ON THE LEVEL – There are different ways for insurance companies to structure the way you pay your policy premiums. The most basic is known as level term insurance. It’s easy: You pay the same premium amount each year the policy is in effect, and you know exactly what the insurance will cost for the term. In contrast, with an annually renew- able term policy, the premium in the first few years is typically lower than for a level term policy with the same cover- age. But you pay a higher premium each year you renew. Over 10 or 20 years, the actual cost of the annually renewable term will be higher—often by several hundred dollars. Since the rate of increase from one year to the next varies, it’s hard to know exactly what the difference in cost will be. But it is something your agent may be able to tell you when you’re considering your alternatives.
FEATURES OF TERM POLICIES – Your term policy may also be renewable or convertible, or both. A renewable policy guarantees you can renew your coverage each time the term of your existing policy ends without having to demonstrate you are in good health. That’s especially important if you’ve developed any sort of medical condition that might negatively affect your ability to buy new coverage. Premiums increase at each renewal and are based on your age at that time. But check your policy because renewable policies are typically available only up to a certain age, such as 75. With convertible term insurance, you can convert your term policy to a permanent policy with the same death benefit if you decide that lifetime coverage meets your needs better. You will pay higher premiums for a policy with this feature than you would for one without. But you generally won’t have to demonstrate that you’re in good health to make the switch.
TERM LENGTH – You’ll have a choice of terms when you buy a level term policy. The longest terms may extend 20 or 30 years, and there are generally also mid-length terms, such as 10 years, and shorter terms of around 5 years.
THE COST OF TERM – Traditional term insurance tends to cost less than permanent insurance when you’re young for a couple of reasons. First, you’re paying only for insurance coverage. Second, the premiums you pay are based on the risk the company is taking that you’ll die during the period you’ll be insured. If you’re young and healthy, the risk of your dying during that limited time is statistically low, so your premiums are low.
Contributions from the book Guide to Understanding Life Insurance in this press release are used with permission from Light Bulb Press.
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About Velox Insurance
Since 2003, we have been serving our communities around Atlanta, GA with affordable insurance. In 2007, we rebranded our business as Velox Insurance. Velox Insurance, Inc was established with the goal of providing competitive rates and superior customer service to meet insurance needs of our customers in the Southeast.
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Norwalk Insurance Agency Educates On The Cost of Contractors Insurance
Norwalk, Connecticut (findit ) January 20, 2021 – JMG Insurance, a Norwalk specialty insurance agency, offers readers some valuable information regarding how much contractors insurance costs. The new article is guided by the insurance experts at JMG who have extensive experience helping clients find the perfectly priced plan for their needs. They have designed this new article to help readers get a better idea of what factors will affect the cost of contractor’s insurance the most.
JMG Insurance offers readers some valuable information that explains how to calculate what the cost of contractor’s insurance may potentially be. In the article, they explain what contractors insurance is before getting into the things that affect their cost. Some of the factors they go over include the number of employees, the types of contracting jobs, the risks associated with services, and others. They hope that this article will help contractors searching for insurance understand what to expect while also demonstrating the importance of working with experts.
While this new article focuses on explaining how to calculate the cost of contractor’s insurance, JMG’s website offers visitors more information regarding their team, experience, as well as a full list of service offerings. JMG offers personal, business, and specialty insurance that helps clients get the protection they need at the best possible rate. They offer thorough insurance plans for business owners, contractors, errors and omissions, general liability, group benefits, construction companies, and more. Their agency was built on the principles of providing superior customer service and quality insurance solutions for their clients, and they work hard to uphold these values. Their team strives to make the insurance process as simple as possible for every client.
With the addition of this new article, the team at JMG hopes that contractors will have a better understanding of what factors will affect how much a comprehensive insurance plan will cost. For more information, reach out to the qualified contractor insurance experts at JMG today at 1-844-304-7332 or visit their website at https://jmg.com/. Their offices are located at 29 Haviland Street in Norwalk, Connecticut 06854.
Apply For Student Debt Relief Programs Available to Borrowers with Freedom Loan Resolution
Students that are living paycheck to paycheck and struggling to make ends meet as a result of their past due student loans can apply for available student debt relief programs with Freedom Loan Resolution. We our a group of experienced student loan debt counselors that know and understand the situation that you are in and we are here to help you apply for the right debt relief program to meet your needs.
Oftentimes, juggling mandatory living expenses such as housing payments, car payments, utilities, and food and credit card bills, there is not enough money left over to pay your student loan debt. Moreover, when you are in a financial hardship, struggling to make ends meet, it can be difficult to figure out the best course of action for your student loan debt. Let us help you apply for the right debt relief program that will help you get the debt relief that you need so you can move forward on the right financial path.
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In student loan forgiveness, students may be eligible for a principal reduction, partial loan forgiveness, or total loan discharge. Each case is different and we will help determine which you qualify for.
For some students, an income based payment plan can be the right choice. With an income based payment plan, students repay their student loans at a rate that is calculated based on their income and family sizes. In some cases, this could mean a payment of $0.00 per month.
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