Reasons Why Term Life Insurance Is Right For You

Why Term Life Insurance is Right for You

Term life insurance may last for a number of years before it even expires and you are not covered by it anymore. You may ask, why do I need a life insurance policy that will run out? Well, this is because you might not need that financial protection to any further extent, and you do not want to continuously pay for a pointless insurance policy. That is the reason why term life insurance is actually worth it for a lot of shoppers. Get to learn more reasons why term life insurance is right for you –read on to this article!

What Exactly Is Term Life Insurance?

Life insurance is a great idea, especially if you have so many financial responsibilities. One Source Benefits makes it much easier for you to compare the term life insurance policies, in order to choose one that will cover all your needs. Further, term life insurance is specifically worth it because it is the most reasonably priced type of life insurance there is, which provides a huge amount of money for financial safety net free of tax.

Basically, they call it ‘term’, because the insurance policy may last a set amount of time, and then terminates. After expiring, you will not be covered by it anymore. You will need to buy a new insurance policy or renew the old one before it will expire if you wish to remain covered after the first term.

The Reasons Why Term Life Insurance Is Right For You

First and foremost, what is good about any kind of life insurance is that it is able to provide a huge amount of money that may be used for almost everything. For instance, a donation to charity, payment for various outstanding debt, mortgage payments, living expenses, college tuition for children, burial expenses, and many more. That huge amount of money may not come with tax if you purchase a life insurance policy on your own and pay its premiums with the after-tax dollars.

Here are some reasons why term life insurance is right for you:

• Due to the fact that premiums are so much lower than the permanent, if you choose to ditch the policy at a certain point before its term ends, you will not lose a great amount of money as you might with the permanent policy.
• You may further reduce the cost just by buying sufficient coverage for your own specific needs, rather than for the remainder of your life.
• It is much more inexpensive than any kind of permanent life insurance. Convincingly, the older you get, the more that any policy is going to cost. However, if you purchase term life when you are healthy and young, the monthly premium may cost as little as $30 to $40.
• It is an insurance product that you can easily understand. This may not sound so much of a big deal, but when you look at all of the varieties of permanent life insurance, you will appreciate how forthright term life is.

The Takeaway

If you have someone who’s financially dependent on you, and you do not have sufficient amount of money that’s set aside to provide all their financial needs in case you suddenly die tomorrow, then life insurance is certainly worth it!

It must be your top insurance concern. And since term life insurance is much simpler and cheaper than the permanent, it is easier to fit it into both the long-term financial strategy and your present-day budget.

If you need some reliable insurance advice from a professional, turn on to One Source Benefits. I have been in the field for more than 3 decades, I will surely help you in figuring out what life insurance is most suitable for you and your life situation. Give me a call today and let’s talk about what can I help you –here’s my number – 1-877-549-1212.