What is term life insurance?
Term life insurance is an insurance product created to help protect your family in the event of your unfortunate passing. Term life provides coverage on your life for a designated period of time (the term). The term is selectable by you and are typically purchased at 10, 20, or 30 year terms. Get a term life quote today and help gain some peace of mind.
Compare life insurance quotes
Just like home and car insurance, you need to shop and compare rates for life insurance. As you compare term life policies, it’s important to compare the plans of competing insurance carriers, as well as their differences. You can start an online life insurance quote with us today and easily compare the premium, coverage amount, and term length of policies offered by multiple excellent insurance companies.
WHY BUY TERM LIFE INSURANCE?
Term life can be more affordable than other life policies, making it a good options for families just starting out or on a budget.
What are the benefits of term life insurance?
Lower Costs
Because term life policies only cover you term, rates can be lower. It’s best to buy when your young to get the best rates, and if you’re a non-smoker.
More Coverage
Term policies are best for young families because the lower cost allows you to purchase life benefit coverage.
Term Flexibility
Term life policies allow you to choose the length of coverage. In fact, you can buy a policy for as low as one year, but the most common terms are 10, 15, 20, and 30 years.
Tax-Free Payouts
Tax-free is always good. The death benefits paid out from a life insurance policy typically does not create taxable income.
Guaranteed Protection
Death benefits for term life policies are guaranteed. Your selected amount of coverage will be paid in a lump sum at your passing, assuming it was within the term.
Guaranteed Premiums
With term policies your fixed premium is guaranteed not to change during the term of the policy.
Is there a good time to buy term life insurance?
There is a “best” time to buy life insurance. It is always recommended to buy when you’re younger because younger people have lower life insurance rates. The older you get, the higher your life premiums will get. Other trigger times to buy life insurance include when you get married or start your family. Term life is an affordable way to help your family remain financially secure should you die unexpectedly. Additionally, if you’re buying a home, a life policy can help pay off the mortgage or other debts should you pass away.
What does a term life policy cover?
Like other life insurance products, term life can help your family or loved ones cover lost income and other living expenses and liabilities, such as:
- Mortgage or housing payments
- College tuition or other education expenses
- End of life, funeral and other burial costs
- Debt, such as an auto, credit card or business loans
Learn more about life insurance
Life Insurance 101 is your go-to resource for any additional questions about term life insurance.
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