Sometimes insurance policies can seem out of reach if you are struggling with funds. Take a look at Term Life Insurance for an insurance policy that suits your budget and lifestyle.
What is Term Life Insurance?
Known to be easy to understand and affordable, Term insurance is a plan that keeps your insurance costs the same for a set amount of time (known as the term.) You can renew it at the end of one term to start a new term. If you pass away while your policy is still in effect, the payment will go, tax-free, to your beneficiaries. You can convert this coverage to permanent insurance if you want to, without worrying about health, lifestyle, or occupation changes.
Why Get Term Life Insurance?
Term insurance is great for those who need temporary protection, such as a business loan, or mortgage coverage, or even education issues. This type of insurance plan is quite affordable for the value offered. If you are a business owner, Term insurance can help with key person protection or buy and sell agreements.
Term Life Insurance allows your beneficiaries to use the funds to pay off or settle any outstanding debts, and get rid of guarantees. It can help pay off tuition or help with your spouse’s retirement plan. Most of all, it helps make up for the lost income.
Benefits of Term Life Insurance
Affordable: This is an affordable, less expensive policy than most other types of insurance as it only gives coverage for a set term. It is a great policy for young families with a mortgage, car loans, or college fees, and for anyone who has financial burdens. A Term Life Insurance policy will allow you to have insurance without causing you financial strain.
Fixed Terms: Having a fixed term makes it easier to budget and save money. Premiums won’t change and are fixed for the set term. Term insurance has coverage for a predetermined (fixed) time (term.)
Flexible Options: Endless options are available with Term Life Insurance. You get to choose the length of term, which can be from 10 year to Age 65. Using a term policy, you can lock in rates for a short period of time if you need help with something like tuition fees of your child in case of your death
Easy to understand: Term Life Insurance is known to be simple enough for everyone to understand. It’s an easy and affordable way to provide your family with financial security if something happens to you. Comparing rates is easy. All you have to decide on is the length of term, coverage amount, and the company. You are covered for the term by paying the premium.