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. Healthy men and women in their mid 30s and 40s can buy hundreds of thousands of dollars of coverage for under a dollar a day.
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.
Most people between the ages of 18 and 75 can buy term life insurance, although the younger you are and the better your health, the more affordable it is. While people with terminal conditions may have trouble getting approved for a policy, it’s possible for cancer survivors, diabetics, and people who take medications for cholesterol, blood pressure and other conditions to obtain coverage.
You can buy term life insurance for five, 10, 15, 20, or 30 years — however long you need it. So long as you pay your premiums on time, your policy will remain active until the end of the term period you’ve selected. If something happens to you while the policy is active, your beneficiaries will receive a death benefit for the amount of the policy. In most cases, term life insurance proceeds are tax-free. Consult your tax advisor if you have any questions.
Term life insurance is a great way to make sure that your family’s well-being is taken care of. No one ever anticipates needing to use life insurance, and tragic life events happen unexpectedly. Be prepared and get a free term life insurance quote today.
Term life insurance is the most affordable way to protect your family's financial security if something happens to you.
Men and women in excellent health in their mid 30s and 40s can buy $100,000+ of term life insurance for under a dollar a day.
You can buy term life insurance for 10, 15, 20, or 30 years — however long you need it.
In most cases, term life insurance proceeds are tax-free. Consult with your tax advisor if you have any questions.
Term life insurance is the most affordable — and flexible — Life insurance product available. Why? Because term life insurance provides a specific death benefit amount for a duration — or term — chosen by the policyholder. Once a 10-, 15-, 20-, or 30-year term is selected, the coverage and premium amounts remain the same for the life of the policy. So rather than paying a monthly premium for the rest of your life, you can simply buy coverage for however long you need it — usually until your children are grown and out of the house.
Life insurance is a personal affair. Standard formulas such as buying coverage equal to eight, nine or ten times your annual income are inadequate shortcuts. Online calculators can provide a general guide, but it doesn't make sense to say that someone with four young children should have the same amount of coverage as empty nesters with no mortgage and a substantial retirement fund. Other items to consider:
The time factor. Figure out how many years you'll need to be covered.
Final expenses. Determine the total cost of your funeral, burial and related expenses.
Mortgages and other debts. Tally your mortgage balance, car loans, student loans, and any other major expenses.
Education expenses. This calculation can be tricky because you need to consider the cost of a college education at the time your kids will enroll, as opposed to what it would cost today. Hint: It will be more expensive.
Income replacement. Once you cover funeral expenses, debts and education, you need to determine the amount of income required for your family members to sustain their current lifestyle.
A conversation with an experienced agent can provide the guidance you need.
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