The History of Term Life Insurance
Life Insurance is Not a New Term
Bring up the “term life insurance” and you will probably incite a large number of different opinions. Some people view life insurance to be a complete waste of money. But, most people do understand that the purpose of life insurance is to ensure that your family is well taken care of in the event that you should happen to pass away. There are a variety of different types of insurance policies available to most people but term life insurance is considered to be the most pure form of insurance because no cash value is built like in other policies. If you are not sure what type of insurance would be ideal for your situation, talking to a term life insurance company may help. Life insurance agents are trained to determine the best course of action for each situation and may make it easier for you to decide.
Life Insurance a Few Centuries Ago
One of the first life insurance policies to ever exist was recorded by the ancient Romans. Roman groups which were known as Fratres or burial clubs would come together to establish a form of security for their workers. The policies were enacted in order to pay for the funerals of fellow members of the club as well as to help the surviving family members with their finances. The first insurance company ever formed in the United States opened its doors in 1735. The Friendly Society, a South Carolina based company lasted for five years. The first term life insurance company was established in Philadelphia in 1759 in order to benefit the families of Presbyterian ministers.
Addressing the Growing Need for Support
As far back as ancient times, societies have known that family members left behind will need some sort of financial security upon the death of their loved ones. While nobody likes to think about death, term life insurance is something that is extremely necessary. Communicating your wishes to a term life insurance company before illness or death will help to protect your family after the event. The trauma associated with losing someone that you love could be draining both emotionally and mentally, which is why it is so important to be prepared ahead of time with a term life insurance policy.
Choosing the right term life insurance policy that will properly accommodate your needs and the needs of your loved ones is the true key to planning a secure future for you and your loved ones. Term life insurance is the most practical choice if you are looking for a simple way for your family to be cared for following your passing. With even the most minimal of policies you can ensure that your family will be able to handle your funeral and burial expenses. Your policy should also be able to ensure that your family’s house can be paid off and your children can attend school or college after your passing.
Thanks to the amount of information available on the Internet, you can visit various term life insurance company web pages to evaluate all of the different options available to you, settling on the right term life insurance program for your needs and the needs of your family and loved ones.
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Level term life insurance offers premiums that are designed specifically in order to remain the same for a certain period, which can be five, ten, fifteen, twenty, twenty-five or even thirty years.
The following is a list of the top ten questions you should ask your term life insurance agent or term life insurance company before you give your business to anyone.
Saving money is always something that couples strive to do with their financial planning. Buying term life insurance as a couple instead of owning two individual policies is one way to save and enable your family to invest the reserves.
New home ownership is a thrilling time in anyone’s life. You now have a chance to enjoy a safe haven for yourself and your family. As you enjoy your new property it is also important to think about how to protect your new asset. Should you die unexpectedly, how would your family pay the mortgage?
There are many ways to give to charities and one unique way, that is increasing in popularity, is buying a term life insurance policy to give as a gift to your favorite cause. Whether the charity is for the Make A Wish Foundation, People for the Ethical Treatment of Animals, Meals on Wheels or for your high school alma mater, charities everywhere can benefit from a sizable donation such as the pay out from your term life insurance policy.
There are many reasons to put together an estate. One of the main reasons for those who already have grown children is to ensure that their assets are divided and distributed equally among all the heirs. Adding a life insurance policy to your estate planning can help in a variety of ways.
Many people spend much of their time, efforts and energy creating their family’s assets. Financial goals, present debt and future expenditures all require careful planning. Part of planning for the future should also include adding a life insurance policy to your financial plan.
Purchasing a life insurance policy is not something many people think about until they get married. One of the main purposes of taking out a life insurance policy is to ensure that your spouse will be financially able to pay off an existing mortgage, any outstanding credit card bills and hopefully send any children to college. Life insurance gives you and your family peace of mind knowing that lives will not be financially devastated upon an unexpected death.
When starting a new business there is a barrage of paperwork just to open the doors. Business owners quickly become aware that insurances of all types are very much part of the equation in the development and opening of a new business. No matter how busy you are with the basic operations of the company, you must take time out to implement strategies to keep your business financially sound. An important ingredient to this security is taking out “key person” life insurance (also known as Business Life Insurance).