30 year life insurance

30 year life insurance falls under the category of Term Life Insurance. That is, for thirty years, you pay a premium that is usually cheaper than other insurance. This amount stays the same for three decades. Should the policy holder die within the 30-year time frame, then the beneficiary receives the set amount stated in the policy.

This type of insurance means you don't need the financial value of your insurance to increase. You are happy with the payout amount in the policy and you don't need it to go up in cash value. For example, you feel that $500,000 is enough to help your beneficiaries pay for living expenses after your death. This amount will remain the same and will not go up or down as with other insurance that stay fickle with the market.

Two choices when picking your 30 year term life insurance:

1. Renewable term--This means that if the covered person does not die within the allotted period on the policy, the coverage can be renewed, but the premium, this time, will be higher.

2. Level term--After the death of the covered individual, the beneficiary receives a final figure--no less, no more.

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