Term life is the most affordable way to protect your loved ones
Why Choose Term Life Insurance?
Term life insurance offers a straightforward and affordable way to secure your loved ones’ financial future. With set term lengths and fixed premiums, you can get substantial coverage without breaking your budget.
These policies provide essential protection during your prime earning years and offer flexibility to match evolving needs and budget constraints. It’s a simple solution to a complex concern: ensuring your family’s well-being even if you pass away unexpectedly.
If you pass away while the policy is active, your beneficiaries receive a tax-free payment that they can spend however they choose, meaning your family or business won’t be financially burdened by your death.
Term life insurance is made to fit most budgets. It’s typically the most affordable option because it only lasts as long as you need it and rates are fixed, which means your payments never change.
You get to choose from a range of term lengths and coverage amounts to fit your unique circumstances. You can also add optional life insurance policy riders to bolster your coverage, some of which are free.
Breaking Down Policy Lingo
Understanding the different life insurance concepts will empower you to make informed decisions and ensure that the coverage you purchase provides the protection you need.
Let’s look at the following example
For a fee of $48 per month during the next 10 years…
…If you pass away anytime in the next 10 years…
…your beneficiaries receive $175,000 tax free
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Learn more about life insurance
You’ll find answers to most all your questions right here. And if you want to learn more, simply contact us to speak with an experienced advisor.
How long should your life insurance term be?
The length of your term life insurance policy depends on the unique needs of your personal situation. Term life insurance can last anywhere from 5 to 40 years, depending on your age. Term life insurance is meant to financially protect your beneficiaries from your untimely death. For the typical family, the length of the term life insurance policy will ideally last until your largest source of debt is paid off or until your loved ones are financially independent.
Is life insurance affordable?
Life insurance is more affordable than most people think. In general, Americans overestimate the cost of life insurance by 3-5 times the actual price. The cost of life insurance depends on a number of factors like age, gender, type, and amount of coverage, as well as your individual risk. Basically, the younger and healthier you are, the more affordable it is. As for types of life insurance, permanent life insurance is 10-15 times more expensive than term life insurance.
How much life insurance do I need?
Deciding how much life insurance you need will depend on your current finances, financial goals, and family situation. The right amount is different for everyone. The main purpose of life insurance is to replace your income, so your loved ones don’t suffer financially. For the amount of coverage, experts recommend 10-15 times your annual income. If that doesn’t fit in your budget, buy what you can afford. A little life insurance is better than nothing at all.