| Term Insurance Basics What is Term Insurance?
Term insurance is life insurance protection for a specific period of time, usually from 1
to 30 years. It is typically the least expensive type of life insurance and it ends if you
outlive the period of time you select, unless you renew coverage. Term insurance simply
provides death benefit protection – meaning, that it pays a death benefit to your
beneficiary if you die within the term period.
Who should
consider term insurance?
- Young families and individuals, who can’t afford the
higher expense of permanent insurance or who are unsure about their long term goals, and
who want something affordable today with the opportunity to change their minds tomorrow.
- Individuals who need coverage for specific needs that will
disappear in time, such as a car loan or a mortgage.
- Small businesses who need protection in case a key employee
dies or who need coverage for business loans.
- Couples who need income replacement in the event of a
spouse's death.
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Benefits:
Term insurance…
- Term insurance provides affordable life insurance protection
for those on a limited income.
- Term insurance provides a good way to cover or even
supplement other coverage when you have added financial responsibilities for a specified
period of time (i.e. mortgage, loans).
- Term insurance premium are generally lower than those for
permanent insurance. This is often beneficial for younger individuals and couples as it
allows them to buy higher levels of coverage when the need for protection is often times
the greatest.
May have a re-qualification option that enables the insured
to obtain a new term policy.
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