Life insurance can financially protect your family in the event of your death.
Depending on your policy, life insurance can pay off your mortgage, fund your children’s education, and cover funeral expenses. This guide was created to help you understand term life insurance and determine if it is right for you.
What is term life insurance?
The most fundamental form of protection is life insurance. It’s the cheapest option, so it’s ideal for people who simply want peace of mind.
Term life insurance policies provide coverage for a specific time period.. These policies have lower premiums but do not last as long as others. If you want to continue receiving coverage after your current policy expires, you must purchase a new one.
Is term life insurance right for me?
Term life insurance is ideal if you want consistent premiums and coverage while also having access to cash value. Because term policies are only in effect for a limited time, they are easier to understand and apply for, especially if you are new to the process.
How to Select a Term Length
The length of the term can range from one year to 30 years or more, depending on the needs and budget. The longer your policy, the more expensive it is, but the more coverage you receive.
Consider a shorter-term policy that will cost less over time if you are young and only need coverage for a few years (perhaps because you plan to retire early).
How much coverage do you need?
If you’re still unsure, start with the highest recommended amount. You can always reduce later if necessary.
How to Get the Best Term Life Insurance Deal
Shop around in person and online: Compare quotes from at least five or six insurers to get a fair price. Visit each insurer’s local office in person if possible to see how they treat their customers and what kind of service they offer.
The bottom line …
Term life insurance is an inexpensive way to safeguard your family’s financial future.
The amount of coverage you can purchase is determined by the amount of risk you are willing to take and the amount of money you need to replace.
Takeaway:
Whether you’re starting a family or nearing retirement, it’s a good idea to be prepared for the unexpected.
That’s where term life insurance comes in.
Life insurance can be very complicated, and there are numerous reasons why you might choose not to purchase it. However, as a general rule, it’s never a bad idea to spend some time learning more about various coverage options. You may discover that you require life insurance and that having it will provide you with peace of mind in the future. So if you haven’t done so already, grab a free quote today at (866) 917-9393 and start exploring all of your options.
