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Short Term Life Insurance Defined

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Short term life insurance is a type of life insurance that provides you with coverage for a very limited period of time. It is less of a hassle to apply for a short term life insurance policy than a traditional long term policy. Since the risk of death is much smaller during a short span of time, insurance companies have less to be concerned about. As a result, you can apply, the company can underwrite, and you can have your short term life insurance policy approved within just 20 minutes online. No physical tests or medical exams required and there is almost no delay from your application to the approval of the policy.

When To Get Short Term Life Insurance

Usually, short term life insurance policies are issued almost simultaneously with short term health insurance plans, at times when there is a change or transition in employment. During changes in employment, you can encounter a gap in insurance coverage provided by the company or employer. Transferring jobs frequently often results in a gap in group insurance coverage that generally lasts between 1 to 6 months.

A short term insurance policy is the quickest and easiest solution. Short term life insurance is actually the same as standard life insurance policies but that coverage can be issued online, the application can be completed in minutes and the coverage only lasts for a very limited period. The policy’s coverage can be terminated when a new plan has been provided by the new employer.

Types of Short Term Life Insurance

There are 2 types of short term life insurance. One is a regular plan that will cover death from all causes and the second is an accidental death policy which is typically cheaper and often preferred by younger people because the death risk from natural causes or disease is unsubstantial to them when entering into a new job in that short period of time. In simpler terms, the cheaper accidental death policy seems more practical and appropriate for short term than a more expensive long term life insurance policy.

Those from lower income groups will also usually choose a short term life insurance policy since they do not want to spend their hard earned income on pricey policies they don’t need. It would be highly impractical for them to pay for expensive premiums anyway and many would rather allot that money for other worthy investments such as education.

Buying Short Term Life Insurance

If you are shopping around for a short term life insurance policy, you can easily gather all the necessary information online to find the right deal for you. You may also receive tips and advice offline. Feel free to consult with insurance agents to inquire about the right plans to match your needs. Always work with a reputable and reliable company or agent. Do your research and find the best insurance policy for you. Never settle for a policy that is just too good to be true. Be a meticulous shopper to make sure you don’t jump into something you will regret later. With all these factors in mind, surely, you will get the perfect short term life insurance coverage.

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