Many life insurance buyers find the 30 year term insurance policy quite attractive. It fulfills their needs. Who, what kind of buyer, would buy the 30 year term policy.
A single person who is probably engaged and knows he will need life insurance to protect his family in the near future may want to purchase 30 year term insurance.
He buys the policy now because he will get a better rate now at his young age. The premium never increases.
Newlyweds buy term life insurance policies, both husband and wife, to protect the new baby or the baby they anticipate they will have in the near future. The 30 year term insurance policy is often their choice.
Anyone with children would find a 30 year term life insurance policy attractive. You want your family to live in the same house they have grown to love even if you are not alive to enjoy it with them. They need cash or income to do that.
You want to know that your children graduate college just like you planned. You don't want to leave any uninsured outstanding debt for your spouse and children to pay. You would be surprised to learn how often this happens.
If you have an estate in excess of $1,000,000 you don't want money that you intended them to have to be consumed by Estate Taxes.
Yes, Estate Taxes was reprieved but it did return in 2011. You will pay Federal Estate Taxes upon your death, depending on the site of your estate.
Life insurance proceeds are free of Federal Income Taxes if it is not a part of your estate. You can therefore use it to pay estate taxes.
The 30 year term policy usually has a level death benefit for the duration. The better policies also have level premiums for the entire 30 year period.
The proceeds can be paid in one lump sum or in the form of an income if you so choose. There are many forms of income payments to choose from.
You can add the waiver of premium rider to your policy and the accidental death benefit rider as well.
The waiver of premium rider provides that if you should become disabled the life insurance company will pay your premiums for you. You must be disabled for usually at least 6 months for this to kick in.
If you should die in an accident the accidental death benefit clause provides that twice the death benefit will be paid. This is the famous double indemnity clause.
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