TERM LIFE INSURANCE
Many people know life insurance is an necessity but tend to avoid obtaining for what seems to be obvious reasons -- Money. That's where Term Life comes into play, low premium coverage. Difference between term and whole life is that it only lasts for a certain amount of years hence the name for this policy. You can get anywhere from 10, 20, or even 30 year policy.
" If I out live my Term policy, what are my next steps? "
Once your term policy is over you'll have a few available options:
- Let the policy expire with no renewal or beginning a new policy.
- Before expiration if available, convert the policy to either a Whole Life or Universal Life policy.
- Extend the policy on an annual renewable term basis.
- Begin a new term policy.
*All options are subject to higher premiums due to age.
What Can Term Life Insurance Be Used For?
- Mortgage Protection.
- Ensure your children are left with funds to help pay for school.
- Provide required protection as per a divorce agreement.
- Help your family take care of your final expenses and medical bills.
- Leave your family with sufficient funds to pay off debts.
- Can be used by businesses for key person insurance or buy/sell agreements.
- Provide short-term insurance coverage if you’re between jobs.
- Replace your income if you are to pass away unexpectedly.