Term life insurance can be purchased for set amounts of time – ten, fifteen, twenty, or thirty years. Generally, people who buy this type of life insurance are certain that they won’t need it after the term is complete. People who usually buy it are those who just bought a house and have a fifteen or thirty-year mortgage, those in their twenties who have debt to pay off, or those who are just starting a family. Here are the benefits of term life insurance.
- Value Outweighs the Price
- Temporary Needs
- Renewable Coverage
- Supplement Insurance
- Convertible Policy
Term life insurance gives the policyholder the greatest death benefit for the lowest premium. The earlier you get term life insurance, the lower the premiums will be. The premiums will remain the same throughout the entire term.
Term life insurance is a great way to get life insurance for when you need it. It can cover a set amount of time and you can tailor it to what you need. This way, you’re not paying for life insurance when you no longer need it.
Sometimes people get to the end of the term and realize that they still need coverage. You can renew the term for an extended period of time, but unfortunately, the premiums will rise because a big factor in the price is age. When you initially buy your term policy, be sure to figure out exactly how long you’ll need coverage so you won’t have to renew the term later.
Many people who have small amounts of coverage through their work use term life insurance to give them everything they need. Since they won’t need as much coverage, they can save money by choosing a lower amount of coverage.
Sometimes term life insurance is the right choice at one time, but later on, you realize that you need whole life insurance instead. In certain cases with certain policies, term life insurance can be converted to whole life insurance when needed.
At LifePlan Financial, we pride ourselves on our quality work, our honesty to our clients, and the reliability we provide. Getting insurance doesn’t have to be a hassle when you use LifePlan Financial. Contact us today for any questions or get an instant insurance quote to get started.