Term Life Insurance
Getting Life Insurance is very easy and simple process. Having the right life insurance protection can make a big difference in your life and the lives of the ones you love. A proper financial security plan that includes life insurance can mean the difference between leaving your estate financially secure and leaving behind debts and an inadequate income. A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump-sum payment (death benefit) to beneficiaries in the event of the insured’s death.
Term life insurance is a cost effective, easy to understand life insurance coverage that gives you flexible coverage. You will be covered for a specific time and the cost of insurance will not change during that term. Term life insurance can also offer the option to convert to permanent until you are 71 years old without answering the health questions or going through a medical exam. Death benefits are paid to the beneficiaries’ tax free in case you die while the policy is in effect. Your beneficiaries can use this tax free money any way they want. For example, they can use it to:
- Maintain their lifestyle and pay day-to-day expenses
- Pay for your children’s education
- Pay off loans and debts
- Cover expenses like funeral costs
Most common term insurance coverage are Term 10 and Term 20.
Pick a term is an another Term life insurance that allow you to pick a term for coverage between 10 to 40 year periods. Coverage automatically renews annually after the initial Term until age 100 at which time coverage continues but premiums are no longer required.
Is term life insurance right for you?
Term insurance is an effective solution for people who are:
- Looking for cost effective life insurance solution.
- In need to cover a mortgage, business loan or other debt obligations.
- Business owners with a need for key person protection and/or to fund buy/sell agreements.
Feel free to contact us if you have any questions about term life insurance. Get a free online insurance quote.