There is no doubt about the fact that for the purpose of insurance term life is the best. It is also a fact that any life insurance policy will make sure that your family remains financially secure even if you die before you have been able to make any other arrangement for them.  It is only that the term life will make sure that in spite of large coverage, the rates remain within your affordable range. Indeed, that is the principle benefit of a term life. However, it has few shortcomings too. It is your right to be aware of every aspect of the policy so that you can make an intelligent choice. Therefore, let us also talk about that.

• No cash value – As I have already said, the term life is a pure life insurance policy and what is more such policies are sold for a stipulated term only. Consequently, if the insured outlives the term, he cannot expect any return from the money he had paid. On the contrary, if you buy a whole or universal life, which use a part of the premium to grow cash value separately from the death benefit, No cash value – As I have already said, the term life is a pure life insurance policy and what is more such policies are sold for a stipulated term only. Consequently, if the insured outlives the term, he cannot expect any return from the money he had paid. On the contrary, if you buy a whole or universal life, which use a part of the premium to grow cash value separately from the death benefit, you will not only be entitled to life long coverage, but also to many living benefits. However, these other policies are more expensive.

• Insurability criterion – Sine term life does not pay any benefit unless the insured dies within the term, the insurability criteria are quite strict. To qualify you have to appear for a medical test. Indeed, you not only have to be young and healthy, but must also be of right body weight. Tobacco use is also a big criterion because habits such as this may cause many diseases later in life. Moreover, your and your family’s medical history is also checked for any potential diseases. If you do not meet their criterion, you will be refused coverage. Of course, the life insurance no medical exam policies may give you some respite, but they will cost more.

• Suicide – Not all deaths are covered by such policies; there are quite a few exclusions and suicide is one of them. It often happened that people bought insurance policies and then committed suicide so that their beneficiary could have a better life. Naturally, the insurers did not take kindly to such practices and refused to pay benefits. After numerous court cases, it has now been decided that no death benefit can be claimed if the insured commits suicide within the first two years. After that there cannot be any bar imposed on it.

• Aviation clause –in this clause, the beneficiary of the insured person can only claim the death benefit if the first died while on board one of the major carriers. This means that if he is a passenger on a usual scheduled flight of an airline, the family can claim the money. Accidents in hazardous activities in the air such as sky diving and hazardous occupations also fall in such category. Generally, this clause is geared for pilots. If you are one, asked for this after you look for life insurance quote on line.

• War exclusion –this is somewhat self-explanatory. In the event of the eruption of war in your area, the carrier might not be able to reimburse you the death benefit even if it is rightly yours. Of course, this is only applicable during the times of war. However, you still need to know this as insurance plans that are issued in bulk or by the government for military personnel who are in active duty may vary.

• Contestability Clause – If the carriers have doubts, they can contest the claim and refuse to pay the benefit even if the insured dies within the term. It will then fall on your beneficiary to prove that everything has been legitimate and the carrier cannot withhold the benefit. To save your beneficiary from such situation, you should not only read the fine prints carefully, but you must also provide authentic information and cooperate with the insurer on every stage.

• No living benefit – If you try online you can receive instant term life insurance quotes and start the process of purchase. However, remember that term life does not provide any living benefit and so if you need money in your lifetime, such a policy will not be able to help you out. For that, you will have to save money separately and buy additional coverage such as health insurance, disability insurance etc.

Of course, it is a fact that all life insurance policies have some limitations. It is for you to learn the pros and cons of each and then decide which one will suit you most. Take time to that, but start the process immediately; you never know when your call your come.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on cheap term life insurance quotes and instant life insurance, visit his site today.