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Term Life
Life insurance offers policyholders coverage that provides a death benefit payment if the insured dies. Term life insurance is a type of life insurance that only covers the insured for a set period of time, usually ranging between 10 and 30 years. If you are interested in purchasing a term life insurance plan, here is what you need to know first.
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What Is Term Life insurance?
Term life insurance or short-term life insurance provides affordable protection for a specific period of time. The premiums for these plans are lower than permanent life insurance options, making them great for people who only need coverage for a certain amount of time. It’s important to keep in mind that premiums may increase if you choose to renew the policy after it expires. Though, the initial low premiums make this plan great for individuals who need temporary coverage.
How Does Term Life Work?
If the insured individual passes away during the time period where the term life insurance policy is active, their beneficiaries will receive a death benefit payment. The death benefit payment is decided when the contract is first signed. If the insured doesn’t die during the covered period, there will be no death benefit unless they renew coverage or purchase another plan. Only some term life insurance plans offer renewals.
Why Buy Term Life Insurance?
If you aren’t sure whether term life insurance is best for you, consider the following:
Budget friendly
These plans are the most budget friendly life insurance option. Because they only have to cover you for a portion of your life, term life insurance policies are very affordable.
Conversion privilege
Some plans also offer you the option to convert your term life insurance plan into a whole insurance plan without submitting further proof of good health. If you currently can’t afford whole life insurance, this option could allow you to stay covered until you can.
Find The Right Life Insurance Plan
If you want a life insurance plan that fits your lifestyle and budget, contact Insured For Life. We can help you sort through all of the available plans to find one that works best for you!
