Term Life Insurance Policy in New Jersey
Reader’s Question:
I got married recently. I’m planning to get a term life insurance particularly the 30 year period. Could you tell me more about this life insurance policy?
Chester
Newark, NJ
A 30 year term life insurance has a level premiums and death benefit. With some life insurance companies, premiums stay level for 5 to 10 years and increases in the succeeding period. With some life insurance policies, cost increase every 10 years.
This type of term life insurance maintains a level face amount or death benefit throughout the policy’s lifetime. With this life insurance policy, if you don’t die within the 30 year period, the life insurance company will return all your premiums. If you die within the 30 year period, the life insurance company will pay the full face amount to your family.
A waiver of premium rider can also be added to your 30 year period life insurance policy. Should you become disabled, the life insurance company will pay the premiums after 6 months of disability. If your disability will last for the rest of your life, the life insurance company will still continue paying your premiums.
An accidental death benefit can also be added. With this, the life insurance company will pay your family twice the face amount if you die in an accident.
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