What Is Term Life Insurance (most commonly bought)?
Term life insurance is the most affordable way to protect your family’s financial security if something happens to you. It replaces your income in the event of your death and ensures that the ones who depend on you can support themselves financially in your absence.
Term life insurance provides coverage for a specific period of time. You can generally buy term life insurance for periods of five years or more, and your policy is active until that period passes. Because you only pay for it as long as you need it, term life insurance is considerably more affordable than whole or permanent life insurance.
Term Life insurance policies are typically used to help provide additional Life insurance coverage during child-raising years, to help pay for short-term debts, help pay off a mortgage, or fund a college education should something unexpected happen.
Term life insurance provides coverage at a fixed rate of payments for a limited period of time. With term life insurance, you’re generally just paying for the death benefit. Your beneficiaries will receive the lump sum payment if you die during the term of the policy.
Term life insurance is often a good choice for people in their family-formation years, especially when they’re on a tight budget because it allows them to buy high levels of coverage when the need for protection is often greatest. Term life insurance is also a good option for covering needs that will disappear in time.
Benefits Of Term Life Insurance
- Low Prices
- No Hidden Fees, Exclusions or Risks.
- Guaranteed Renewability
- Conversion Options
- Temporary Insurance protection