You get coverage for a specific period of time with various options for your specific budget and requirements. Simply put, it’s life insurance protection giving a tax-free cash payment out to your beneficiaries should you pass while your coverage is in effect.
How Does It Work?
Normally when you purchase term life insurance, first you pick your beneficiaries. Then, you pick the amount you are covered for and then either a 10-year or 20-year coverage period. During the length of your term, your payments never increase. You can renew your coverage when your term is up. However, it will be at a higher cost than what you originally paid. You can also adapt your policy into Permanent Life Insurance, but it would be more expensive. This option gives lifelong protection that will gather cash value which helps you reach your financial goals.
Who Is It Good For?
It is perfect for entrepreneurs, small business owners, young families, and even young adults. Anyone actually, who needs coverage for the short term, that is also affordable and a policy that is easy to understand.
Affordable And Valuable:
The great thing about term life insurance is that your payments stay locked in and don’t increase during its term. The price is affordable and less expensive than permanent insurance and you are also able to buy more coverage to better suit your situation later on.
What Are The Benefits For Your Family And Yourself?
The most important benefit of term life insurance would be that your loved ones are not burdened with financial debts once you pass. That tax-free payment they would receive can be used for anything such as paying off the mortgage, funding your children’s education and just the typical expenses incurred during that time.
Can You Upgrade?
One of the more beneficial things about term insurance is that you have the option to transition to lifelong protection insurance whenever the time is right. There would be no additional questions about your health.