When you evaluate your life insurance policy options, you may think that term life insurance does not hold enough merit, but there are some advantages of which you may be unaware.
Term life insurance is one of the top policies that everyone needs to consider if they want to financially protect their family and provide an immediate estate for them in the case of their death.
Term life insurance may not be the most effective life insurance on the market for all of a person’s death benefit needs, but it is very useful to many under a myriad of circumstances.
Since term life insurance is not one set, unmalleable product, different term life insurance policies can be created to meet the needs of every one individual who seeks to purchase such a policy.
It is important to remember that while term life insurance does provide a death benefit in the event of your death, it has little to no ancillary or lifetime benefits. That is to say that it has no intrinsic value outside of the death benefit for the specific term that was selected upon the purchase of the term life insurance policy. (Hence the name “term” life insurance.)
The clearest advantage to term life insurance is the cost. Between term life and whole life, term life is the least expensive option, because of the things it does not have.
There are two questions you must ask yourself when you are choosing a term life policy:
- Will the coverage last for as long as I need it to last?
- Will the death benefit alone meet the needs of my family if I am to pass unexpectedly?
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.