TERM LIFE INSURANCE
It is strongly recommended that each family or individual, because of the variety in past, present, and future situations, be educated about different life insurances. However, we know that crazy schedule and hectic lives make it seem impossible to make reading about insurances fun and leisurely. At Betters Insurance, we are here to make sure that you have all the right and necessary information that you need and guide you to make an informed decision with regards to choosing your term life insurance. Finances are important, but ironically, are not thought about enough. By having a third-party opinion, who are experts about the different insurances available, it can save you a lot of time while getting the right information.
If you are looking for an affordable and valuable temporary cover protection, or you are a business owner with a need for main person protection to fund, and buy and/or sell arrangements and agreements, term life insurance may be for you.
Term life insurance is known to offer affordable and flexible insurance based on your specific needs, offering a temporary risk protection. Term life insurance can be adjusted as your see fit. Term life insurance is recommended when you have a limited time of need for protection and when your budget is controlled. Some can only afford the coverage they need, for the time that they need it, is through purchasing term life insurance. Term life insurance is an additional coverage, apart from a group insurance that you may be receiving in your workplace or any source of income. Term life insurance can act as a supplement to your work group insurance. Having a group insurance is great; you have dental, some health, and optical coverage, but what happens when you lose your job, or have an untimely death? Your group insurance will not cover for any unforeseen expenses that will arise from these circumstances such as funeral costs, or losing your resource to pay for expenses. Term life insurance could also be your salary replacement for the time being, in the event that you lose your source of income, some term life insurance builds cash value that you can tap when needed, there are also coverages available to pay you disability income to cover your expenses when you become injured or disabled.
Term life insurance offers a level premium and a level death benefit protection during a definite period. Term life insurance provides protection for a certain, but limited, amount of time. Term life insurance is recommended for those who are either married, have children, have an elderly parent, or have debt and/or mortgage. Term life insurance helps you and your family meet important and short-term financial needs and goals. To determine your own needs, you must consider any outstanding debt or expenses or loans such as mortgages, rent, car payments, and credit card debts. It is important to also consider any ongoing and future financial expenses during child-rearing years such as day care, post-secondary tuition fees, and college/university residency. Also consider your income and funeral expenses, in case you have an untimely death or unexpectedly lose your source of income. Term life insurance allows you to be financially unburdened for the next 10 to 15 years.
Since the selling market for term life insurances are very competitive, it offers good values for consumers. Term life insurance is used very commonly for short-term and personal plans. Term life insurance is very flexible to accommodate an individual’s or a family’s insurance needs. You will pay a premium, which is determined for a certain length of time. Premiums for term life insurance are cheaper, and hence more affordable than whole life insurance. Your premiums are calculated and depend on your age, sex, smoking status, and after your health and lifestyle has been assessed.
During your decision-making in purchasing your term life insurance, you will choose a specific period of time as you see fit, that will adequately accommodate for your needs. You can ask to be insured 10, 15, 20 years, and so on. Generally, the longer the term life insurance you have, the higher the premium because the older the insured becomes, the more expensive the coverage gets. Your premium is at a fixed price for the term, thus, it will never increase. With term life insurance, you can increase or decrease your insurance coverage as you see fit.
Term Life Insurance is a way to ease any financial burden that will come from unforeseen circumstances. A premium is paid for a specific period of time. In the event that an untimely death occurs, the insurance pays the person or persons you have designated as beneficiaries. Your beneficiary will receive the term life insurance proceeds free of federal income tax.
There are many different kinds of term life insurance that are available to you. One is the renewable term life insurance, which allows you to extend your term life insurance once your initial term life insurance comes to an end. Term life insurance covers you and your beneficiaries up to a certain age and then terminates. With renewable term life insurance, you have the ability to extend your renew your life insurance for the consecutive periods afterwards.
Another is the convertible term life insurance, which allows you to switch from term life insurance to a permanent life insurance. Your term life insurance will allow you to convert your insurance to continue for life.
Another is a decreasing term life insurance, which has an initial level premium, but the amount of death benefit decreases over time.
Though there are different life term insurances, it is important to know that many features of term life insurances are flexible. Simply ask your advisor if you need further information. At Betters Insurance, we will make sure that you have all the information you need to make an informed decision. Our agents are available to answer any questions, to discuss options, and to help you pick the right program for you.