Have you ever heard of the term incremental term life insurance? If not, BINGO! Let’s talk about how it is different from regular term life insurance policies.
Life insurance is typically an assurance you get by giving a monthly premium. You can use that assured amount in any way you feel wise about.
And out of this 50%, half of them opted for the term life insurance. This was typically dominate my millennial audience. And that makes sense. In this COVID arena, life insurance is the only element that sounds secure.
What is Incremental Term Life Insurance?
It is a type of term insurance where one can increase the policy cover by a certain amount every year. This type was introduced to beat the inflation metrics. Let’s say you have a policy of $100,000 for 20 years, then every year after you buy the procedure, the assured some is increment.
Moreover, if at the end of 20 years term, if something comes up and you were to happen to the insured, the beneficiary you named will receive an amount that increased incrementally over the last 20 years, not the initially agreed price. Isn’t that cool?
The only drawback of this type of insurance is that you have t I pay a considerable premium. But in the long run, this higher premium makes up for itself.
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