Home Mortgage protection insurance – Term life insurance with living benefits
April 20, 2017
Term Life Insurance
For many, life insurance can feel like just another expense – until you really need it. But even if you have a budget that doesn’t budge, term life insurance can be a cost-effective solution to get the insurance coverage you need now at an affordable price.
Term Life Insurance with living benefits
Also a cost-effective solution to get the insurance coverage you need now at an affordable price. The difference is that you would receive a check if illness of disability would strike. Living Benefit.
Term Life Insurance Quotes – A Good Place to Start
Begin by asking yourself whether your family would have enough to live on, pay off debts (including a mortgage and funeral expenses), and pay for costs to raise and educate your children if you were gone and suffered major illness or injury. Remember that when either happen, your paycheck stops, leaving a significant difference between your expenses and assets. Fortunately, this is where term life insurance can help fill the gap.
Get a free direct quote. Get an estimate of the amount of term insurance you might need, or consult with a qualified life insurance agent for help. Buy the longest term you can afford to ensure that you have coverage for as long as you might need it. Also, consider adding policy riders that will allow you to affordably add coverage at a later date or even convert a portion of your term policy into a permanent policy (such as whole life or universal life).
What is the difference between term and permanent life insurance
Both term and permanent policies allow you to select an amount of coverage and lock in a monthly payment over the life of the policy, providing a lump sum payment to your beneficiaries when you die. Permanent policies earn cash value and remain in force as long as premiums are paid. Coverage with a term policy lasts only for a specific time period (often offered at 10-, 20-, or 30-year terms), with no cash value accruing. Once the term is over, the policy coverage (and premiums) will end.
Term Life is a very affordable interim solution
People often delay purchasing life insurance because they think it is more than their budget can handle, and they often overestimate how much it will cost. However, term life can be an affordable way to get the coverage you need – today. For example; *a 35 year old male non smoker, standard health can get a $200,000 term with living benefits policy for less than $38 per month. (*subject to underwriting).
Things to consider
At the beginning, permanent life premiums are typically higher than term life premiums, making term an affordable option to get a policy in place. But remember, term life comes with an expiration date!
People who find a permanent policy more appealing often buy less coverage than they need, leaving them underinsured. Consider a combination of a permanent and term life policy to get the coverage you need, or a term policy rider that allows you to convert a portion of your term policy into a permanent policy at a later date.*
Term life premiums are at an all-time low, making it an affordable option for almost any family.
Getting the coverage you need … today
As you age, it gets more expensive to buy life insurance. Moreover, certain health conditions can make premiums increase – or worse, make it difficult to qualify for life insurance coverage at all. For the same price of a weekly specialty coffee drink, you’d be surprised at how much term coverage you can easily afford.
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