Term Life Insurance Coverage for Life
Imagine that you have worked your whole life, past the age of
retirement, building a healthy and substantial fortune for
yourself and your family. Now that you are in your Golden
years, you want to make sure that the family fortune is
distributed according to your wishes. While most premiums for
insurance policies are based on age, carriers do have what is
called term life insurance to 100. You can purchase this policy
between the ages of 71-80 (check with a qualified financial
advisor as each carrier may have different requirements)
like level term insurance, the premiums for term life insurance
to 100 remain unchanged and stop all together when you reach the
age of 100. Even if you live to 120 years old, you will continue
to be covered. This type of policy basically covers you for
life.
Why Term Life Insurance to 100 is Ideal
Term life insurance to 100 is an ideal policy for estate
planning. Usually, families put together estates if there is a
substantial fortune to distribute. Even if there is a modest
fortune, the goal is to make sure your heirs get their
inheritance intact and also for your heirs to avoid paying
taxes on what you leave them. With term life insurance to 100,
benefits are paid tax-free upon your death. You will not only
ensure that your funeral expenses are covered but also those
capital gains taxes are also taken care of. For example, should
you leave your children property such as houses, the capital
gains on those inherited items would be paid. Ensuring that
your heirs receive tokens of your legacy intact makes your
gifts truly gifts. Who wants to be left a cottage in the
country if you have to suddenly come up with a huge amount of
taxes before you can enjoy the bequest? Surely, as the
patriarch or matriarch of a large family, you could ensure that
your children and grandchildren will continue to enjoy your
legacy to its fullest.
If you outlive all of your heirs, term life insurance to 100 is
also perfect for leaving a bequest to your favorite charity. You
may purchase face value amounts of $10,000.00 to $1,500.000.00
(there are different versions of term life insurance to 100
that offer higher face values). If you choose to donate your
death benefit to a charity, make sure to visit the charity to
fill out all the appropriate forms. There are very specific
questions that require answers before a charity can accept a
gift in the form of life insurance.
Cash Back Options on Surrendered Policies
Some carriers have different versions of term life insurance to
100 policies as well as required number of years to pay before
you can surrender a policy. For example, if you choose a
carrier that has term life insurance to 100, the policy may
require you wait until after 10 years before you can cash out
the policy. If in the 11th policy year, for instance, you
decide you no longer require insurance protection, you can
surrender your policy in exchange for a one-time cash value as
stated in your policy contract. Other versions of the policy
might allow you to surrender the policy at any time with no
time requirement. You would be allowed to surrender for the
cash value stated on the policy.
As always, it is best to seek the advice of a reputable
financial advisor to help you choose the best carrier as well
as which type of term life insurance to 100 policy suits your
needs.
About The Author: Sharon Taylor is a professional writer for
http://www.equote.
excellent online resource providing online quotes for
http://www.equote.
term life insurance to families in 42 states.
Please use the HTML version of this article at:
http://www.isnare.
Sunday, June 24, 2007
Term Life Insurance To 100
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