Term life insurance is a life insurance that only pays a benefit if someone dies during a certain time period. Learn the benefits of term life insurance.
It’s also the least likely financial product we’ll ever switch.
One reason is that nobody likes thinking about their own mortality, and once we have it purchased, we lock it away and forget about it. Often our bank ‘helpfully’ arranges this type of cover, called mortgage protection, and because the policy is legally assigned to them, to ensure they get the payout if their borrower dies while they still owe the mortgage, it’s a common belief that it can’t be stopped, or switched.
This is not the case, however: as long as a suitable policy is in place, then it doesn’t much matter where you buy it.
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December 24, 2020 4:00 AM Cameron Huddleston - Forbes Advisor
Posted:
Updated:
December 26, 2020 8:32 AM
There’s no bad time to buy life insurance, so if you’re ready to shop, you may be wondering how to get cheap life insurance.
One of the top reasons that people don’t own life insurance is because they think it’s too expensive, according to the 2020 Insurance Barometer Study by LIMRA and Life Happens. Many people believe this because they don’t have a good grasp of how much life insurance costs.
If you’re among those who think this way, you might be surprised how affordable life insurance can be. In fact, you can get cheap life insurance if you take the right steps when shopping and applying for a policy.