Term Life Insurance
Term Life Insurance
Term life insurance is an inexpensive and easy way to protect your family from the uncertainty that comes with someone passing away. It provides a death benefit in exchange for a monthly payment — this way, you’ll have peace of mind knowing that your family is protected if anything should happen.
What Is Term Life Insurance?
Life insurance comes in two primary categories: term life and permanent life insurance. While permanent life insurance has higher premiums that can make coverage unaffordable for many families, term life is an excellent option. It’s reasonably priced and offers an amount of coverage that can protect your family if the worst should happen.
Term life insurance provides coverage for a set period of time. Policies typically last between ten and 30 years, though you may find some policies that cover 40 years (at Everyday Life, for example). If you die during that time, a cash benefit is paid to your family or other beneficiaries that you name in your policy. This payment can be used to cover funeral expenses, outstanding debts, daily living expenses, education costs, and more.
Term life insurance is simple, affordable, and flexible to meet your needs.
What Are the Benefits of Term Life Insurance?
Term is the purest form of life insurance — it’s designed to pay your beneficiaries if you pass away prematurely, and that’s it. Term policies aren’t weighed down by complicated investment components. Instead, they’re much easier to manage.
Term life insurance is much more affordable than permanent life insurance because it offers coverage for a limited period. If nothing happens to you during the set term, your policy will expire and the insurance company will never have to pay out the benefits — that’s why your term insurance premiums are lower. This makes it an attractive option for individuals who want to ensure financial protection for their loved ones but anticipate that their needs will change over time (kids grow up, etc.).
With term life insurance, you get to choose the term length and coverage amount. You’re not stuck paying premiums for years of coverage you don’t need. You can also buy multiple, separate term life policies for different areas of your life. Typically coverage ranges from 5 to 30 years.
Its Cost is Guaranteed
Once you enter into an agreement with the insurance company and purchase the policy, your insurance company cannot raise your premiums due to illness or other life circumstances. Your rates are guaranteed to remain the same as what you signed up for. Compare that to a whole life plan where your insurer has the right to change the cost of your premiums under certain conditions.
Term life takes the stress out of worrying that an unforeseen event could make life insurance more expensive.
Finding the Best Term Life Insurance for You
The easiest and most thorough way to find the best life insurance for you is by using The Ultimate Life Insurance Calculator tool right now to get a quote — it only takes two minutes and you don’t have to give any contact information.
What goes into finding the perfect policy?
- Term Length: Selecting the appropriate term length is crucial. The duration of financial responsibilities is carefully analyzed to determine the right term length for you. The goal is to have coverage that aligns with the timeframe during which your loved ones might need financial support.
- Coverage Amount: Determining the right amount of coverage is essential. We consider factors such as the age and needs of both the policyholder & beneficiaries, any mortgage payments, education costs, and more. This information is used to accurately assess your financial responsibilities and ensure your policy would cover them.
- Health and Age: Premiums for term life insurance are often based on the insured’s age and health. Generally, younger and healthier individuals enjoy lower premiums. Undergoing a medical examination might be necessary to determine the final premium rate.
Term laddering is an insurance strategy that grows with you.
Coverage That Always Suits Your Needs
But finding the “perfect” policy for you might not be a once and done deal. Afterall, coverage is based on the needs & financial circumstances of you and your family. Your finances, dependents, and financial obligations are going to ebb and flow for the rest of your life. That’s why we make Term Laddering available to our clients.
What is term laddering? Laddered life insurance policies can reduce the cost of your life insurance policy over the longer term. The ladder strategy is designed with the following premise in mind – as you get older, your children grow up and your savings increase, which means your financial obligations decrease and you need less life insurance coverage.
Laddered life insurance policies can reduce the cost of your life insurance policy over the longer term. Instead of purchasing a single, 30-year term policy, you purchase different policies at different lengths and ladder them on top of each other so that they expire at different times. As the laddered policies come to an end, the costs automatically go down, leaving you only with the coverage you need and premium payments lower.
Get Your Life Insurance Quote Online With Everyday Life
Term life insurance is a valuable tool for individuals seeking to protect their loved ones from the financial repercussions of their premature death. It offers an affordable and flexible solution, allowing policyholders to customize their coverage to meet their specific needs and timeframes. But what’s the best way to get started? Use our online life insurance calculator or talk to one of our experts to get your policy in motion.