Term Life Insurance
Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis, and your family is protected for that “term.” Term insurance generally provides coverage at a lower cost than other types of insurance and can cover a specific length of time. You may want to purchase a term life insurance policy to:
- Get maximum coverage at an affordable price
- Cover specific financial responsibilities like a mortgage or college expenses
- Supplement a permanent policy or work policy
If you want to purchase another policy after your term ends, you may have to show evidence of good health to purchase continued protection. An annual renewable term policy may not require this, but your premiums may increase each year.
Keep in mind that as your life changes (for example, marriage, birth of a child, or a job promotion), so will your life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges including costs of insurance that vary based on the insured person’s gender, health and age. There are additional charges for riders that customize a policy to fit your individual needs. If you’d like to discuss your life insurance needs, give us a call. We’ll point the way.