November 23, 2022
  • November 23, 2022

3 advantages of term life insurance

By on October 25, 2022 0
Term <a class=life insurance is one of the most well-known and popular types of life insurance, largely due to its unique benefits. / Credit: Nicolas Hansen/Getty Images” src=”https://s.yimg.com/ny/api/res/1.2/sB8AFhpseMP9aNaxolR6Tw–/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQ3MA–/https://s.yimg.com/uu/api/res/1.2/Q77v3U6yhqh8QEx4ZySqIg–~B/aD0xNDE0O3c9MjExOTthcHBpZD15dGFjaHlvbg–/https://media.zenfs.com/en/cbs_news_897/7c5207b5eca1508a737df0ee58c53174″/>

Term life insurance is one of the most well-known and popular types of life insurance, largely due to its unique benefits. / Credit: Nicolas Hansen/Getty Images

Life insurance comes into play all shapes and sizes. Depending on your personal financial situation, your long-term goals and beneficiarieshowever, there may be a type that is more advantageous.

While policies range from term at together at universal and variableit is the first on this list that many find the most cost effective and reliable.

Term life insurance policies are limited to a chosen period of time in the life of the insured. Terms can be 15, 20, 30 years or any other agreed time frame. If the insured dies during one of these periods, the policy is paid out to the beneficiaries. If they do not and the policy is not increased for another term, no payment will be issued.

Term life insurance is one of the most well-known and popular types of life insurance, largely due to its unique benefits. If you think it would be beneficial to purchase a term life insurance policy, contact an insurance adjuster. Get started with a free quote.

3 advantages of term life insurance

Here are three benefits of term life insurance policies you should know about.

CostFlexibilityEasy to understandCost

Term life insurance is perhaps best known for its reasonable cost. For a relatively inexpensive monthly fee (think less than $50, typically), policyholders can sign up for any of the aforementioned timeframes.

Term life insurance is generally less expensive because it has no cash option. It is also possible that you will survive the specified duration and not renew, which means that the insurer will not have to pay anything. Compare this to whole life insurance, which is more expensive, but will cover the insured for their lifetime. These differences will result in a lower rate.

Discover your term life insurance options now using the table below.

Flexibility

Maybe you just need (or want) life insurance for the next few years. Maybe you’ll need it for decades to come. In any case, you may not need it forever. Term life insurance gives you the flexibility to have coverage for as long as you want.

With terms ranging from one to 30 years, you can choose from a range of coverage options. Just be sure to start early. Term life insurance is often more advantageous for younger people when levels are low and health problems are minimal.

Easy to understand

Life insurance policies, costs and coverage options can quickly become confusing. This is especially true for those with cash and investment options. While these can be beneficial, once a substantial amount of money has been saved, they can be stressful to deal with.

Variable life insurance policies allow you to invest your cash value in various securities and stocks, allowing you to grow your account and your death benefits over time.

But it can also become tedious to follow, especially in a volatile stock market.

Term life insurance is simple. It will protect your heirs in the event of death. You only pay the insurer to maintain coverage and you don’t have to worry about anything else. And you won’t be tied to it any longer than you need (or want).

The bottom line

Life insurance is beneficial for a variety of reasons. However, the benefits are specific to your personal situation. If you want a cost-effective, reliable, and easy-to-understand life insurance plan, term life insurance may be your best bet.

Speak to a life insurance expert today who can help start with a free quote.

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