a specific term and has an expiry date. The million-dollar policies are often found in whole life insurance plans, which are more expensive than term life insurance.
If budget is a major concern, then getting an affordable term life insurance policy may be all that we need to get the kind of protection we want. This can be found in a myriad of different plans that are designed for different reasons. One of the most popular plans around is the instant term life insurance, which is in demand for the following reasons:
It is cheap. Instant term life insurance rates are really low and usually paid on a monthly basis, which means we have no need to do too much financial restructuring to accommodate the policy. Paying monthly also means we have the freedom to terminate the policy at any time we see fit.
It is convenient. More often than not, we will be offered the plan to take up and most of the time, it will be through the phone. Even if we were not offered, we can purchase the plan by calling the insurer up or by signing up online via their website. Instant term life insurance is a plan that puts convenience and hassle-free procedures above all else. The convenience extends to the easy way in which we can terminate the policy as well.
It is fast. Signing up is really quick and can be done in a matter of minutes. Unlike whole life policies that require medical questionnaires and check-ups with doctors’ signatures and authorizations, instant term life insurance requires no such thing. A quick general question-and-answer of our health and well-being with a verification of our identity, and we can already purchase the plan without so much as a signature.
It is efficient. On top of being fast, it is also efficient with coverage getting into effect in as soon as a month after purchase. This means we are already protected almost from the get-go, which works well for us as we do not waste time waiting for coverage to be valid (and crossing our fingers that nothing untoward happens in the between!).
All these factors together contribute to the high popularity of instant term life insurance. This, in turn, guarantees that its premium rates are low and extremely affordable. Indeed, instant term life insurance is one of the most affordable, if not the most affordable term life insurance around.
Generally, life insurance rates correlate to the amount insured. This literally means the higher premiums we pay, we more we can claim for benefits. This is true of most life insurance plans but not necessarily for all, so we have to be sure we fully understand the terms and conditions of our plans before signing up.
