Chicago, IL (PRWEB) August 28, 2013
Sunshine Bloggers discussed term life insurance in the wake of a Life Health Pro article entitled “Term Life: An Increasingly Better Option for Clients”. The article, announcing new implements in the development of term life insurance policies, revealed the surge in popularity term life insurance has experienced in the past several years, and the rush to keep this popularity in place.
In the above mentioned article, William H. Byrnes and Robert Bloink started with an acknowledgement of term life’s failures to update policies, citing its popularity as an actual deterrent in developing new means of creating term life insurance policies for consumers. Insurance companies have begun to “come around”, according to Byrnes and Bloink, implementing new policy changes, including the carrying over of existing policy premiums, a rider paying out insurance policy amounts over a period of time rather than in one large lumped sum, and caveats to include the children of the insured. Byrnes and Bloink do caution consumers that adding any of these reported upgrades will result in a higher premium amount, though they argue that a higher premium is worth the flexibility offered by these policy addendums.
SunshineBloggers support Byrnes and Bloink’s evaluation of term life insurance’s recent improvements, arguing that even with term life’s current popularity, it could certainly use some improvements. The advent of a carryover for insurance rates, for instance, will gather a large number of new clients; most complaints regarding term life concern the fear of greatly increased premium prices at the end of a term, considering living past the term of the insurance policy to be almost punishable. Many insurance companies recognized this discomfort in consumers, and changed policies accordingly. Term life will also benefit from the implementation of over-time payouts, rather than a lumped sum; this ensures a number of things, including the proper distribution of money and the availability of funds after a loved one has died. Altogether, Sunshine Bloggers assert that term life insurance, both with and without the advent of improved policies recommends term life insurance over whole life, citing its affordability and flexibility as its greatest assets.
William H. Byrnes and Robert Bloink are a writing duo for Life Health Pro, composing articles regarding finances for Life Health Pro’s readers, offering their expertise regarding financial and insurance planning.
On the heels of an article discussing the introduction of new policies to the term life insurance industry, Sunshine Bloggers discussed the value of implementing new rules in developing term life insurance. The greatest change lies, perhaps, in the decision of many insurance companies to offer the benefit of premium rollovers after a term policy has ended. This, as the greatest qualm in purchasing term life versus whole life, will undoubtedly bring more customers in to term life insurance companies, allowing the popularity of term life insurance to persevere.
SunshineBloggers is an online source of environmental and financial news, offering financial and lifestyle advice to readers concerned with money management and environmental issues.