Life insurance policies offer many different options for both premiums and benefits. One can choose a premium and death benefit that is level and remains the same over the term of the policy; one can choose a premium that increases with a death benefit that remains level; one can even choose a policy with a premium that decreases while the death benefit stays level.
This last option—a decreasing premium policy—presents a great way to plan because:
It banks on your money today—not tomorrow. You never know what life is going to throw your way and you never know how your finances are going to be affected. Choosing a decreasing premium term life insurance policy allows you to find a premium that you know you can afford now while ensuring a lesser financial burden with your future dollars, all without sacrificing your death benefit. This will allow you to better accommodate unexpected financial difficulties in the future.
You can easily continue coverage. The decreasing premium makes it much easier to ensure that you're able to pay your premiums through the entire term of the policy. Instead of lapsing your policy and trying to qualify for new, and increasingly expensive coverage every time your finances go through a shift that affects your budget, you’ll be able to simply continue with current coverage levels while automatically experiencing a reduction in premiums.
It enables you the freedom of adding more protection later. The term policy that you take out today may not offer enough death benefit protection for your heirs in a decade. When you choose a decreasing premium term insurance policy, you ready your future budget for the addition of new insurance protection as your family grows, your debt changes and the future needs of your children are considered.
To find out how decreasing premium term life insurance policy fits into your budget, give us a call at Allstar Direct Insurance & Financial Services. Together we can decide whether decreasing premiums, increasing premiums or level premiums are the best choice for you and your Miami Life Insurance policy.
This last option—a decreasing premium policy—presents a great way to plan because: It banks on your money today—not tomorrow. You never know what life is going to throw your way and you never know how your finances are going to be affected. Choosing a decreasing premium term life insurance policy allows you to find a premium that you know you can afford now while ensuring a lesser financial burden with your future dollars, all without sacrificing your death benefit. This will allow you to better accommodate unexpected financial difficulties in the future.
You can easily continue coverage. The decreasing premium makes it much easier to ensure that you're able to pay your premiums through the entire term of the policy. Instead of lapsing your policy and trying to qualify for new, and increasingly expensive coverage every time your finances go through a shift that affects your budget, you’ll be able to simply continue with current coverage levels while automatically experiencing a reduction in premiums.
It enables you the freedom of adding more protection later. The term policy that you take out today may not offer enough death benefit protection for your heirs in a decade. When you choose a decreasing premium term insurance policy, you ready your future budget for the addition of new insurance protection as your family grows, your debt changes and the future needs of your children are considered.
To find out how decreasing premium term life insurance policy fits into your budget, give us a call at Allstar Direct Insurance & Financial Services. Together we can decide whether decreasing premiums, increasing premiums or level premiums are the best choice for you and your Miami Life Insurance policy.
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