Boise, Idaho (PRWEB) August 27, 2013
In the wake of a Paramus Post article titled “Importance of Term Life Insurance over Other Insurance Coverage,” and written on August 23rd, Jonas Insurance Advisors urged readers to pay strict attention to the fine print in term life insurance policies, and how they relate to individual needs. Failure to do so may result in higher premiums, unexpected fees, or poor coverage. This is especially important when deciding between term and whole life insurance, as the fine print in each promises drastically different outcomes.
Angela Sanders began her aforementioned article with a brief outline of term life insurance and how it differs from other forms of life insurance—namely, whole life insurance. She acknowledges the potential pitfalls of purchasing term life insurance: if the policy is not used before the end of the term, rates are not guaranteed, and may have increased significantly. Though this frightens some, Sanders is quick to placate her readers, arguing that term life is still more financially responsible than whole life insurance, as premiums are lower to begin with, and the full amount of the policy is paid upon the death of the insured. She is firm in requesting that her readers do not regard insurance as an investment, but rather a means of security for loved ones after the death of a parent or spouse. She closes her article with a caution that lifestyle choices, age and health are pivotal in developing a term life insurance plan, and its corresponding price tag.
Jonas Insurance Advisors endorse Sanders’ assertion that term life insurance is superior to other life insurance plans, in that it is generally tailored to a family’s needs, filling a need for income replacement, the paying off of a mortgage, or the development of personal funds such as college funds and long-term savings. However, while term life insurance is typically a greater benefit to consumers than whole life, lifestyle is taken into account when developing a policy and premium. This means that a smoker will pay a higher price for a term life policy than a nonsmoker, and regular alcohol consumption or poor diet will result in a higher premium. Be careful when choosing a term life insurance carrier, as some may have stricter stipulations than others, resulting in higher premiums or shorter term coverage. As with any insurance policy, be sure to read through the fine print of the policy to avoid being hit with any unexpected fees or penalties.
Angela Sanders is a freelance financial writer, using her skills to benefit multiple financial websites and blogs. She has published over 80 articles with the Paramus Post, most concerning personal finances and how to plan finances effectively.
JonasInsuranceAdvisors.com urged readers to focus on the fine print when choosing an insurance policy, as well as when looking into a specific insurance company. Different companies will have different requirements for adequate term life insurance, including lifestyle choices and behaviors as they relate to health. Some companies may have stricter policies regarding poor health behaviors such as smoking, rendering the fine print of an insurance policy a must read. JonasInsuranceAdvisors.com also advises readers to get multiple term life quotes in order to find the policy that best fits their needs.
JonasInsuranceAdvisors.com is an online resource for personal finances and money managing, offering readers tips and insights into the insurance and financial industries.