Life insurance is available in two basic forms, permanent and term insurance. More importantly, these two basic forms can be beneficial in two distinct ways.
Term insurance is insurance that covers the life of the insured for a very specific amount of time or “term”. It is less expensive than permanent and this makes it very useful. So, when does term insurance make the most sense?
When You Have Significant Obligations
Term insurance can be the best choice for protecting you and your family when you are most vulnerable. That is when you have significant obligations. This is generally true for young families who have mortgage and car loans and may have significant credit card debt.
When Covering College Expenses
Term insurance is a good way to make sure college expenses of young children are provided for in the event of the death of the insured. The term would be the period of time it takes for the student to finish and pay for college.
When Starting a Business
Term insurance can be an efficient and cost-effective way to help ensure a young business can be successful in the event of the death of a principal. Should one partner pass, the proceeds could help the surviving partner continue with the enterprise.
When You Buy a House
Buying a home can place you in hundreds of thousands of dollars in debt. A “decreasing term” policy can help cover the cost of the mortgage should a premature death occur. A decreasing term policy provides less and less coverage as the mortgage is paid down through the years.
Getting the Coverage Best Suited for You
In some instances, a combination of permanent and term insurance can be created to fit your situation. This can provide the low-cost benefits of term insurance while assuring you have longer-term permanent coverage. Our independent agents can help create a plan to suit your needs.
As independent agents, we can do the shopping for you, we can search multiple companies for the best protection at an affordable price. We can present a plan to you and you make the decision. There’s no need to overpay or buy more insurance than needed. Simply contact us to get started.
Let’s discuss your situation and get you the protection you deserve today.
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