Term Life Insurance

As a term life insurance broker, I can tell you this is by far the most popular type of policy on the market. Let’s look at the term life information you need to know to make a smart choice. 

Term life insurance is pretty much what the name suggests. You buy life insurance from an insurance company for a specified term. You then pay premiums during that term. If the person the policy is based on dies during that term, the death benefit is paid to the beneficiaries listed on the policy. If the term expires without such a death, then the policy is terminated and the parties go their separate ways. 

An example can really help show how this works. Let’s say I just got married and have a child on the way. I am now responsible for more than just myself. I decide to buy life insurance, but don’t have a lot of money. Term life is the way to go. I buy a $500,000 policy for a monthly payment of $100 [just an example]. The term of the policy is 10 years and I am the person insured. If I get hit by a drunk driver and am killed a year from now, my policy will pay $500,000 to my beneficiary, probably my wife. If I live through the 10 years, the policy will terminate and I will go look for a new policy depending on my life situation at that point. 

Term life insurance because it is fairly easy to understand and is very inexpensive. In fact, it is getting cheaper by the year. Individuals who have held a policy for more than 2 years typically are paying much more than they should! Regardless, the term life insurance policy is a good starter policy for most individuals. 

If you have questions about or are interested in learning more about your options with a term life insurance policy, please contact us at (800) 341-5433 or use the contact form above. Don’t worry. We will not hit you with a hard, pressure sales pitch. We don’t like them either.