There are two main types of life insurance that are available to everyone; Permanent life insurance and Term life insurance. Many people are unaware even of the existence of term life insurance, which is a shame because term life insurance is usually much cheaper than the permanent life insurance equivalent. If you are a shrewd investor then term life insurance could be just the option you are looking for. It can work out thousands of dollars cheaper every year giving you that extra money to invest yourself. Insurance companies are normally very conservative when investing your money; some people like this while others prefer a riskier but greater return investment opportunity.
Term life insurance is simple to understand and allows for personal choice. You pay a low monthly premium based on the term length and the amount of coverage you choose. That is it – simple. You can choose term lengths such as 10, 20 or 30 years, and coverage amounts anywhere from $100,000 to several million dollars. Term life insurance, much like car insurance, is the essence of simplicity – as long as you pay the premium, you are covered for the term or length of the policy.
Prices have been steadily decreasing on term life policies and it can easily be compared on the basis of price alone. Whole life insurance is expensive, while term life insurance is very affordable. Permanent life insurance policies often cost thousands of dollars a year, as opposed to the mere hundreds of dollars a year that the majority of term life insurance policies cost consumers. Often, the largest and most prestigious life insurance companies with the household names you know offer some of the most competitive term life rates.
Most term policies are very flexible, allowing for both renewable (you can renew for another term policy without a medical exam and convertible terms (convert your term policy into a universal policy).
While the thought of losing a loved one or thought of personally passing away can be very uncomfortable, term insurance is something that is needed. The emotional and mental trauma of losing a family member can be draining in every way and at least a life insurance policy eliminates any added financial stress. Choosing to purchase life insurance is because you love someone. Think of it as the ultimate act of selfless love. The death benefit proceeds of a policy could benefit your loved ones for many years after you are gone.
To compare quotes, simply click get a quote and you will be taken to a page that asks you to complete a form. If you’re unsure of how much coverage you need, or how long the term should be, connect with one of our knowledgeable representatives immediately. You can send us an email or call our licensed agents at 1-800-521-7873.
Find out more about the differences between term insurance and whole life insurance and the advantages below:
- Term vs Whole Life Insurance; Which One to Choose?
- Types of Insurance
- Term Insurance
- Permanent Life Insurance
- Advantages of Permanent Life Insurance
If you any questions/queries regarding term life insurance policies, leave a comment below. We will be glad to help you out!