Affordable Life Insurance Protection for Your Family

Advantages of Term Life Insurance

What are the Advantages of Term Life Insurance?

It’s important to consider term life insurance advantages and disadvantages before purchasing your term life insurance policy.

Make sure you understand your reasons for buying your term life coverage and how long you will need protection for you and your family.

Term life insurance provides life insurance protection for up to 30 years. Many term life plans provide coverage for 10, 15, 20 or 30 years.

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Advantages of Term Life Insurance

  • Premiums are usually much lower for Term life insurance compared to whole life insurance.
  • Term life provides funds for people who depend on you for financial support.
  • Creates an estate to leave to your heirs, if you haven’t had a chance to build much wealth.
  • Level term life insurance premiums remain the same for the term of the policy. So, 20 year level term means your premiums stay the same for 20 years.
  • Provides the maximum life insurance protection for your dependents at the lowest cost.
  • Provides affordable life insurance protection to fit almost any budget.
  • Many term life policies offer you the option to convert your coverage to whole life insurance by some future date, (without having to prove insurability – taking a medical exam).

Disadvantages of Term Life Insurance

  • If you outlive your term insurance policy, your premiums to buy a new policy will be much more expensive.
  • If you do convert your term insurance to whole life – your premiums will be much higher for the same amount of coverage.
  • Premiums usually increase with age, unless you buy level term life insurance.
  • When your policy expires, you may not be in good health, and unable to qualify for another life insurance policy at that time.

Term Life Insurance Quotes

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

Highly Recommended – Globe Life Insurance

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  • No Medical Exam – Simple Application.
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  • Globe Life Is Rated A (Excellent) By A.M. Best Company As Of August 2022.

Additional Resources for Term Life Insurance

Top 10 Life Insurance Companies - Review a list of the top life insurance companies and their financial ratings.

How Term Life Insurance Works - Learn more about term life insurance and how it works.

Term Life Insurance Calculator - Use this free life insurance needs calculator to help you learn how much life insurance you need to meet your needs.

Term Life Insurance without a Health Exam

Advantages of Term Life Insurance

Disclosure: Compensated Affiliate