Benefits of Term Life Insurance
With Term Life Insurance, you will always know what you are paying for, and your beneficiaries will know what can be expected. This peace of mind is just one of the many benefits of Term Life Insurance.
Fixed Terms
Term life insurance rates offers coverage for a predetermined, or fixed, time. Fixed terms allow you to budget easier, and this makes it easier to save money. Premiums are guaranteed not to change. They are fixed for the length of term you agreed on.
Term Life Insurance has Flexible Options
You have the option to choose the length of coverage when you have Term Insurance. The coverage term offers can be from one year in length, which would be an annual term life policy, or you can get a policy for a term between ten to thirty years. If you are looking for an insurance policy to help with a short-term situation like tuition fees, you can use a term policy to lock in rates for that time. You can also cover your mortgage for many more years.
The options with this type of policy are endless.
Affordable for Those on a Budget
Term Life Insurance is typically more affordable, and less expensive than other life insurance policies because it doesn’t build up cash value, and only covers a certain amount of time (term.) This is a great idea for those who are financially burdened, such as young families or those with mortgages, car loans or upcoming college fees. A Term Life Insurance policy can allow you the security of insurance, without stripping you of any extra cash. Your beneficiaries will still receive a death benefit, a tax-free lump-sum, if you pass away during your policy’s term.
Easy-to-Understand Policy
Term life insurance is simple for many people to understand, and makes it easy to compare rates and shop around. Term Insurance is an easy and affordable way to keep your family’s financial security intact if anything ever happens to you. When you decide to get a Term Life Insurance policy, you only need to decide on three things. The three things are: company you prefer, length of term and coverage amount. By paying the premium, you will be covered for the term.
Beneficiaries can use the Proceeds to:
• Pay off and settle any outstanding debts
• Get rid of any guarantees
• Make up for your lost income
• Pay for children’s education
• Help with spouse’s retirement plan
If you still have questions, or wonder if this type of insurance policy is for you, feel free to contact Rupinder Rai today. Let an insurance professional help guide you to financial security