Life insurance is fairly straightforward: you pay the monthly premium on your policy your family receives a death benefit when you pass. You may be asking yourself: what kind of life insurance is right for me?
Whole life insurance pays out upon your death, whenever that may be. The monthly premiums may be a little higher, and the payout terms a little lower compared to a term life insurance plan. Term life insurance is best for when there is a higher financial risk during your unexpected passing.
For example, let’s say within the next twenty years your family has some large expenses. Maybe a mortgage on your home and two children to put through college. Right now, your income covers these expenses, and your financial forecast looks just fine for the next twenty years. However, your untimely death could put your family’s home and your children’s education at risk. A term life insurance policy will award a death benefit should you die before the end of the term, so you place a 20-year term policy.
In 20 years, your home will be paid off and your children will graduate. With reduced financial risk, there is no need for the term insurance policy! Now you can place a new policy that suites your changing needs. Few of us live our lives expecting to die at any moment, but a term life insurance policy can give you peace of mind that your loved ones will be taken care of should anything happen to you. With the right term life insurance policy, your family can replace your income and continue to live comfortably.
The best part? You can obtain a term life insurance policy from the comfort of your own home. The best time to buy life insurance is to obtain the best rates when you are as young and healthy as possible. The experts at Five Towns Term are here to help you get a free term life insurance quote that will give you peace of mind and let your family live comfortably in the event of your death.
Fill out the form today to request a quote and discover how easy it is to cover yourself, and your family, with a trusted term life insurance policy.