Affordable Life Insurance Protection for Your Family
What is Term Life Insurance and Do You Need It?
Today, many people shopping for a life insurance policy consider the option of term life insurance, especially if they are on a budget.
Term insurance provides your beneficiary with protection that lasts for a given period of time, usually 20 or 30 years, and carries no cash value, just a death benefit. Term life usually is much cheaper than permanent insurance policies.
The primary purpose of life insurance is to replace the future income of a primary breadwinner in your family.
Term Life Insurance Explained
Term is a type of life insurance that provides temporary coverage lasting for a period of up to 30 years.
If the insured person dies during the Policy Term, while the coverage is "In Effect", the death benefit is paid out to the beneficiary of the insurance policy.
The Owner of the insurance policy decides who is the Beneficiary.
However, if the insured is alive when the policy expires, there is no payout of any benefits, and the coverage ends.
Options for Duration of Term Coverage
You have several options to choose from when deciding how long your term insurance coverage will last.
Usually, you may select a Policy Term (duration) of 10, 15, 20, 25 or 30 years.
However, the maximum duration for your policy term may be limited, depending on your current age and health.
For instance, while a 30 year old may purchase up to a 30 year term policy, a 70 year old may be limited to a maximum duration of 10 or 15 years of coverage.
Do You Need Term Life Insurance Protection?
If you’ve decided you have a need for life insurance, then deciding on term life coverage should be fairly simple.
Ask yourself this question: How long do I need my life insurance to last to accomplish my goals?
You’ll want to consider what goals you want your insurance to accomplish.
The answer will let you know if term life is right for you.
If you decide your need for life insurance is to last for a duration of thirty years or less, then term insurance is right for you and can help you meet your needs.
For example, if you want to protect your home mortgage loan, and the loan is for 30 years, you’ll want to choose a 30 year term life plan.
Or, if you want to make sure your 3 year old child has funds to attend college if you should pass away unexpectedly, you’ll want to consider choosing a 20 year term insurance policy.
Term Life Insurance Quotes
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