iQuanti: Term life insurance is one of the most common life insurance products available. But what makes it a good candidate for your life insurance plan?
This article details some of the biggest reasons to purchase a term life insurance policy to help you determine whether a term life policy is right for you.
1. You only pay for the term you want
In the event you pass away before retirement and haven't saved enough money for your family to cover expenses, term life insurance policies offer a death benefit that ensures your beneficiaries will receive financial support after your passing. Term life insurance offers a number of options that can accommodate these situations.
Most term life policies last between 10 and 30 years, and typically allow policyholders to select a coverage term within that interval. That way, holders only pay for life insurance for the timeframe needed.
2. It's affordable
Term life policies are usually the most affordable option for life insurance customers. Even if you land on the older side of the age range, you'll typically pay much less on premiums than on alternative coverages, like permanent life policies.
These lower premium prices can save you a lot of money in the long run, especially if you purchase a policy early in your life and lock in premium payments then.
3. You're starting a family
A great time to purchase life insurance is when you are starting a family. It's usually more affordable earlier in your life, and it provides financial security for your spouse, children, and loved ones.
Term life insurance allows you to plan a policy that can accommodate the growth of your family. At the same time, its affordability makes it great for helping you save money for other milestones while keeping the safety net that life insurance provides.
4. It's straightforward
When you pay a term life insurance premium, all the money goes toward your life insurance policy. This arrangement differs from permanent life and whole life policies, where some of the money goes towards cash value savings.
Term life insurance is a perfect choice for customers who don't want to worry about a completely separate savings mechanism in their life insurance policy. The premium payments go toward your death benefit on straightforward terms.
Term life insurance provides security and affordability
Term life insurance is one of the most popular life insurance products for a reason. It gives customers the ability to tailor their policy to their needs while remaining affordable. Whether you're starting a family or thinking about a safety net before your retirement, term life insurance can give you a smart and straightforward insurance option.
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Original Source: 4 Reasons to Buy Term Life Insurance
