Why Should I Buy Term Life Insurance?

Think about how your partner, family or children would be affected if you happened to die suddenly. Buying a term life policy is the cheapest way to make sure their financial future is secure. 

How Does Term Life Insurance Work?

Term life is a type of life insurance that’s straightforward and easy to understand. The process to get a policy can be broken down into a few parts: 1. Select the term life coverage length (How long you want to be covered). 2. Select the death benefit amount. 3. Have an independent agent help you get multiple quotes from the best-rated companies. 4. Apply with the company that will get you the best deal based on your specific situation and underwriting requirements. 5. Get approved and pay for your policy.

Term Life Insurance Benefits

There are several advantages that term life insurance provides.

Price: A term life insurance policy is typically the most economical means to get a large amount of coverage. Flexibility: Most term life policies can be purchased in either 10, 20, or 30-year terms.   Fixed Premium: Term life premiums are fixed. This means that when you pay your premium, it will be the same rate for the duration of the term. Guaranteed Death Benefit: Your death benefit is guaranteed for the life of the term period. Conversion: Many term life companies allow you to convert your term life policy into one of their permanent life insurance policies.

When To Buy Term Life Insurance

When it comes to any life insurance product — the earlier the better! Your age is one of the most important factors when it comes to price.  

Let’s compare a $500,000 20-year term life policy. The sample rates below are based on a “Preferred Best” health rating for non-smoking males.  

– 20 Year Old: $18.53 per month – 30 Year Old: $18.87 per month – 40 Year Old: $29.17 per month – 50 Year Old: $72.57 per month

When You Shouldn’t Get Term Life Insurance

One of the most common situations is when you’ve retired and no longer need a large life insurance policy. Perhaps you’ve paid off your home, your kids have graduated from college, and you no longer have any major debts to cover. 

Swipe up now to read the full post!