Should You Buy Term Life Insurance?
The decision to buy term life insurance is an important and personal decision. While a whole life insurance policy protects for your entire life, a term policy is limited to a predetermined number of years. Term insurance is a favorite among a range of people because it’s transparent and simple, meaning it’s often one of the best value insurance policies you can get. Individual circumstances vary, but term life is right for most people who need some form of life insurance. Are you undecided if term is worth it? Read on.
How Term Life Insurance Works
Term life insurance is one of the simplest and most affordable types of life insurance. It insures your life for a period of time of your choosing (e.g. 10, 15, 20, 25, 30 years). This helps to ensure that none of your financial obligations will burden your family if you were to die unexpectedly during the term length.
Youngsters can benefit from a long-term policy, such as 30 years, while they face many years of working ahead. If you have small children, you may want your term length to end around the time your home mortgage and student debt have been paid off.
Why Term Life Insurance?
If you’re looking for a policy that offers more than $100,000 in coverage, term life insurance is usually the most affordable choice. Another type of life insurance coverage that offers high death benefit amount is permanent life insurance, but it’s usually far more costly. Term life insurance is a simple and affordable option for everyone. It has no investment components to track and no cash value or loans that impact the final payout. You can simply make the monthly payment and you’re covered for the specified term length.
In addition to affordability, term life is a product you can build on. If you start out with just $100,000 in term life insurance coverage when you’re young, for example, you’re not stuck with that coverage amount forever. Provided your health allows you to qualify for more coverage, you can continue adding term life policies as your lifestyle and situation changes.
Do you know what to look for in a life insurance policy and what it can do for your loved ones? Contact Donald Weiss Insurance Services. Our dedicated team will help determine your coverage needs, helping you pick the right policy and give you the peace of mind you and your family deserve.