Term Life Insurance
A life insurance policy is key to securing the financial future of your family after your death. It lets you protect your loved ones when you can’t protect or provide for them. This is one of the biggest reasons as to why many people choose to purchase life insurance.
There are many different types of life insurance policies available, with one type of policy being term life.
Term Life Insurance Explained
A term life insurance policy is a type of policy that only lasts for a set period of time before it ends. Individuals can choose any term ranging from 5, 10, 15, 20, 25, or 30 years.
Like all life insurance policies, term life consists of a death benefit that will be provided to your beneficiaries once you have passed, but there is a catch. Your beneficiaries can only get this death benefit if you die within the given term of the policy. If you do not and your policy nears the end of its term, it will expire, but you can always renew it for another term or convert it to a permanent life insurance policy.
However, do keep in mind that the monthly premiums you pay for this policy are based on your age, health, and life expectancy. These policies also don’t offer a cash value like whole or universal life policies do.
Types of Term Life
There are a few types of term life insurance policies available, which include:
• Level Term – The death benefit and premium for these types of policies are fixed. They also provide coverage for terms that typically last between 10 and 30 years
• Yearly Renewable Term – These policies don’t really have a specified term, but they can be renewed each year. The premiums for these policies are also not fixed, meaning they can increase as you get older
• Decreasing Term – The death benefit for these policies decrease each year, and you will have to pay fixed premium for the entire duration of the policy
Book An Appointment With Me Today!
Family First Life Insurance, LLC can find you a term life plan that suits you and your family’s needs. With a term life policy, you can leave your loved ones covered and protected without any financial burden.
To get a quote for a term life plan, reach out to me today and book your appointment.
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